Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
Adding solar panels to your home can be a good way to conserve energy and save money on electricity. In fact, they could save you an average of $10,000 to $30,000 over the lifetime of your solar panel system, according to EnergySage.
However, while this could help you to greatly reduce your electricity bill, adding solar panels to your home can be expensive.
One way to potentially cover this expense is with a solar loan — a type of personal loan used for adding solar panels or otherwise improving your home’s energy efficiency.
Here’s what you should know about solar loans:
- 16 of the best solar panel loans for 2021
- How to get a personal loan for solar panels
- Is it worth it to get solar panels?
- Solar panel tax benefits
- Other types of solar loans
- Frequently asked questions
16 of the best solar panel loans for 2021
On average, solar panels can cost anywhere from $9,225 up to $28,000, according to Modernize Home Services. Keep in mind that your actual cost can vary depending on:
- Where you live
- The types of panels you choose
- How many panels you purchase
- The company you hire
If you decide to take out a personal loan to pay for solar panels, it’s important to consider as many lenders as possible. This way, you can find the best loan for your needs.
Tip: As you compare your personal loan options, keep in mind that personal loans for solar panels or other upgrades for energy efficiency are generally referred to as home improvement loans.
Here are Credible’s partner lenders that offer personal loans for solar panels:
| Lender | Fixed rates | Min. credit score | Repayment terms (years) | Fees |
|---|---|---|---|---|
 Credible Rating  Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.   View details | 9.95% – 35.99% APR | 550 | 2, 3, 4, 5 | Origination fee |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.  View details | 6.79% – 17.99% APR | 740 | 1, 2, 3, 4, 5 | Origination fee, late fee, insufficient funds fee |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.  View details | 5.99% – 29.99% APR | 600 | 2, 3, 4, 5 | Origination fee |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 6.99% – 24.99% APR | 660 | 3, 4, 5, 6, 7 | Late fee |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 7.99% – 29.99% APR | Not disclosed by lender | 2, 3, 4, 5 | Origination fee |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 10.68% – 35.89% APR | 600 | 3, 5 | Origination fee |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 15.49% – 35.99% APR | 580 | 2, 3, 4, 5 | Origination fee |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 2.49% – 19.99% APR | 660 | 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans) | None |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 6.99% – 19.99% APR1 | 660 (TransUnion FICO®️ Score 9) | 3, 4, 5, 6 | None |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 18.00% – 35.99% APR | None | 2, 3, 4, 5 | Origination fee |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 5.99% – 17.99% APR | 670 | 1, 2, 3, 4, 5 | None |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 6.95% – 35.99% APR | 640 | 3, 5 | Origination fee |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 5.99% – 18.83% APR | Does not disclose | 2, 3, 4, 5, 6, 7 | None |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 8.93% – 35.93% APR7 | 580 | 3 to 5 years 8 | Origination fee |
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 5.94% – 35.97% APR | 580 | 2, 3, 5, 6 | Origination fee |
| ||||
 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details | 6.46% – 35.99% APR4 | 580 | 3 to 5 years4 | Origination fee |
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| Compare rates from these lenders without affecting your credit score. 100% free! Compare Now Trustpilot | ||||
| All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | Read more about Rates and Terms |
Avant
If you have poor or fair credit, Avant could be a good choice for a personal loan. You can borrow $2,000 to $35,000* with repayment terms from two to five years.**
4.6 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms 
Fees and Discounts 
Customer Experience Avant Personal Loans
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Compare rates from top personal loan lenders to find the right one for you.
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- Fixed APR: 9.95% – 35.99% APR
- Variable APR: N/A
- Min. credit score: 550
- Loan amount: $2,000 to $35,000**
- Loan terms (years): 2, 3, 4, 5*
- Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV
- Customer service: Phone, email
- Soft credit check: Yes
- Loan servicer: Avant
- Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
- Min. Income: $1,200 monthly
Axos Bank
Axos Bank personal loans are available from $5,000 to $35,000 with terms from one to five years. If you’re approved, you could get your funds as soon as the next business day.
