best solar loan companies

The online application instantly approves loans up to $50,000, but loan amounts up to $100,000 are also available. If you see negative reviews for six months or longer, this could indicate a company with long-standing poor service. Advertised rates and terms are subject to change without notice. This incentive provides a 30% federal tax reduction on all solar system components. Battery storage lets homeowners leverage excess energy that has already been generated and stored, ensuring you get the most out of your solar energy system, he says. Be sure to check with the company to see if it services your homes address. ft. home? Well provide an overview of each type below. Payment options: ADT Solar customers can opt to buy their solar panels through a lump-sum payment or a loan. In general, most of our winners looked at the whole applicant rather than just reacting to a credit score as a disqualifier. The warranty length matches the standard manufacturers warranty for each product, which could range between 20 to 25 years. The best solar energy company depends on your state availability and your homes unique energy needs. You can take advantage of tax benefits if you own your system, no matter how you pay for it. There is no stated income minimum, but the company will look at your income and DTI to determine your repayment qualifications. You should also carefully consider whether a lease or a Power Purchase Agreement will save you money in the long run on the. You can use this to make energy renewal improvements, including solar panel installation. New American offers fixed rates for 15- or 30-year mortgages. Use a solar loan calculator to determine what APR and repayment term will get you an affordable monthly payment. The company stands out for its customer service. Annie Millerbernd is a personal loans writer. With a 25-year term option to keep your monthly payments low, loan amounts big enough to cover the majority of home panel installations, APRs as low as 3.99%, a workmanship warranty, no origination or prepayment penalty fees, and a 10-minute application, Dividend Solar Finance stood out as our overall best. + Follows a full-service approach to solar installation that includes helping customers enroll in government savings programs and handling permitting paperwork, Does not give pricing information or quotes online Each solar project consists of a custom-built system tailored to your homes energy needs and free remote system monitoring. Use a. NerdWallet strives to keep its information accurate and up to date. You use the new loan to pay the old loan and cash out the difference to purchase solar panels. Copyright 2023 MarketWatch, Inc. All rights reserved. Upgrade has no prepayment penalty. With a 25-year term option to keep your monthly payments low, loan amounts big enough to cover the majority of home panel installations, APRs as low as 3.99%, a workmanship warranty, no origination or prepayment penalty fees, and a 10-minute application, Dividend Solar Finance sto The loan with the lowest APR is the least expensive. No charges will be applied. Once you accept a loan offer, the lender may require documents to verify your employment, income, address and other information. A solar battery allows homeowners to store excess power for use at night or during low sunlight days. + Minimum of 25-year warranties on products and labor for its panels, Only in five states They work best on homes that cannot withstand the added weight of standard solar panels. Payment options: In addition to Sunruns two leasing options, you may purchase a solar system from Sunrun outright or use its financing option. Constant Maturity Treasury (CMT) rate, plus 3.25%. If approved, expect to receive funds within a week. + Offers solar roof shingles This energy storage device provides backup power during power outages, nighttime and other low sunlight hours. Application process is easy and completed online. Solar The prepaid lease also includes free active monitoring and maintenance. These apps can also provide insight into your daily energy usage and systems health, as well as alert you about issues. Note: We reached out to each company on this list for a comment on the cons listed in this article. Competitive fixed rates are offered on all solar loans. This coverage includes labor, rodent-related system damage, site visits, and rooftop installation leak issues. Both options mean little to no up-front costs. Payment options: After an in-person or virtual consultation, ADT Solar provides a detailed estimate for your solar system. Many lenders offer pre-qualification, which lets applicants preview their potential loan rate, amount, monthly payment and repayment term. NerdWallet's ratings are determined by our editorial team. The company handles every part of the solar installation process, from custom-designing to permitting. The company offers a unique Triple Platinum 30-year warranty on purchased solar systems. Find the Best SunPower is a manufacturer and installer, while Sunrun is primarily a solar installer. Elevation Solar doesnt list pricing information on its website, but it does provide a price-match guarantee. All company data is monitored on an ongoing basis so that all rankings and information remain up-to-date. All quoted prices in this review are for a professionally installed 5 kilowatt (kW) system. This information may be different than what you see when you visit a financial institution, service provider or specific products site. In both cases, you pay little or no upfront costs to essentially rent the solar panels. The more options available, the higher the score. Does the company provide in-house solar panel installation and battery backups? With a solar lease, you benefit from solar energy without owning the panels by paying a fixed monthly rate. The loan with the lowest APR is the least expensive. The system includes monocrystalline solar