Do banks offer solar loans? Many different finanical institutions offer solar loans,
EnerBank is a solar loan provider with several options, including their Same-As
You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.
Solar panels are becoming a popular way to power homes more sustainably—and without relying on the power grid. Switching over to solar energy can be expensive, but there are many ways to pay for the purchase and installation of panels. The best solar panel loans offer competitive interest rates, low fees, no down payment and flexible terms.
Why you can trust Forbes Advisor: Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the loans methodology for the ratings below.
SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.
Loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.
Approved borrowers are rewarded with comparatively low APRs. What''s more, SoFi doesn''t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum.
However, if you''re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower''s other creditors. This means the loan proceeds will be deposited to your bank account and you''ll have to pay off your other lenders individually. The platform does offer customers a number of other perks and discounts.
We evaluated SoFi''s customer service experience by calling its team directly. During our assessment, we found that its wait times were some of the longest—one minute and 41 seconds. Once we connected with customer service, its team was able to answer each of our questions effectively.
They disclosed loan amounts, available interest rates, required documents and loan approval times. They also shared information about prequalification and potential fees.
What I find impressive about SoFi is its innovative approach to lending, with a focus on providing borrowers with personalized loan options tailored to their unique financial situations.
As a small business owner, I benefited from SoFi’s competitive rates and borrower-friendly terms, which include no origination fees or prepayment penalties. Also, SoFi’s member benefits, such as career coaching and financial planning resources, add value beyond just the loan itself, making it an attractive choice for entrepreneurs looking to grow their businesses while managing their finances responsibly.
— Michael Ashley, finance expert, Richiest
LightStream offers loans with both a low minimum and maximum interest rate, along with a rate-beat program. LightStream''s unsecured personal loans range from $5,000 to $100,000 with loan amounts varying based on the loan purpose. In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay.
We tried to call LightStream to test the quality of its customer service, but they don''t provide a customer service number. If you want to reach their customer service team, you must contact them via email. Its email support is available Monday through Friday, 9:30 am to 7 pm and Saturday, 12 to 4 pm ET.
Lightstream, a division of Trust Bank, is known for its range of loan options and competitive rates. The downside can be its strict eligibility criteria, making it difficult for those with less-than-stellar credit history to gain approval.
— Jonathan Feniak, general counsel and head of finance, LLC Attorney
LendingPoint is an online lender that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it doesn''t offer loans in Nevada and West Virginia.
Why We Like ItLendingPoint offers longer loan terms than many other lenders—24 to 72 months—or two to six years—providing borrowers with more flexibility in their repayment plans.
What We Don''t LikeHigh maximum APRs and origination fees up to 10% may make LendingPoint more costly for less-qualified borrowers.
Who It''s Best ForLendingPoint is best for borrowers who want a longer repayment period.
After testing and evaluating LendingPoint''s customer service, we found it to be one of the most helpful and transparent lenders on our list after waiting only 46 seconds to be connected to a representative. The customer service representative we spoke with shared an in-depth perspective of their loan offers, including information about loan amounts, eligibility requirements, how interest rates are determined and prequalification.
LendingPoint''s team also disclosed late fees but didn''t confirm origination fees. While customer service didn''t share this information wasn''t, the lender discloses a fee of up to 10% on its website. LendingPoint was also one of few lenders that shared how they report payments to credit bureaus, which it typically does at the start of the month.
LendingPoint can be a good option for those who may not have a high credit score. They focus more on the potential borrower''s job history and income when determining loan eligibility and rates.
Upgrade offers accessible online credit and banking services, including personal loans of $1,000 to $50,000.
Why We Like ItUpgrade allows borrowers to apply with co-signers and sets a low minimum credit requirement of 300, increasing the chances of approval.
What We Don''t LikeUpgrade''s loans only go up to $50,000. The lender also charges origination fees between 0% and 12% of the loan amount, which can decrease the total borrowed amount.
About Banks that offer solar loans
As the photovoltaic (PV) industry continues to evolve, advancements in Banks that offer solar loans have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Banks that offer solar loans for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Banks that offer solar loans featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