4.2 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts 
Customer Experience Axos Personal Loans
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- Fixed APR: 6.79% – 17.99% APR
- Variable APR: N/A
- Min. credit score: 740
- Loan amount: $5,000 to $35,000
- Loan terms (years): 1, 2, 3, 4, 5
- Time to fund: Next business day
- Fees: No prepayment penalty
- Discounts: None
- Eligibility: Available in all 50 states
- Customer service: Phone
- Soft credit check: Yes
- Min. Income: Does not disclose
- Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes
Best Egg
In addition to your credit score, Best Egg also looks at more than 1,500 “proprietary credit attributes” from sources that include external data providers and your “digital footprint.” This means you might have an easier time qualifying with Best Egg compared to other traditional lenders.
With Best Egg, you can borrow $2,000 to $50,000 with terms from two to five years.
4.1 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Best Egg Personal Loans
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- Fixed APR: 5.99% – 29.99% APR
- Variable APR: N/A
- Min. credit score: 600
- Loan amount: $2,000 to $50,000
- Loan terms (years): 2, 3, 4, 5
- Time to fund: As soon as 1 – 3 business days after successful verification
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except DC, IA, VT, and WV
- Customer service: Phone
- Soft credit check: Yes
- Loan servicer: Best Egg
- Min. Income: None
- Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Discover
If you’re looking for a long repayment term, Discover could be a good option — you can borrow $2,500 to $35,000 with three to seven years to repay it. If you’re approved, you could get your funds as soon as the next business day after acceptance.
4.4 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts 
Customer Experience Discover Personal Loans
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- Fixed APR: 6.99% – 24.99% APR
- Min. credit score: 660
- Loan amount: $2,500 to $35,000
- Loan terms (years): 3, 4, 5, 6, 7
- Time to fund: As soon as the next business day after acceptance
- Fees: Late fee
- Discounts: None
- Eligibility: Available in all 50 states
- Customer service: Phone
- Soft credit check: Yes
- Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
FreedomPlus
FreedomPlus could be a good choice if you want to apply with a cosigner or have proof of retirement savings, as either of those might help you qualify for a better interest rate. You can borrow $7,500 to $50,000 with terms from two to five years.
4.1 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience FreedomPlus Personal Loans
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- Fixed APR: 7.99% – 29.99% APR
- Min. credit score: Does not disclose
- Loan amount: $7,500 to $50,000
- Loan terms (years): 2, 3, 4, 5
- Time to fund: As soon as 2 business days
- Fees: Origination fee
- Discounts: No
- Eligibility: Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
- Customer service: Phone
- Soft credit check: Yes
- Min. Income: None
- Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes
LendingClub
If you need a cosigner, LendingClub could be a good option — it’s one of the few lenders that allow cosigners on personal loans. With LendingClub, you can borrow $1,000 to $40,000 with a three- or five-year repayment term.
4.3 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience LendingClub Personal Loans
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- Fixed APR: 10.68% – 35.89% APR
- Min. credit score: 600
- Loan amount: $1,000 to $40,000
- Loan terms (years): 3, 5
- Time to fund: Usually takes about 3 days†
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all 50 states
- Customer service: Phone, email
- Soft credit check: Yes
- Loan servicer: LendingClub
- Min. Income: None
- Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes
LendingPoint
LendingPoint specializes in working with borrowers who have near-prime credit — usually considered to be a credit score in the upper 500s or 600s. With LendingPoint, you can borrow $2,000 to $36,500 with terms from two to five years.
4.5 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience LendingPoint Personal Loans
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- Fixed APR: 15.49% – 35.99% APR
- Min. credit score: 580
- Loan amount: $2,000 to $36,500
- Loan terms (years): 2, 3, 4
- Time to fund: As soon as the next business day
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except NV and WV
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: $20,000
- Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
LightStream
If you need to borrow a large amount, LightStream could be a good option — you can borrow $5,000 to $100,000. Most LightStream loans come with terms from two to seven years, but if you borrow specifically for home improvements like solar panels, you could have up to 12 years to repay your loan.
