close

Solar Lending

Solar Lending

Residential Solar Financing

For a cleaner tomorrow

Harness the Power of the Sun

Install solar and claim the 26% Federal Tax Credit!

Apply Online

The immediate reduction in monthly electricity spending can be enough to cover all, or most, of the solar loan payment.

greenpenny Features

Swap your monthly utility bill for a monthly solar payment. Talk to your solar installer or utility provider to ensure an accurate comparison.

  • Multiple loan and term options
  • Finance up to 100% of your new solar electric system with no money down
  • Fixed interest rates – so you’re protected from an increase in payment costs
  • No prepayment penalty
  • No hassle, automatic payments
  • Apply online in minutes!

Our Process

Application

Completed online or over the phone, set aside 10-15 minutes

Review and Decision

Greenpenny contacts applicants within 24 business hours

Document Submission

Including applicant identity and income verification; submit within 120 days

Loan Closing

Close on one or both loans in minutes

Funds Delivered

Borrower receives funds within 1-3 business days following closing

1st Payment Due

Up to 45 days following loan closing; timing is determined by borrower

For Residential Solar Installation Contractors, click here to download our Residential Solar Financing PDF.

Solar Financing Options (choose 1 or both)

Solar Tax Credit Option

Up to 15-month single-payment loan
This covers your eligible project cost up to 26% solar tax credit.
For details, see Section 48D federal income tax credit for residential solar electric systems or consult your tax advisor.

Residential Solar Loan Option

Up to 20-year fixed term loan
This finances the remaining 74% of your solar project cost.

To find out more about Solar Financing Options, Contact Us or give us a call at 888-GPENNY0 (888-473-6690).

Apply Online Calculate Your Payment

Term & Rate Structure Loan Term Lowest Possible Rate
Solar Tax Credit Option Up to 15 months 4.75% APR*
Residential Solar Term Loan Up to 12 years 4.75% APR*
Residential Solar Term Loan <12-15 years 4.95% APR*
Residential Solar Term Loan <15-20 years 5.25% APR*

Rates as of January 3, 2022. All loan programs, rates, terms and conditions are subject to change at any time.

For Example

A $20,000 solar project with 100% financing works like this:

  • Using the Solar Tax Credit Loan Option – 26% of the project, or $5,200 could be borrowed at 4.75% APR* for 15 months for a single payment of $5,517.45.
  • Using the Residential Solar Loan Option – the remaining 74% of the project could be financed using a 20-year loan – $14,800 at 5.25% APR* with 240 payments of $99.73 per month.

*Financing must be used for qualifying clean energy projects related to solar system installations. APR = Annual Percentage Rate. Rates shown are the lowest possible rates for qualified buyers and are contingent on auto-pay from a qualifying deposit account. If no auto-pay, lowest APR is 5.25%. Rates may change dependent on credit qualifications and underwriting factors. Subject to credit approval and program qualifications. Standard offering includes a $150 loan origination fee. Our solar lending program is only available in Illinois, Iowa, Minnesota, Missouri, and Wisconsin.

Lending Tips

  • Get pre-approved with greenpenny so you know how much to borrow. It’s that easy.
  • Set aside 10-15 minutes to complete your online loan application.
  • You will need to provide the following for each applicant: date of birth, a U.S. social security number, valid form of photo ID such as driver’s license, passport, military, or state ID.

Learn How to Apply

Questions

Questions? We’re here!

We have real people here to answer your questions and provide full support. When you need us, use our Online Chat, call customer service, or send a secure email.

Reach Out

Interesting Reads

Interesting Reads

From learning tips to traveling with your debit card to detecting financial fraud, we have information to help you simplify your day-to-day banking.

Read More

scroll top