Finding The Best Solar Loan Rates

and Solar Loan Providers in 2021

Everything You Need to Know About Solar Loan Providers and Loan Rates

For many people, one of the first steps in going solar is finding solar financing. Fortunately, there are many credit unions, nonprofits, banks and lenders offering solar loans. With so many options available, choosing the right lender can seem tricky.

That’s why we’ve put together a helpful guide to finding the best solar loan providers and solar loan rates.

Solar Panels Cost California

What is the best way to finance solar panels?

The best way to finance your solar panels depends on a wide range of factors. It’s important to research and compare a variety of solar loan providers and loan types. The lowest loan rates usually offer the most savings, but don’t ignore the other terms.The structure, fees and finer details can also determine whether a loan is suitable for you.

  • Banks
  • Credit Unions
  • Solar Panel Manufacturers
  • Utilities
  • Municipalities


Most banks offer secured and unsecured solar loans.

Secured loans usually require substantial home equity to use as collateral. In return, you’ll often get lower solar loan rates, fewer fees, and tax-deductible interest payments. Unsecured loans don’t require collateral and are usually approved more quickly. However, they tend to have higher solar rates and additional fees.

PACE loans are repaid through property tax assessments, but the loan rates are generally much higher. Finally, on-bill financing allows you to make loan payments via charges on your monthly utility bill.

Credit Unions and Solar Financing Companies

Alternatively, credit unions and solar financing companies may provide less costly loans specifically for solar energy. Many solar panel manufacturers and installers offer loan services during the installation process. Several government-backed loan programs also provide low-cost financing to eligible homeowners.

How can you qualify for the best solar loan rates and terms?

Improve Your Credit Score

First and foremost, the rates you’ll receive depend on your creditworthiness. Every lender uses their own set of criteria, so be sure to explore all your options.In some cases, your financial institution may also offer you more favorable terms. Whenever possible, apply for pre-qualification to receive more accurate rates without undergoing multiple hard credit inquiries.

Of course, the most reliable way to get excellent rates is to improve your creditworthiness.You can start by requesting your credit reports, carefully reviewing them and promptly disputing any mistakes.

Lower Your Debt

Next, work on paying down your outstanding debts before applying for a new loan. If you have any accounts that were placed in collections, focus on paying those off first. These actions will help you raise your credit score and qualify for better solar loan rates.

However, it’s important to note that your credit score isn’t everything. Solar loan providers typically also base their decisions on your debt-to-income ratio. This metric is used in assessing your ability to pay and in setting your loan terms. Consider whether you can improve this ratio by reducing your debt or increasing your earnings.

Which Lender to Choose for the Best Solar Loan Rates?

By comparing the available rates, you’ll be able to make a confident, informed decision that’s best for you.

Trying to finance solar energy systems doesn’t have to be an intimidating process. From personal bank loans to specialty financial products, solar loan providers offer solutions for nearly everyone.