4.9 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts 
Customer Experience LightStream Personal Loans
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- Fixed APR: 2.49% – 19.99% APR
- Min. credit score: 660
- Loan amount: $5,000 to $100,000
- Loan terms (years): 2, 3, 4, 5, 6, 7*
- Time to fund: As soon as the same business day
- Fees: None
- Discounts: Autopay
- Eligibility: Available in all states except RI and VT
- Customer service: Phone, email
- Soft credit check: No
- Loan servicer: LightStream
- Min. Income: Does not disclose
- Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Marcus
With Marcus, you can borrow $3,500 to $40,0002 with terms from three to six years. Marcus also allows borrowers who have made at least 12 consecutive, on-time payments to defer one monthly payment interest-free.
4.3 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Marcus Personal Loans
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- Fixed APR: 6.99% – 19.99% APR1
- Min. credit score: 660
(TransUnion FICO®️ Score 9) - Loan amount: $3,500 to $40,0002
- Loan terms (years): 3, 4, 5, 6
- Time to fund: Many Marcus customers receive funds in as little as three days
- Fees: None
- Discounts: Autopay
- Eligibility: Available in all 50 states
- Customer service: Phone
- Soft credit check: Yes
- Loan servicer: Goldman Sachs
- Min. Income: $30,000
- Loan Uses: Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes
OneMain Financial
Unlike many other lenders, OneMain Financial has no minimum credit score requirement — which means you might be able to qualify with below-average credit. OneMain Financial will also consider your financial history, credit history, income, expenses, and loan purpose to determine your creditworthiness.
With OneMain Financial, you can borrow $1,500 to $20,000 with terms from two to five years. Keep in mind that larger loan amounts might require collateral.
4.1 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience OneMain Financial Personal Loans
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- Fixed APR: 18.00% – 35.99% APR
- Min. credit score: None
- Loan amount: $1,500 to $20,000
- Loan terms (years): 2, 3, 4, 5
- Time to fund: As soon as the same day, but usually requires a visit to a branch office
- Fees: Origination fee
- Discounts: None
- Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: Does not disclose
PenFed
If you only need to borrow a small amount, PenFed could be a good option — you can borrow as little as $600 up to $35,000 with terms from one to five years.
Keep in mind that while you don’t have to be a PenFed member to apply for a loan, you’ll have to join the credit union if you are approved and want to accept the loan.
4.5 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience PenFed Personal Loans
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- Fixed APR: 5.99% – 17.99% APR
- Min. credit score: 670
- Loan amount: $600 to $35,000*
- Loan terms (years): 1, 2, 3, 4, 5
- Time to fund: 2 to 4 business days after verification
- Fees: None
- Discounts: None
- Eligibility: Does not disclose
- Customer service: Phone, email
- Soft credit check: No
- Min. Income: Does not disclose
- Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events
Prosper
Prosper operates a peer-to-peer lending platform that matches borrowers with investors — which means loan funding can sometimes take longer compared to other lenders. However, you can also get your funds as soon as the next business day barring any delays.
With Prosper, you can borrow $2,000 to $40,000 with a three- or five-year repayment term.
4.5 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Prosper Personal Loans
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- Fixed APR: 6.95% – 35.99% APR
- Min. credit score: 640
- Loan amount: $2,000 to $40,000
- Loan terms (years): 3, 5
- Time to fund: As soon as one business day
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except IA, ND, WV
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: None
- Loan Uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes
SoFi
SoFi is another option for borrowers who need a large loan — you can borrow $5,000 to $100,000 with terms from two to seven years. With SoFi, you’ll also have access to several borrow perks, such as unemployment protection, career coaching, and investing advice.