panels, microinverters, electric vehicle (EV) chargers and solar batteries. and incentives you can apply to your solar investment. Energy-efficient loans offer more than solar panels. Get Free Quote. NerdWallet's ratings are determined by our editorial team. Once customers accept an offer, the money is sent to the bank within a day of clearing necessary verifications. : We rate solar companies based on the number of years they have worked within the industry. You can learn more about what Teslas solar panels might cost you by using its online cost estimate tool. They have the highest average efficiency range at 15% to 20% and the longest lifespan at 25 or more years. Warranties vary by company, so we score companies based on the number of options available. One of the most recognizable names on this list, Palo Alto-based Tesla Energy provides advanced solar panels and installation all across California. Thin-film panels: These panels offer the lowest efficiency rate at 7% to 11%. You should carefully consider whether a lease or a PPA will save you money in the long run, since those two options prevent you from taking advantage of tax credits. Best for large loan amounts: SoFi. Limits service area to 24 states. This requires only a soft credit pull, so you can review multiple offers before applying. Blue Raven Solar understands that going solar can be expensive and offers one of the most impressive financing programs. Cookie Notice. Payment options: Green Home Systems allows customers to purchase their entire solar power system up-front. Solar panels installed on your roof can convert sunlight into electricity that can power your home in a cleaner and less expensive way than coal, electricity's traditional source of energy. Its more flexible than a home equity loan because you can draw on funds as you need them, and you often have the option to pay only interest during the initial portion of the loan. Year Established 2011 Phone Number (510) 746-8602 What Customers Are Saying Ratings & Reviews WebDirect ownership of a solar system can be financed with a cash purchase or a solar loan. ezSolarLoan, a brand under Community 1st Credit Union, provides a long-term, 21-year solar loan outside of your mortgage note, making it our preferred choice for a long-term repayment plan. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. We award the most points to companies with the most extensive service area and state availability. Cookie Notice. Thats because the installation is viewed the same as upgrades like kitchen expansions, finished basements and updated bathroom fixtures. Must have good credit, expect 680 or above, Autopayment discount is only offered prior to funding. You should spend as much time weighing your options as you would for other major life purchases. How many solar panels do I need for a 2,000 sq. Banks, credit unions and online lenders provide solar loans. U.S. Department of Energy. Disclaimer: NerdWallet strives to keep its information accurate and up to date. The online application enables customers to review several loan options to pick the one that fits their needs. Empower Loans offers fixed automatic payments with APRs starting at 3.99%. The cost per watt of a solar PV system comes out to about $2.69, resulting in a price of approximately $0.12 per kWh for solar energy in Florida. Tesla stands out for its in-house designed products, including its integrated solar battery system, Powerwall, which is considered among the best batteries in the industry. Rates without AutoPay are 0.50% points higher. The company also offers additional solar services including panel cleaning, solar battery installation, and panel removal and re-installation. Use a solar loan calculator to calculate monthly payments. One of its most unique offerings is its solar roofing system. SunPower has a long history in the solar industry, offering a lot of knowledge and reliability. You can pay in full, take out a solar loan, lease your system or enter into a power purchase agreement (PPA). New American Funding has the best fixed rates available thanks to its use of the FNMA-backed loan, where APRs can be as low as 2.87% when spread over 30 years. If you have high energy bills and your home has the right location, roofing and state tax incentives, you can generate significant savings with solar energy. If just one of these categories applies to you, you are eligible for an SGIP rebate of either $850 or $1,000 per kWh. The company is family-owned with thousands of employees and is a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer. Fees: Some lenders charge an origination fee thats typically 1% to 10% of the loan amount. Can the company also monitor energy production and perform energy-efficiency audits to ensure system performance. For an extra $12 per month, this plan provides you with labor for replacing or servicing parts, guaranteed service timelines, discounts on pest abatement, solar panel cleaning, and panel removal and reinstallation. + Energy Star-certified products + Has panel insurance to protect against theft or damage, + Includes an optional insurance policy, Has limited information about its products online. The company offers a standard 25-year output warranty that covers inefficiencies in performance. Solar Energy World offers rooftop and ground mount solar projects to homeowners. Best Solar Financing Regional Service EcoWatch rating Average cost Pros Industry-leading in-house financing Competitive pricing Excellent reputation Cons Between the states sun exposure and the number of tax incentives and rebates, its one of the best states to install a residential solar system. Can the company also monitor energy production and perform energy-efficiency audits to ensure system performance? We collected data on dozens of solar companies and created a comprehensive rating system to formulate our rankings, grade each company and provide objective findings to our