What financing options are available for solar panels?

See full bio. Solar panel financing options include personal loans, home equity financing, government loan programs and contractor loans. Learn more about financing solar panels.

Should you finance solar panels through a contractor?

Financing through the solar panel installation company may be the best option if you: Want the financing and installation through the same company. Would pay less than with a personal loan or home equity option. » MORE: Should you finance solar panels through your contractor? How much can you save with solar panels?

Can you buy solar panels with a loan?

Financing via a solar loan is a path to ownership, while third-party ownership (TPO) options include solar leases and PPAs. You can also purchase your panels outright with cash, which means no payment plan or financing is necessary.

Should you finance with a solar loan?

While going solar carries the reputation of having a high upfront cost, more than half of solar owners choose to finance with solar loans. And many of those solar loans come with zero down payment. In fact, some homeowners with the means to pay cash choose to finance with a solar loan instead.

Should I get a FHA or Fannie Mae loan for solar panels?

The FHA and Fannie Mae loans may be the way to go if you’re purchasing a home and want to have solar panels installed simultaneously. They can also be smart choices for solar financing if you aren’t eligible for personal loans with reasonable rates.

Are home equity loans a good choice for solar panels?

Home equity loans and HELOCs are a good choice for solar panel financing if you have sufficient equity in your home and have determined that solar panels are likely to add value to it. This kind of equity-backed loan for solar is also worth considering if you don’t qualify for a personal loan with a good rate because of your credit.