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Solar panel systems have high upfront costs. The goal is to make the investment back in savings on electricity over time. When you are planning to finance solar panels, a solar loan calculator can help you determine how much you can afford to borrow.
This solar loan calculator will help you estimate monthly payments toward your loan and how much total interest you will pay.
Monthly payment: the amount you are owed each month toward your loan.
Estimated total interest: the interest amount you will pay over the lifetime of the loan. Interest rates on solar loans range from about 6% to 36%, and the rate you receive depends on your credit, income, existing debt, and other factors.
Total payment: the amount you will pay by the end of the loan, including the loan principal and interest.
Use the payment calculator to determine the monthly payment for a solar loan. Input the total loan amount, the interest rate, and the loan term. Once you input these details, the calculator will compute and display your monthly payment.
A solar loan allows customers to reduce their electric bills while paying off their new solar installation. Solar loans don't require any down payment and are unsecured, meaning they won't put a lien on your property.
These loans, often provided by solar financing companies, can have attractive terms, such as a low annual percentage rate (APR) of around 1.49% over a period of up to 20 years.
A solar loan allows customers to cover the full cost of the solar system installation without needing any initial cash. This allows for immediate transition to solar energy, resulting in significantly lowered monthly energy bills.
For instance, if you're paying $300 monthly in electricity, the solar setup can reduce this to about $10, with the solar loan's monthly payment being approximately $140.
Ultimately, this setup cuts electricity expenses by half even as the solar system is paid off.
Adapt this calculator to your specific loan terms and branding, then embed it on your website in minutes. Give your customers an instant understanding of your specific payment plans and savings.