Alternatives Federal Credit Union 607-273-4611 See below Solar Loans, Energy Efficiency Loans NY Up to 15 years 5.49%-6.49%
Alpine Bank 800-551-6098 See below Solar Loans, Energy Efficiency Loans CO Not provided Contact for details February 2021
Bank Five 744-888-6100 See below Mass Solar Loans, Home Energy Loans MA, RI Up to 15 years 4.49%-5.99%
CT Green Bank 860-563-0015 See below Solar Loans, Energy Efficiency Loans CT Not provided 4.49%
Center for Energy and The Environment 612-335-5851 See below Solar Loans, Energy Efficiency Loans, Home Improvement Loans MN Up to 15 years 2.50%-4.75%(4.928% APR*) February 2021
City of Milwaukee 608-243-5000 See below Solar Loans, PACE Financing WI Up to 15 years 4.50%-5.25% February 2021
Clinton Savings Bank 888-744-4272 See below Solar Loans, PACE Financing MA Up to 10 years 6.50%
Dividend Solar 844-805-7100 See below Solar Loans, PACE Financing CA, AZ, CO, CT, DE, FL, GA, HI, IL, MA, MD, MI, MO, NC, NH, NJ, NM, NY, OR, RI, SC, TX, UT, VA Not provided Not Provided
Eagle Community Credit Union 949-588-9400 See below Solar Loans, Energy Efficiency Loans CA Up to 15 years  As Low as 4.99% February 2021
Educational Employees Credit Union 559-437-7700 See below ECOlogical Loan CA Up to 15 years 6.50%
Elevations Credit Union 800-429-7626 See below Solar Loans, Energy Efficiency Loans CO Up to 15 years 2.75%
Energy Loan Network 844-356-5626 See below Solar Loans CA Not provided 2.74% July 2020
First Citizens’ Federal Credit Union 800-642-7515 See below Solar Loans MA Up to 19 years 5.00%
Franklin First Federal Credit Union 413-774-6700 See below Solar Loans MA Up to 15 years 4.99% February 2021
GreenBiz Financial 800-764-3601 See below Solar Loans, Energy Efficiency Loans USA Up to 20 years As low as 3.99% July 2020
LightStream (Division of Trust Financial Corporation) Not provided See below Solar Loans, Home Improvement Loans USA Not provided See LightStream website July 2020
Mosaic Solar 855-746-7849 See below Solar Loans, Energy Efficiency Loans USA Not provided Not provided
Michigan Saves 517-484-6474 See below Solar Loans, Energy Efficiency Loans MI Up to 15 years As low as 3.99% February 2021
Nebraska Energy Office 402-471-3359 See below Sollar and Energy Saving Loans NE 3.50%
PSE&G Solar Loan Program Description See below Solar Loan Program NJ 11.18%
Provident Credit Union 800-632-4600 See below Solar Loans CA Up to 20 years 6.50%
Redwood Credit Union 707-545-4000 See below Solar Loans CA Up to 20 years 6.99%
1st Security 800-683-0973 See below Personal Loans WA Up to 12 years Not Provided
Sunlight Financial 888-850-3359 See below Solar Loans, Home Improvement loans USA Not provided Not provided
SF Fire Credit Union 415-674-4800 See below Solar Loans CA Up to 20 years 6.99%
Shrewsbury Federal Credit Union 508-845-6755 See below Solar Loans MA Up to 15 years 4.50%-5.99%
St. Lucie County Florida(Non-profit Organization) 772-468-1818 See below PACE Program FL  Up to 20 years 6.00%-9.00%
Stoughton Co-operative Bank 781-344-3080 See below Solar Loans MA  Up to 15 years 4.74%-5.50%
UmassFive College Federal Credit Union 800-852-5886 See below Mass Solar Loans MA  Up to 15 years Starting at 4.49%APR February 2021
Wheelhouse Credit Union 888-907-3628 See below Solar Loans San Diego and Southern California  Up to 20 years 4.74%
Matadors Community Credit Union 818-993-6328

See below Solar Loans, Energy Efficiency Loans CA  Up to 20 years Starting at 2.99% July 2020
Verity Credit Union 800-444-4589 See below Sustainable Lending Program

Solar Energy Loans

WA Not provided 3.49%
Ygrene Energy Fund 866-634-1358 See below PACE Program CA, FL, MO Not provided Not Provided
Home Loan Investment Bank 800-223-1700×220 See below Solar Loans, Energy Efficiency Loans USA Not provided Not Provided
Bank Five 774-888-6100 See below Mass Solar Loans MA, RI Up to 15 years Not Provided
AmeriFirst 800-228-2179 See below Home Improvement Loans USA Up to 15 years 6.99%
Bank of Colorado 402-434-3127 See below Solar Loans CO, NM Not provided Not Provided
BayCoast bank 508-678-7641 See below Solar Loans, Energy Efficiency Loans MA Not provided Not Provided
Clark Public Utilities 360-992-3355 See below Solar Energy Program WA Up to 7 years 3.50%
First New York Federal Credit Union 518-393-1326 and press 3 See below Solar Loans NY Up to 20 years 6.25%-7.00% February 2021
Naveo Credit Union 617-547-3451 See below Mass Solar Loans MA Up to 20 years 4.50%-6.00% July 2020


