What are the best solar panel loans? Do you want to get solar panels but are worried about the price? Solar panels can help you save money on your electricity bills, but they can cost a lot to install.

Well, the good news is, you don’t have to pay all at once. Solar panel loans let you pay slowly over time, just like a car loan.
With a solar panel loan, you borrow money to cover the upfront cost of the panels, then pay it back in small amounts each month.
This way, you can enjoy the benefits of solar energy, like lower electric bills and clean power; without spending a huge amount all at once.
However, there are different types of solar panel loans. Some come from banks or credit unions. Others are offered by solar companies or special green energy lenders.
Each loan has its own rules, like how long you have to pay it back, what interest rate you’ll get, and whether you need good credit.
So, which company is the best to get a solar panel loan from? Stick with us to find out.
What to Look For in a Solar Panel Loan
When picking a solar loan, here are a few things to keep in mind:
- The extra money you pay on top of what you borrow. A lower rate means you pay less over time.
- How long you have to repay the loan. A longer term means lower monthly payments, but you may pay more in the long run.
- Some loans have hidden fees or penalties for paying off early. So, read the terms carefully.
- Some loans need money upfront, while others let you start with zero down.
Best Solar Panel Loans
Getting solar panels is a smart way to cut your electricity bills, but the upfront cost can be a challenge. Luckily, you don’t have to pay everything at once.
Many banks, credit unions, and online lenders now offer solar panel loans; which are personal loans made to help homeowners cover installation costs.
These loans are paid back in monthly installments, usually over two to seven years, and don’t require any collateral.
To help you make the right choice, we’ve looked at some of the top lenders offering solar panel loans. Each one has its own pros, so take your time and see which fits your needs best.
LightStream
If you’re looking to borrow a large amount and want flexibility, LightStream is a strong pick. It offers loans from $5,000 up to $100,000, and you can choose repayment terms from 2 to 20 years. One of the best parts? If approved, you can get your funds the same day.
There are no extra fees like origination costs, but you do need good credit to qualify.
However, LightStream doesn’t require a minimum income, and their loans are available in every state except Rhode Island and Vermont.
And you can contact them by email and check your rate without hurting your credit.
SoFi
SoFi is a good choice if you have strong or excellent credit. Their personal loans come with fast funding, high loan amounts, and access to a mobile app for easy tracking.
Their loan terms range from2 to 7 years, and you can apply with a co-borrower if needed. However, SoFi does have some fees, including origination and late fees.
Also, there’s a high minimum loan amount, and you can’t choose when your first payment is due; it’s set for you.
Best Egg
Don’t have perfect credit? Best Egg may still work for you. Though you’ll need a FICO score of at least 600, but even those with fair credit have a shot. But you can borrow between $2,000 and $50,000, and funds are usually sent out within1–3 business days.
Best Egg also offers secured loan optionsandlow income requirements. However, they aren’t available in DC, Iowa, Vermont, or West Virginia, and there is an origination fee.
Also, there’s no option for rate discounts, but customer service is available by phone and email.
Upgrade
Upgrade is a strong option if your credit isn’t great. It accepts lower credit scores and gives borrowers ways to reduce their interest rate, like setting up autopay or using direct payment to contractors.
You can borrow for2 to 7 years, but there are some fees to keep in mind. These include origination fees (1.85%–9.99%), a $10 late fee, and $10 for failed payments.
If you want longer terms and helpful features like a mobile app or joint applications, Upgrade is worth considering.
Upstart
If you’re just starting out and don’t have much credit history, Upstart may be the easiest way in. They don’t have a minimum credit score, and many borrowers get low APRs if they qualify.
Plus, they approve loans as fast as one business day.
At Upstart, you can borrow between $1,000 and $50,000, and you’ll need to show at least $12,000 in annual income.
On the downside, they may charge a high origination fee (up to 12%) and don’t offer any rate discounts. But for people with limited or no credit, Upstart is a helpful choice.
LendingClub
LendingClub offers personal loans for borrowers with good credit and some credit history. To qualify, you need a credit score of at least 600, a few open accounts, and a debt-to-income ratio under 40%.
Loan terms go from 2 to 6 years, and you’ll pay an origination fee of 3% to 8%, plus late and NSF fees.
LendingClub can be useful if you want to combine solar financing withdebt consolidation or want to build your credit over time.
Avant
If your credit score is on the low side, Avant could still help. They offer loans up to $35,000, and many borrowers get their money the next business day.
To qualify, you’ll need at least $1,200 per month in income, but their approval process is known to be easier than most.
Keep in mind, though, that interest rates can be high, and the origination fee may be up to 9.99%. Avant loans are available in most states except forHI, IA, MA, ME, NY, VT, and WV.
Final Thoughts
Solar panel loans can make clean energy more affordable by breaking the cost into smaller monthly payments.
Whether your credit is excellent or still improving, there’s likely a loan option that fits your situation. Just make sure to compare rates, terms, and fees before signing anything.