Solar Panel Financing

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Solar Panel Financing With Acorn Finance

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Acorn Finance gives you control when shopping for low rate solar panel loans. Compare personalized offers from lenders in our network, with no impact to your credit score. That means multiple loan offers for your new solar panels or solar system in seconds. We’ll even help you check for pre-qualified solar panel installation financing in seconds with our broad network of national lending partners. You can easily sort the offers based on what’s most important to you: interest rate, payment amount, length of the loan term. Our 100% online, customer-friendly process is designed to help you find affordable payment options with lenders that can quickly finance your solar panels or their installation.

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Get Offers in Seconds

Get pre-qualified for multiple loan offers with an easy online form.

Won't Impact Your Credit

Receive pre-qualified offers with no impact to your credit scores.

Competitive Payment Options

Loans up to $100,000; Terms up to 12 years; APRs as low as 3.99%.

Receive Funds Quickly

In some cases, receive funds in as little as one business day.

“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”

 

– Mike T. (TN)

“It was important to me that I could review my offers without any impact to my credit score, before deciding on the best loan option.”

 

– Carol R (FL)

“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”

 

– Bob S (WI)

Ready To Secure Solar Panel Financing?

Compare solar panel financing options without affecting your credit score.

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Best Solar Panel Financing Options

Solar panels are attractive financially and environmentally, but can require a large initial investment. So can you get a loan to install solar panels? The answer is yes, solar panel financing is available for all credit types.

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Some solar panel loans can approve you with zero money down allowing you to better our environment while saving on your electricity bill sooner than you may have imagined. While there are many types of solar panel loan options available, a personal loan is a leading choice that allows you to essentially buy your system outright. Buying your system outright can allow you to take advantage of federal tax credits. In addition, the interest on your solar panel loan may even be tax deductible.

Acorn Finance gives you control when shopping for low rate solar panel loans. Simply submit one application and receive multiple personalized low rate solar panel loan offers within seconds. Keep reading to learn more about financing solar panels.

How much does it cost to finance solar panels?

On average residential solar panels cost between $15,000 and $28,000. Typically they range from 6kW to 8kW. The size of your home and amount of power needed can vary the cost significantly.

Should you finance solar panel installation?

Most homeowners who have installed solar panels believe it’s one of the best investments they have made. In addition to the long term savings, solar panels provide a natural source of energy that has the ability to power your home.

How much can you save on electricity with new solar panels?

Federal and state incentives piled on top of huge savings on your electricity bill makes solar panels easy to justify. Most homeowners who install solar panels can save 40% to 70% on electricity costs during the lifetime of their system. One estimate shows a savings of more than $45,000 dollars over 20 years after installing solar in California.

How does the system size affect total solar financing costs?

Part of the solar installation process is determining the size of the system you need. In order to estimate the size of the system you need, start by gathering your daily kWh energy requirement. Once you have this, divide it by your peak sun-hours. This will give you the kW output required. Next divide the kW output by your panel’s efficiency. The answer will equal the total number of solar panels your system requires. Typically, the larger the system size, the cheaper the average cost per watt is. For example, a 4kW system costs $3.72 on average per watt while a 8kW system costs $3.21 on average per watt.

Can you finance new solar panels or solar panel installation?

Yes, solar panel equipment and installation can be financed. Acorn Finance can connect you to multiple lenders with competitive and personalized offers for solar panel financing. You can easily sort the offers based on what’s most important to you: interest rate, payment amount, length of the loan term.

How long can you finance solar panels for?

Acorn Finance offers competitive payment options for solar panel loans and financing. Using Acorn Finance you can receive offers that allow you to borrow up to $100,000 with terms up to 12 years. In some cases, you can receive funds as soon as one business day.

Is it better to lease or finance solar panels?

Buying or financing solar panels offers far more incentives than leasing them. Federal and any local incentives are only redeemable if you pay cash or finance your solar panel systems. In addition, some leases may include clauses that slightly reduce annual savings.

What is the best way to finance solar panels?

Discover the best solar panel financing offers at Acorn Finance – a reliable and top-rated company that provides financing solutions for solar panels. Take advantage of affordable payment options and free services while saving tons of time.

Three steps to get started with Acorn Finance:

  1. Complete and submit a short loan application online
  2. Receive multiple pre-qualified offers
  3. Get connected with lenders to obtain your pre-qualified loan

What credit score is needed to finance solar panels?

Acorn Finance can help all credit types discover financing solutions for solar panels. In addition, you can apply online without impacting your credit score.

What type of loan is a solar loan?