Program Description

Alternatives Federal Credit Union

This home equity loan is available in up to 15 year terms for amounts up to $100,000. You pay interest for the first 18 months. You can even use the loan to pay for other home efficiency upgrades.

Connecticut Green Bank

This is the nation’s first state-funded green bank. Their mission is to make solar and energy improvements more accessible with flexible terms. It offers no money down loans with low-interest rates, a generous rebate program and a path to a solar lease.

Center for Energy and Environment

This Minnesota nonprofit provides low-interest loans for solar PV systems. *APR is based on a loan amount of $50,000 and a term of 15 years. The loan is secured by a mortgage on the property.

Milwaukee Shines Solar Loans

This collaboration between the City of Milwaukee and Summit Credit Union offers low-interest, fixed-rate loans for home solar. Financing is available for $1,000 to $20,000 and terms up to 15 years.

Clinton Savings Bank – Mass Solar Loans

This local bank offers to finance in select towns in Massachusetts. Loans are available for amounts from $3,000 to $35,000. You can even re-amortize within 18 months if you want to take advantage of lower rates or lower monthly payments. Lower-income households may qualify for even more incentives with this offering.

Dividend Finance

Dividend is a company that specializes in financing renewable energy upgrades across the nation. They offer three loan options in most states, all with $0 down. They even have an option for solar plus storage.

Eagle Community Credit Union

California homeowners looking to go solar can apply for loan amounts from $5,000 up to $50,000 with terms ranging from 60 months to 180 months. Installations must be done by approved contractors. 

Education Employees Credit Union

Solar financing is available from $100 to $40,000 with low-interest rates. Products and services purchased must meet the Energy Efficiency Standards of the credit union. No home equity, appraisal or collateral is required to apply.

Elevations Credit Union

The Elevations Energy Loan offers low-interest, fixed-rate financing for solar and energy upgrades. Loan amounts and term options are flexible.

Energy Loan Network

This network connects homeowners to lenders with fixed-rate, low monthly payment financing options for solar installations.

First Citizens’ Federal Credit Union

This credit union offers fixed-rate solar loans for 5 to 19-year terms. Available to Massachusetts homeowners, these loans are secured by a mortgage on the property.

Franklin First Federal Credit Union

 You can only lend if you are a  member of the credit union. To qualify for membership the borrower must live, work or go to school in Franklin County.  Loans are available from $3,000 to $60,000 with 10 to 15-year repayment terms. Unsecured loans are available and you have the ability to re-amortize within the first 18 months. 

Green Biz Financial

They offer the following loan terms: 5, 7, 10, 12, 15, and 20 years. Rates are based on the customer’s credit score. Loans to finance Solar, Battery Storage, Generators, HVAC, Windows, Doors, Roofing(must be combined with Solar). They have a low, flat dealer fee.

Michigan Saves

This nonprofit is dedicated to making energy improvements easier for all Michigan energy consumers. They connect homeowners with approved contractors and lenders that provide a low fixed-rate loan with flexible terms. Financing ranges from $1,000 to $50,000 up to 15 years.


When you finance through PSE&G, you can repay your Solar Loan using Solar Renewable Energy Credits. PSE&G guarantees a minimum value for your credits, so price fluctuations are less of a problem. A few fees apply to those wishing to take advantage of this program, so include those fees when calculating the installation cost.

Provident Credit Union

This credit union solar loan offers fixed-rate options for up to $35,000. Repayment terms are available for up to 20 years.

