Who said solar is expensive? Finance your system and the monthly payments may be lower than your current electric bill! And unlike leasing, you own the system, and you get the 30% Solar Tax Credit. Financing numbers shown are not samples. They are customized based on your solar system's pricing.
Disclosure: Please treat this information as a convenient guide and not a guarantee of credit. We are not the lender. Therefore, we cannot guarantee credit approval, rates, or your actual payment schedule. If your loan application is approved, the lender will provide your officially approved rates, terms, and payment schedule, as determined by factors such as your credit score, income, debt-to-income ratio, etc.
A tax credit is much better than a tax deduction.
Tax Deduction: Only reduces your taxable income.
Tax Credit: Your tax liability drops by the amount of the credit.
For example, suppose your tax liability is $10,000 and your solar tax credit is $6,000. Then, your tax liability will drop to $4,000.
And if your tax liability is smaller than the tax credit, you can carry over the residual balance of the tax credit for another year.Cash offers the fastest return of investment and the lowest total costs. Along with the 30 Solar Tax Credit and no dealing with interest, cash offers the lowest net cost.
| Cash Price | $30,000.00 |
| 30% Solar Tax Credit | $9,000.00 |
| Net Cost | $21,000.00 |
Finance at the cash price with a unique, competitive feature. Since the 30% Tax Credit is $9,000.00, Dividend allows you to finance at $21,000.00 instead of $30,000.00. This allows your monthly payments to be low right from the beginning. To keep the payments low, be sure to pay Dividend your tax credit before the 19th month of your loan.
| Dividend | 10 Years | 15 Years | 20 Years | 25 Years |
|---|---|---|---|---|
| Interest | 5.79% | 5.99% | 5.99% | 5.99% |
| Financed Amount | $30,000.00 | $30,000.00 | $30,000.00 | $30,000.00 |
| Initial Monthly Payments | $230.93 (First 18 Months) |
$177.10 (First 18 Months) |
$150.33 (First 18 Months) |
$135.17 (First 18 Months) |
| Subsequent Monthly Payments | $230.93 (Remaining 8.5 Years) |
$177.10 (Remaining 13.5 Years) |
$150.33 (Remaining 18.5 Years) |
$135.17 (Remaining 23.5 Years) |
| Early Payment Penalty | No | No | No | No |
Finance at the cash price. With this financing, there is no lien placed on the home; just on the solar system itself. Clean Energy CU assumes you will finance the full $30,000.00, as shown in the "Initial Monthly Payments". However, if you pay the lender your 30% Tax Credit ($9,000.00) towards the loan, Clean Energy CU will re-amortize, or recalculate, the remaining monthly payments, lowering them, as shown in "Subsequent Monthly Payments".
| Clean Energy CU | 12 Years | 15 Years | 20 Years |
|---|---|---|---|
| Interest | 5.74% | 5.99% | 6.24% |
| Financed Amount | $30,000.00 | $30,000.00 | $30,000.00 |
| Initial Monthly Payments | $288.73 (First 12 Months) |
$252.99 (First 12 Months) |
$219.10 (First 12 Months) |
| Subsequent Monthly Payments | $195.05 (Remaining 11 Years) |
$172.77 (Remaining 14 Years) |
$151.12 (Remaining 19 Years) |
| Early Payment Penalty | No | No | No |
Note: This lender may charge a one-time membership and UCC-1 filing fee.
Finance at the cash price. With this financing, there is no lien placed on the home; just on the solar system itself. EzSolarLoan assumes you will finance the full $30,000.00, as shown in the "Initial Monthly Payments". However, if you pay the lender your 30% Tax Credit ($9,000.00) towards the loan, EzSolarLoan will re-amortize, or recalculate, the remaining monthly payments, lowering them, as shown in "Subsequent Monthly Payments".
| EzSolarLoan | 5 Years | 7 Years | 10 Years |
|---|---|---|---|
| Interest | 4.49% | 4.74% | 5.24% |
| Financed Amount | $30,000.00 | $30,000.00 | $30,000.00 |
| Initial Monthly Payments | 559.15 (First 12 Months) |
$420.36 (First 12 Months) |
321.73 (First 12 Months) |
| Subsequent Monthly Payments | $343.31 (Remaining 4 Years) |
$271.44 (Remaining 6 Years) |
$214.69 (Remaining 9 Years) |
| Early Payment Penalty | No | No | No |
| EzSolarLoan | 12 Years | 15 Years | 20 Years |
|---|---|---|---|
| Interest | 5.49% | 5.74% | 6.24% |
| Financed Amount | $30,000.00 | $30,000.00 | $30,000.00 |
| Initial Monthly Payments | $284.90 (First 12 Months) |
$248.96 (First 12 Months) |
$219.10 (First 12 Months) |
| Subsequent Monthly Payments | $192.34 (Remaining 11 Years) |
$169.92 (Remaining 14 Years) |
$151.12 (Remaining 19 Years) |
| Early Payment Penalty | No | No | No |
Note: This lender may charge a one-time membership and UCC-1 filing fee.
List of other lenders that finance solar systems at the cash price.
| Lender | Provident | Redwood | Travis | CleanEnergy |
|---|---|---|---|---|
| Max Term | 20 Years | 20 Years | 15 Years | 3 / 5 Years |
| Interest | 6.75% | 5.99% | 5.99%| 4.00% / 4.50% |
|
| Early Payment Penalty | No | No | No | No |
"Buy down" to get a low interest rate in exchange for financing a larger principal. In addition, start off with with low monthly payments. Then, apply your 30% Tax Credit towards the financing within 18 months to keep the monthly payments low.
| Service Finance | 15 Years | 20 Years | 25 Years |
|---|---|---|---|
| Interest | 2.99% | 2.99% | 2.99% |
| Financed Amount | $37,854.89 | $37,854.89 | $38,461.54 |
| Initial Monthly Payments | $182.87 (First 18 Months) |
$146.83 (First 18 Months) |
$127.53 (First 18 Months) |
| Subsequent Monthly Payments (Keep same payment after applying tax credit prior to month 18) |
$182.87 (Remaining 13.5 Years) |
$146.83 (Remaining 18.5 Years) |
$127.53 (Remaining 23.5 Years) |
| Early Payment Penalty | No | No | No |
For 15 Year financing, the 30% tax credit amount is $11,356.47, paid before Month 18. For 20 Year financing, the tax credit amount is $11,356.47, paid before Month 18. For 25 Year financing, the tax credit amount is $11,538.46, paid before Month 18. Contract price is $37,854.89 for 15 Year financing, $37,854.89 for 20 Year financing, and $38,461.54 for 25 Year financing.
HELOC, also known as home equity loans, allow solar customers to tap into the equity of their home to get the best interest rates for their solar project. Because you are securing your financing with your home's equity, your lender may give you the best possible rates. Contact your bank for more information about their offerings.
We have listed the best solar financing products with the best rates we are aware of. While there are other financing options, such as PACE programs and other solar loans, their rates are not competitive compared to what we have listed. Typically, they either have higher interest rates or they they require a "buy down" (financing a larger amount), which will get passed to you.