Investing in a solar panel system for your home is a wise decision, but the upfront costs can be daunting. That’s where solar financing comes in handy. According to the U.S. Department of Energy, approximately 85% of residential solar systems in the U.S. are financed. At Ensolar, we understand the importance of finding the right financing option for your solar investment. Here’s our comprehensive guide to the top 6 solar financing companies for 2023.
Top 6 Solar Financing Companies for Residential Customers
Based on industry surveys and customer reviews, here are the top financing companies specializing in residential solar:
- Enphase (formerly Mosaic)
- BBB Rating: Not Rated
- Customer Reviews: 3.77/5
- Offers: Solar loans available in all 50 states and Washington D.C.
- Details: Enphase is a leading direct lender for residential solar loans, with a vast network of solar contractors. Loans range from $10,000 to $100,000 with terms between 10 and 25 years.
- Sunlight Financial
- BBB Rating: B+
- Customer Reviews: 4.6/5
- Offers: Solar loans available in all 50 states and Washington D.C.
- Details: Sunlight Financial offers zero and low-interest-rate loans for residential solar systems. A minimum credit score of 650 is required.
- GoodLeap
- BBB Rating: B+
- Customer Reviews: 3.96/5
- Offers: Solar loans available in all 50 states and Washington D.C.
- Details: GoodLeap provides fixed interest rate loans for solar installations and other energy-efficient home upgrades. Loans are available for terms between seven and 25 years.
- Dividend
- BBB Rating: B
- Customer Reviews: 1.3/5
- Offers: Solar loans available in 45 states and Washington D.C.
- Details: Dividend offers secured loans requiring no down payment, with loan amounts up to $120,000. A minimum credit score of 660 is required.
- Energy Loan Network (ELN)
- BBB Rating: A+
- Customer Reviews: 4.98/5
- Offers: Solar loans available in all 50 states and Washington D.C.
- Details: ELN works primarily with credit unions and offers fixed interest rates averaging 5.24%.
- LightStream Financial
- BBB Rating: A+
- Customer Reviews: 1.33/5
- Offers: Solar loans available in all 50 states and Washington D.C.
- Details: LightStream Financial offers loans ranging from $5,000 to $100,000 with interest rates between 7.99% and 21.24%.
What to Look for in Solar Financing
When considering solar financing options, be aware of:
- Dealer fees
- Interest rates
- Term lengths
- Monthly payments
Red Flags in Solar Financing
- High interest rates and dealer fees
- Claims of “free” solar panels
- Low minimum credit score requirements
Final Thoughts
Choosing the right solar financing company is crucial for a successful transition to clean energy. We recommend getting quotes from multiple solar installers and financing options to find the best fit for you.
If you’re curious about how much you could save with solar, visit our savings calculator at Ensolar Savings Calculator.
For more information, feel free to contact Ensolar at 833-786-6749 or visit our office at 8186 Woodland Center Blvd, Tampa, FL 33614. Visit our website at ensolarusa.com for more details.