Redwood Credit Union

These fixed-rate loans are available in 60-240 month terms. With no annual fee and flexible rate terms, financing through this credit union makes solar affordable for more homeowners.

SF Fire Credit Union

With this financing option, the amount of interest paid and loan term options are based on the amount borrowed. This offering for single-family homes has specific requirements for contractor eligibility.

Shrewsbury Credit Union

This credit union partners with the Mass Solar Loan program. Loan amounts are up to $50,000 with a $500 maximum closing cost, but you can re-amortize within 18 months. The loan is secured by a lien on your home.

St.Lucie County Solar and Energy Loan Fund

The non-profit Solar and Energy Loan Fund makes low-interest loans available to low and moderate-income households in Florida. PACE financing is also available, meaning that instead of taking out a loan, you can pay back the borrowed amount through property taxes over time. These are fixed-interest rates with 5-20 year terms.

Stoughton Co-Operative Bank

This local bank offers solar loans to residents of Bristol, Norfolk, Plymouth counties in Massachusetts. Terms range from 5 to 15 years with financing for $3,000 to $60,000.

UMass Five Federal Credit Union

As a partner with the Mass Solar Loan program, applicants can borrow up to $60,000 for up to 10 years (low-income subsidies are available) at a low interest fixed-rate. For those looking to use their loan for additional costs like roof repair and tree trimming, the MySolar Loan offers up to $75,000 for terms up to 15 years.

Wheelhouse Credit Union

This credit union works directly with over 100 local installers to get you the best deal. Financing is available for up to $80,000 in terms of up to 240 months.

Matadors Community Credit Union

This credit union offers fixed-rate financing with no money down and no payments for 90 days. You can borrow up to $75,000 for terms of up to 240 months.


Ygrene connects homeowners to preferred contractors and low-interest rates. PACE home equity financing offers money for home improvements with any credit score and flexible payment plans. Payments are made annually with your property tax bill.

Home Loan Investment Bank

This bank offers FHA and standard loan options for home improvements, including solar. No equity is required and the low rates are fixed. This financing is available for single or multi-family homes, whether it be a mobile home, condo or other types of dwelling.

Bank Five This bank offers loans from $3,000 to $60,000 with terms of up to 15 years. For a loan over $35,000, there is a minimum FICO score requirement of 660 and a maximum debt to income ratio of 45%.

Amerifirst FinanceThis bank offers low fee home improvement loans for up to 180-month terms.

Bank of ColoradoThis bank offers flexible loans with low-interest rates for a variety of home improvements.

Bay Coast BankThis bank offers Energy Efficiency Home Improvement Loans. A good credit score is all you need to qualify.

Clark Public UtilitiesThis utility offers loans for just about everyone. You must get at least two quotes from contractors within their network. Loans are repayable over five years for amounts less than $10,000 and seven years on amounts exceeding $10,000.

First New York Federal Credit Union
This credit union offers low-interest Solar Loans with fixed rates. Terms are up to 20 years and there are no prepayments or application fees.

  • A one lump payment may be made within the first two years and the borrower will have the opportunity to re-write the loan (no underwriting required) at the same interest rate for the remaining term.
  • i.e. refinance after 2 years, the remaining term will be 18 years.
  • The loan will be disbursed in the full amount with 50% made payable to members and contractors.
  • The remaining 50% will be held in a pledged share account until work is fully completed.
  • We will require a statement of completion with the borrower’s signature acknowledging that the work is completed to their satisfaction.

A UCC will be filed on the solar equipment.

Naveo Credit Union
This credit union partner with the Mass Solar Loan program to offer low-interest fixed-rate financing. The loan can fund up to 100% of your system, with a maximum loan amount of $60,000. For most loans up to $35,000, Naveo will file a lien for equipment under the Uniform Commercial Code (UCC-1) within the county the property is located. For loans above $35,000 or for more than 10 years, Naveo will file a mortgage lien.

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