With an investment that sometimes can cost as much as a new car, many of our solar customers choose to have their solar panel installation financed. Imagine you want to go solar to lower your energy bill but you need the upfront funds in order to start the project.  Our finance partners can help you go solar, potentially without coming out of pocket at all, so you get installed and start saving right away.   Here are some of the options that Good Energy Solutions offers when it comes to solar financing.

Since solar has become more mainstream, there are several “green banks” that have started offering solar specific financing.  Good Energy Solutions has shopped the marketplace for you.  We are dedicated to finding a finance option that matches our values of real and honest solutions.

This is why we partner with Clean Energy Credit Union.  As a credit union, they are owned by the members and have their best interest at heart.  CECU was established as an alternative to the traditional banking system, they have the most competitive rates and low-to-no fees.

With custom APR’s based on your credit score, everything about CECU’s financing is tailored to your project. They offer several different options for financing your solar installation, loaning anywhere from $3,000 to $90,000. They offer 12, 15, or 20-year fixed rates on loans, so you don’t have to worry about rising rates for the duration of your term. Also, they have no penalties for paying off your loan early.

If our financing partners can’t provide you with the rates and services that you need, we also can recommend a few other solar financing companies as well. Sunlight Financial provides loans that help people afford clean energy products and services such as solar electric systems, solar batteries and roofs. 

If you have enough equity in your home to borrow against, you may want to consider a home equity loan or a home equity line of credit (HELOC). Home equity loans work like personal loans that have fixed interest rates, fixed repayment timelines and consistent monthly payments. Interest rates on these loan products can often be lower than other financing options, because you are borrowing against your home. 

The simplest way to buy solar panels, cash will keep you from paying interest and loan fees for your solar installation. That will in turn save you more money over the life of your solar panels. Good Energy Solutions does not alter the sales price of our solar panels systems based on a cash or financing contract.

When it comes to cash for solar, many homeowners will look to the payback period calculations in order to justify their purchase.  Calculate your solar panel payback period by beginning with the total cost of installing the solar panels, minus any incentives or rebates you receive. Then just divide the remaining cost by your monthly electric bill savings, until you reach the amount you originally spent.  Here’s an example:

     $20,000 (Cost to have a solar panel system installed)

     – $6,000 (30% Federal Tax Credit)

     = $14,000 Investment (Your total cost after incentives)

      $1,379 Savings Per Year (Total savings per year if your solar panels reduce your energy bill by $114 each month)

      $14,000 Investment / $1,379 Savings Per Year = 9.3 Years Solar Payback Period (includes avg. utility rate increase)

When it comes to solar, you have several important decisions to make. Before you decide on a solar company to install your panels, a design for your installation that will work for your property, and how to pay for your panels, speak with one of our solar consultants. They can walk you through the entire process and lay out your best options. You may also want to consult a tax professional to take advantage of all of the monetary incentives that come along with solar.

*This blog post was updated 2-12-25.