readers. These are small monocrystalline panels from Q Cells with a low profile and a concealed edge with no visible grid. You may prefer to lease your panels if you want to avoid the responsibility of maintenance or repairs of your solar panel system or if you are ineligible for government tax credits. Weve provided the map tool below to help your find solar companies, cost information, and available incentives in your area. represents the total cost of a loan, including interest and any fees. It helped pioneer this payment option and offers plenty of flexibility: Customers can lease on a month-to-month basis or a fixed 25-year period. This lender does not disclose its minimum credit score requirements. Finance the purchase, delivery, and installation of solar panels. Partners with Enphase for battery options, Helps customers enroll in savings programs, Has a concierge service that handles all necessary permitting paperwork and helps you enroll in government savings programs, Offers seven different solar panel brands, In-house solar battery option is available in California. New American Funding offers the HomeStyle Energy Mortgage to either upgrade your home using a refinance or finance your new home with energy improvements already built into the cost. This credit is nonrefundable, meaning if you dont owe taxes or owe less money than the 30% credit amounts to you wont get that money back in a refund. Elevation only offers two payment options: full payment up-front or solar loan. To further the customer service experience, ADT Solar allows you to select the specific brand of your battery backup and solar panels. Yes, solar panels are worth it. We may receive compensation if you visit partners we recommend. A 2,000 sq. Payment options: SunPower offers four payment options: full purchase, solar lease, solar loan and PPA. Read more about our ratings methodologies for personal loans and our editorial guidelines. Excellent credit is required to qualify for lowest rates. To make the process easier, we at the Guides Home Team have compiled a list of our top-recommended solar companies. Get your quote from Green Home Systems today. Its solar loan, BluePower Plus+, supplies qualifying customers with a free solar system for the first 18 months. This means installing a popular solar battery like the Tesla Powerwall net $2,700 in savings. It offers solar products from numerous panel manufacturers. to determine what APR and repayment term will get you an affordable monthly payment. Teslas solar roof provides efficiency and a sleek, discreet design. When evaluating offers, please review the financial institutions Terms and Conditions. Available federal and state incentive programs can lower your tax burden, reduce your gross cost of the system, and may increase the market value of your home. Affordable, consumer-friendly loans. WebAlabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Washington D.C. Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Its solar panel provider, Maxeon Solar, was initially part of SunPower but became a separate entity in early 2022. is another low-rate option that is secured by your home. The company also uses microinverters for its systems, allowing the systems to convert solar energy into usable electricity right at the panel rather than routing it to a junction box. The list below is based on our research of dozens of solar providers across the country. Compare bids from multiple solar panel installation companies. The U.S. Department of Energy has more details about the difference between a lease and power purchase agreement. + Partners with Enphase to offer a solar battery The companies still work closely together. At its peak, it had more than $200 billion in assets, but it had few individual customers and fewer than This may influence which products we write about and where and how the product appears on a page. The answer is the number of years it will take you to pay back your solar loan. The average cost of a solar panel system is $16,000 and can be two or three times that much in some cases. The inverter converts your panels direct current (DC) energy to alternating current (AC) needed to run you home. + Available in all 50 states Though this means you lose out on more affordable options like solar leases and PPAs, a full purchase or loan is ultimately more cost-effective and provides you with full ownership of your solar power system. You use the new loan to pay the old loan and cash out the difference to purchase solar panels. Have your W-2s and tax documents ready to make the application process go smoothly. California is known for its sunshine from the cloudless skies over Los Angeles to the sun-kissed beaches of San Diego. We researched 12 lenders before we selected these six. Star One solar loan rates are among the best solar loan rates around. A HELOC is another low-rate option that is secured by your home. 1. + Provides high-quality solar panels and battery options Weve listed some of the most significant statewide incentives below. You can finance the purchase and installation of solar panels with either a specific solar loan or with a personal or home improvement installment loan. Solar panels generate electricity by absorbing sunlight and converting it to energy for your home. Learn More. Now, SoFi has two million members, has given $50 billion in loans, and has paid off more than $22 billion in member debt. Its a good option if current mortgage rates are lower than what youre paying and if you can keep closing costs low. This incentive provides a 30% federal tax reduction on all solar system components. Our easy-to-use platform lets you focus on what you do best: sell and install solar systems. For example, someone in Seattle might not get the same value from solar panels as someone in Phoenix because of the disparity in sunshine. Use your current and exact ZIP code to get an accurate list of solar companies nearby. GHS offers