See the monthly payment and total interest on a solar loan, including upfront fees.
Solar loans spread the cost over many years, but the interest and fees can change the real price by thousands of dollars. Enter the amount you will borrow, the annual percentage rate, the term in years and any upfront fee, such as a dealer fee that has been folded into the loan.
Formula: the monthly payment uses the standard amortization formula, payment = P x r / (1 - (1 + r)^-n), where P is the amount, r is the monthly rate (APR divided by 12) and n is the number of months. Total interest is the payments added up minus the amount borrowed.
Worked example (illustrative): borrowing $25,000 at 7.5% for 15 years gives a payment of about $232 a month, roughly $41,800 in total payments and $16,800 in interest.
Limits: the rate shown is an example, not a quote. Real offers depend on credit, lender and loan type, and some loans are structured with a balloon payment tied to a tax credit. Compare the APR, fees and any prepayment terms in the written loan agreement.
Incentives, Permits & Financing
Compare ways to pay for home solar, including cash, solar loans, home equity, leases and PPAs, with APR math, dealer fee examples and questions to ask lenders.