4.9 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience SoFi Personal Loans
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- Fixed APR: 5.99% – 18.83% APR
- Min. credit score: Does not disclose
- Loan amount: $5,000 to $100,000
- Loan terms (years): 2, 3, 4, 5, 6, 7
- Time to fund: 3 business days
- Fees: None
- Discounts: Autopay
- Eligibility: Available in all states except MS
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: Does not disclose
- Loan Uses: Solely for personal, family, or household uses
Universal Credit
If you’re looking to build your credit, Universal Credit might be a good option. You can borrow $1,000 to $50,000 and will also have access to free credit score monitoring, educational tools, and personalized recommendations that could help you improve your credit over time.
4.3 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Universal Credit Personal Loans
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- Fixed APR: 8.93% – 35.93% APR7
- Min. credit score: 580
- Loan amount: $1,000 to $50,000
- Loan terms: 3 to 5 years 8
- Time to fund: Within one day, once approved9
- Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: A U.S. citizen or permanent resident. Not available in AR, DC, KS, ME, SC, VT, WI, WV
- Customer service: Phone, email
- Soft credit check: Yes
Upgrade
Upgrade could be a good choice for borrowers who need a loan quickly. You can borrow $1,000 to $50,000 with a three- or five-year term, and you could get your funds within a day of clearing necessary verifications if you’re approved.
4.3 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Upgrade Personal Loans
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- Fixed APR: 5.94% – 35.97% APR
- Min. credit score: 580
- Loan amount: $1,000 to $50,000*
- Loan terms (years): 2, 3, 5, 6
- Time to fund: Within a day of clearing necessary verifications
- Fees: Origination fee
- Discounts: Autopay
- Eligibility: Available in all states except West Virginia
- Customer service: Email
- Soft credit check: Yes
- Min. Income: Does not disclose
- Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes
Upstart
In addition to your credit score, Upstart will also consider your education and job history to determine creditworthiness — which means you might be eligible even if you have little to no credit history. You can borrow $1,000 to $50,0005 with Upstart.
4.6 Credible rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Rates and terms Fees and Discounts Customer Experience Upstart Personal Loans
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- Fixed APR: 6.46% – 35.99% APR4
- Min. credit score: 580
- Loan amount: $1,000 to $50,0005
- Loan terms (years): 3 to 5 years4
- Time to fund: As soon as 1 – 3 business days6
- Fees: Origination fee
- Discounts: None
- Eligibility: Available in all states except IA and WV
- Customer service: Phone, email
- Soft credit check: Yes
- Min. Income: $12,000
- Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Learn More: Kitchen Remodel Loans: Compare Financing Options Online
How to get a personal loan for solar panels
If you’re ready to take out a personal loan for solar panels, follow these four steps:
- Check your credit. When you apply for a personal loan, the lender will check your credit to determine your creditworthiness — so it’s a good idea to take a look at your credit beforehand to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your score.
- Compare lenders and pick a loan option. Be sure to shop around and compare as many personal loan lenders as you can to find the right loan for your needs. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements. After you’ve done your research, choose the loan option that works best for your needs.
- Complete the application. Once you’ve picked a lender, you’ll need to complete a full application and submit any required documentation, such as tax returns or pay stubs.
- Get your funds. If you’re approved, the lender will have you sign for the loan so the funds can be released to you. The time to fund for a personal loan is usually about one week — though some lenders will fund loans as soon as the same or next business day after approval.
Check Out: 17 Installment Loans to Consider
Is it worth it to get solar panels?
Getting solar panels might be worth it in some cases, but it isn’t right for everyone. Here are a few factors to consider while making your decision:
Size of your home
If you have the roof space, you might be able to fit quite a few panels and save even more on future electricity bills. However, this also means paying more up front to install the panels.
If you have a smaller home, you’ll need fewer panels — but you might not save as much on your electricity bill.