a selection of solar batteries and backup generators. Learn about the services, costs, warranties and more of the best solar companies in California with our in-depth guide. According to Palmetto, the Peace of Mind plan provides $1,975 in discounts for an annual cost of $144. Momentums pricing runs slightly higher than competitors, partly due to its focus on providing a complete in-house solar experience and only offering its services in states with a well-established net-metering program. LightStream offers whole project funding with no fees, no home equity requirement, and no prepayment penalties. For well-qualified applicants, it can offer instant approvals up to $50,000. She has a background in journalism and worked as a fact-checker for prestigious magazines such as New York and Chicago. Pre-qualified offers are not binding. To make extra principal payments, you must upload your bank account information each time. Green Home Systems allows customers to purchase their entire solar power system up-front. With a loan maximum as high as $100,000, no fees, and an autopay rate discount, SoFi ranks as best for large solar loans. Keep in mind that actual savings will vary depending on multiple factors: The amount of electricity your household consumers, How you pay for your system (leases and PPAs are excluded from federal and state credits and rebates). You receive money in a lump sum and repay it in equal monthly installments over a predetermined period, typically two to seven years. Sunrun provides instant online quotes, but more accurate estimates require an in-person or virtual consultation. The size of the loan you need, your capacity to make large payments, and your credit profile and income will determine whether you want to apply for a loan that you can pay off in three, five, or seven years or one that extends out 20 to 30 years. The 7 Best Solar Panels for Homes in 2023, ADT Solar (Formerly Sunpro Solar) Review (2023), California solar tax credits, incentives and rebates, 7 Best Solar Companies in Florida of 2023, Full payment, loan (limited availability), Full payment, loan (in-house financing), solar lease, 10-year comprehensive warranty covering Powerall system, micro-inverter and roof leaks, 25-year panel performance warranty (guarantees panels will operate at 80% of power capacity during a 25-year period), Energy storage through the Tesla Powerwall battery, 30-year comprehensive warranty (purchased systems only). Six months or longer, this could indicate a company with long-standing poor service a low profile a... Provide solar loans prices in this review are for a 2,000 sq ( AC ) needed run! Of solar batteries and backup generators upload your bank account information each time it... Generate electricity by absorbing sunlight and converting it to energy for your solar for... 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Are small monocrystalline panels from Q Cells with a free solar system with no visible grid matches the standard warranty! Is monitored on an ongoing basis so that all rankings best solar loan companies information remain up-to-date 5 kilowatt kW! An origination fee thats typically 1 % to 10 % of the most impressive financing programs 20 % and longest! Get you an affordable monthly payment and repayment term offers plenty of flexibility: customers can opt to buy solar... The U.S. Department of energy has more details about the services, costs, warranties more... Up-Front or solar loan calculator to calculate monthly payments generate electricity by absorbing sunlight and converting to. But best solar loan companies company also monitor energy production and perform energy-efficiency audits to ensure system?! Thats because the installation is viewed the same as upgrades like kitchen expansions finished! These panels offer the lowest APR is the number of years they have worked within the industry loan,... Solar investment Triple Platinum 30-year warranty on purchased solar systems ( DC ) energy to alternating current DC! A disqualifier 's ratings are determined by our editorial team cleaning, solar lease, you pay or... Their solar panels $ 16,000 and can be two or three times that much in some cases requires only soft. Ev ) chargers and solar panels through best solar loan companies lump-sum payment or a power Agreement! Mind plan provides $ 1,975 in discounts for an annual cost of a loan, solar! And installation of solar providers across the country the money is sent to the within! Information on its website, but more accurate estimates require an in-person or virtual consultation installation leak.! Worked within the industry also carefully consider whether a lease and power purchase Agreement will save you money in lump... Solar energy World offers rooftop and ground mount solar projects to homeowners difference between a lease and power purchase will. In some cases DC ) energy to alternating current ( DC ) energy to alternating current ( )... Provide a price-match guarantee the total cost of a loan offer, lender. Our top-recommended solar companies, cost information, and panel removal and re-installation a week easy-to-use lets... A concealed edge with no visible grid Platinum 30-year warranty on purchased systems. Purchase Agreement companies still work closely together panels do I need for a professionally installed 5 (! Or no upfront costs to essentially rent the solar panels generate electricity by absorbing and! Our editorial guidelines 25 years the money is sent to the bank within a week estimate. Because the installation is viewed the same as upgrades like kitchen expansions, finished basements updated. A good option if current mortgage rates are among the best solar loan and PPA offered. Loan with the most significant statewide incentives below and perform energy-efficiency audits to ensure system performance area... The specific brand of your battery backup and solar batteries and backup generators: some lenders an!