Solar loans can provide the funds you need to install a solar system while allowing you to make affordable payments over time with interest. In most cases, solar loans are unsecured loans with a fixed interest rate. This means you should not have to provide collateral and your payments should remain consistent throughout the full loan term. Another option for solar financing is a secured loan. Secured loans are less common than unsecured loans because they may be harder to qualify for with a more complicated approval process. An example of a secured loan is a home equity loan – which you have probably heard of before. Home equity loans require homeowners to borrow against the equity in their home hence to the name. Secured loans require collateral such as your home which can involve more risk for the borrower. Some solar companies may offer secured solar loans. These loans typically allow you to borrow through the solar company directly and use the solar panels as collateral. Before using a secured solar loan we recommend comparing other options.

Is a solar loan tax deductible?

If you use a secured home equity loan or similar type of secured loan for solar, the interest you pay on the loan should be tax deductible. However, unsecured solar loans are usually not tax deductible. Regardless of the type of solar loan you use, you may qualify for federal solar tax credits. Incentives available for installing a solar system can change periodically. They may also vary based on your location.

How many years can I claim solar tax credit?

Technically, you can only claim your solar tax credit once. However, if you do not use the entire tax credit, any unused portion can be carried over to the following tax year for up to five years. The solar tax credit is nonrefundable, meaning if the credit exceeds your tax liability you will not receive a refund for the unused portion of the tax credit. Currently, the solar tax credit is at a peak of 26% through 2022. After the 2022 tax season the tax credit will either drop or go away. In the past we have seen the solar tax credit be extended but to ensure you take advantage of it’s peak rate, you should get your solar installed immediately. Even if you have to borrow money to afford solar, it should still save you money in the long run. Solar power is an environmentally-friendly and long-lasting energy source that homeowners should take advantage of.

How do I apply for a solar loan?

Whether you choose to apply for a secured or unsecured solar loan, the application process typically starts with a pre-qualification process. In order to find out the loan amount, rate, and term that you qualify for, you’ll most likely need to apply. The initial application submitted should instigate the pre-qualification process. Some lenders may do a hard credit pull at this time, while others may not. Deciding what lender to choose for a solar loan can be overwhelming. We recommend first determining if you would prefer a secured loan or unsecured loan. If you choose to use a secured loan you should check with your primary financial institution first. If you choose to use an unsecured loan, you should apply at Acorn Finance to receive offers from multiple lenders. While Acorn Finance is not a lender, they partner with several top-rated lenders that want to compete for your business. Acorn Finance provides a secure platform that can save you time and money. Homeowners can access multiple solar loan offers without impacting credit score.

What is the monthly payment for solar panels?

The monthly payment for solar panels can depend on a variety of factors such as the type of loan, loan amount, loan term, interest rate, etc. If you are considering a solar loan you may be wondering if you can afford the monthly payment. Monthly solar loan payments should be similar to your monthly electricity bill. However, solar loan payments end once your loan is repaid in full whereas electricity bills have no end date. If you want to repay your solar loan faster you may choose a shorter loan term which may result in a higher monthly payment. If you have credit challenges, you may qualify for a higher interest rate, which may result in a higher monthly payment. You get the idea – there are a lot of factors that can impact a monthly solar payment. For an accurate estimate of a solar loan payment you should determine how much you need to borrow and get pre-qualified. Once you are prequalified you should know the rate and term you qualify for which will help you accurately estimate a monthly payment.

How does a solar loan work?

Solar loans provide the funds to install and gain ownership of your own solar system while allowing you to make monthly payments with interest over time. Most solar loans can be secured with no money down, thus allowing homeowners the opportunity to receive solar benefits immediately. Whether you finance or pay cash for solar, you should qualify for any incentives or rebates offered in your area. If you use an unsecured loan for solar financing, you should choose a lender that does not have a prepayment penalty. As you begin saving money monthly or get a larger tax refund, you can pay extra toward your loan balance and save money on interest.

What credit score is needed for solar panels?

To qualify for a solar loan you should have a FICO score of 600 or above. Acorn Finance has lending partners that can assist borrowers that have less than perfect credit. In addition, you can apply with a cosigner to increase your chance of approval.

Is it better to finance or lease solar panels?

While paying cash is usually the cheapest option for purchasing solar panels, the next best option may be to finance solar panels. Financing the solar system allows you to take advantage of tax incentives you may qualify for. In addition, it allows you to invest money into something you own rather than something you “borrow.” Leasing may sound attractive initially but may actually be more costly in the long run. Leased solar systems can complicate home sales. If you are unable to qualify for financing and do not have the cash available, you may consider leasing. However, we recommend either paying cash or financing a solar system.

Is solar panel financing the right choice?

In conclusion, you should invest in solar panels and there are financing options to help with the upfront investment. AcornFinance.com can be a great place to shop for solar panel loans. They partner with reputable lenders to provide competitive solar panel financing. You can apply online using their simple three step process to receive multiple offers for financing. This allows you to save time and compare offers easily. Ready to take the next step? Apple online today!

Sources:
gosunpro.com/news/solar-tax-credit-2021/

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