Geographic location
Where you live plays a large part in determining whether you should install solar panels as well as how many panels you can get. Additionally, if you’re in an area that has long winters or days with limited sun, you’ll generate much less compared to someone who lives in an area with long sunny days.
The way your home faces also impacts how many panels you can get. For example, if a large part of your roof doesn’t get sun until the later part of the day or if trees and foliage are blocking the panels, it might not be worth installing panels on that side since they won’t be getting maximum sun exposure.
Cost of installation
Depending on where you live and when you get your panels installed, it could take up to a month or more to notice a difference in your electricity bill. And even if there’s a dip in your bill, you’ll still need to manage your monthly payments — whether you bought or leased your panels.
If you take out a solar loan to cover your costs, you might end up either breaking even or saving a bit overall in the first few years until your loan is paid off.
Tip: Before you borrow, be sure to consider how much a solar loan will cost you. This way, you can be prepared for any added expenses.
You can estimate how much you’ll pay for a loan using our personal loan calculator below.
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Solar panel tax benefits
Homeowners who install solar panels could be eligible for the federal solar energy tax credit. If you install a solar panel system from 2020 to 2022, you could get a 26% tax credit. This credit is reduced to 22% for systems installed in 2023.
To be eligible for this credit, the system must be installed during the tax year and generate electricity for a U.S.-based home.
Keep in mind: Unless renewed by Congress, the federal solar energy tax credit will expire in 2024.
Learn More: Where to Get a $20,000 Personal Loan Fast
Other types of solar loans
A personal loan isn’t your only option for financial solar panels. Here are a few other types of solar loans to consider:
In-house financing
Some solar companies provide their own financing options or partner with lenders that offer solar loans. This could be a simple route if you’re already planning to buy panels from the company.
Tip: While financing through a solar company might seem easier, it’s still important to compare your loan options from other lenders as well. This way, you can be sure you’re getting the most favorable rate and terms available to you.
Home equity options
You could also consider tapping into your home’s equity, such as with a home equity loan, home equity line of credit (HELOC), or cash-out refinance. Because these options are secured by your home, they often come with lower interest rates than personal loans.
Just remember that if you can’t keep up with your payments, you risk losing your home.
Leasing panels
If buying solar panels outright is too expensive, you could think about leasing them. These leases typically last for 20 or 25 years, after which you’ll return the panels.
However, keep in mind that leasing solar panels could also make it difficult to sell your home in the future if you haven’t finished your lease. In this case, you’ll generally either have to buy out the lease or negotiate for whoever buys your home to assume the lease.
Check Out: How to Find a $35,000 Personal Loan Without Stressing
Solar Power Purchase Agreement
You could also look into a Solar Power Purchase Agreement (PPA), where you allow a third party to install a solar panel system. You’ll make payments to this third party for your electricity while they benefit from the tax credits and sale of electricity.
Like leasing, a PPA could be a good choice if you don’t plan on staying in your home long term or don’t want to pay for installing panels yourself.
PACE solar loans
The property assessed clean energy (PACE) model was created to finance energy efficiency and renewable energy on private property — both commercial and residential. PACE programs are designed to help property owners install energy improvements (like solar panels) without having to come up with an upfront payment.
If you decide to work with a PACE program, you’ll repay the improvement costs over 10 to 20 years via property assessments. These assessments are secured by the property and are paid along with your property taxes.
Keep in mind: PACE loans are tied to the property instead of to the borrower. If you decide to sell your home before your repayment term is up, the buyer will need to agree to take over the PACE obligation.
Unfortunately, residential PACE financing programs are only offered in California, Florida, and Missouri. But there are also some cities and utility companies that offer their own solar financing options — be sure to reach out to your city government and utility company to see if any assistance is available to you.
Fannie Mae HomeStyle Energy mortgages
A HomeStyle Energy mortgage can be used to help improve the energy efficiency of your home and can be applied for during an initial home purchase or a refinance. With this option, you can finance energy-related improvements up to 15% of the “as completed” appraised property value of a home.
This type of mortgage could come with lower interest rates and longer repayment terms compared to other alternatives.
Learn More: COVID-19: How Personal Loan Lenders Are Helping Borrowers
Frequently asked questions
Here are the answers to several commonly asked questions regarding solar loans.
Does a solar loan affect credit score?
When you apply for a solar loan, the lender will perform a hard credit check to determine your creditworthiness. This could cause a slight dip in your credit score — however, this effect is usually only temporary, and your score will likely bounce back within a few months.
Additionally, a solar loan might actually help your credit score. For example, if you consistently make on-time payments or can diversify your credit mix by taking out a personal loan for solar panels, you could see an improvement in your score over time.
Ultimately, this positive impact on your credit score could outweigh any initially negative effects.
What credit score is needed for solar panels?
This depends on how you want to finance your solar panels. If you want to use a personal loan to pay for them, you’ll typically need good to excellent credit to qualify — a good credit score is usually considered to be 700 or higher.
There are also several lenders that offer personal loans for bad credit. However, keep in mind that these loans will likely come with higher interest rates compared to good credit loans.
Tip: If you’re struggling to get approved for a personal loan, you could consider applying with a cosigner. Not all lenders allow cosigners on personal loans, but some do.
Even if you don’t need a cosigner, having one could get you a lower interest rate than you’d get on your own.
Check Out: How to Find a $30,000 Personal Loan for Any Credit Score
Is it better to lease or buy solar panels?
In general, buying solar panels will likely save you more money in the long run compared to leasing and could also qualify you for tax deductions or other incentives. Additionally, if you plan to sell your home, you could get more money if you also sell the panels.
However, if covering the entire cost of solar panels is too high, then leasing could be a decent option. Just keep in mind that because the leasing company owns the panels, you won’t be eligible for tax deductions — and you might be subject to increasing payments over time that could further reduce your savings.
What happens if I decide to move?
This depends on whether you bought or leased your solar panels.
- If you bought your solar panels, you could opt to take them with you when you move. However, removing and reinstalling solar panels can be expensive — and the process could damage the roof for the next owner of the house. Because of this, selling the panels along with the home could be a more cost-effective choice.
- If you lease your solar panels and want to move before your lease is up, you’ll have to either buy out the lease or negotiate for the next owner of the house to assume the lease. In general, buying out a solar panel lease can be very costly — which is why it’s generally not a good idea to lease if you expect to move in the near future.
Can you refinance solar loans?
Yes, you can. To refinance a personal loan that you used to purchase solar panels, you’ll simply take out a new personal loan to pay off the old one. Depending on your credit, this might get you a lower interest rate, which could save you money on interest and even help you pay off your loan faster.
Or you could opt to extend your repayment term to reduce your monthly payment. Just remember that choosing a longer term means you’ll pay more in interest over time.
Keep in mind: Some lenders have restrictions when it comes to refinancing personal loans. For example, LightStream doesn’t allow borrowers to refinance existing LightStream loans — however, you can use a LightStream loan to refinance a loan from another lender.
How long are solar loans?
Depending on the lender, personal loans for solar panels typically come with repayment terms ranging from one to seven years. There are also some lenders that offer longer terms for home improvement loans — for example, you could have up to 12 years to repay a LightStream home improvment loan.
Tip: It’s usually a good idea to choose the shortest repayment term you can afford to save as much as possible on interest. Picking a shorter repayment term might also get you a lower interest rate, which will also help reduce your overall interest charges.
If you decide to take out a personal loan for solar panels, remember to consider as many lenders as possible to find the right loan for you. Credible makes this easy: You can compare your prequalified rates from multiple lenders in two minutes — without affecting your credit.
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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
About the author 
Dori Zinn
Dori Zinn is a student loan authority and a contributor to Credible. Her work has appeared in Huffington Post, Bankate, Inc, Quartz, and more.
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