Solar Lending

Residential Solar Financing

For a cleaner tomorrow

Harness the Power of the Sun

Tired of rising utility costs? Want to reduce your carbon footprint? How about both? No matter your reason for adding solar power to your home, greenpenny can help you make that dream a reality.

Greenpenny residential solar loans offer straightforward solar financing for up to 20 years. Qualified applicants can borrow up to $70,000, financing their solar project with no pre-payment penalties or large upfront financing costs (sometimes called dealer fees).

Rates and Options Apply Online

Residential Solar Financing Options (Choose One or Both)

Solar Single Pay Loan

18-month single payment loan (typically combined with the Solar Term Loan)
Finance up to 25% of the project cost
No monthly payment – pay off principal plus accrued interest at maturity
$250 origination fee

Solar Term Loan

Finance up to 100% of your solar project
Up to 20-year, fixed-rate term loan
When combined with the Solar Single Pay Loan, it finances the remaining portion of your solar project cost
$750 origination fee

Our Single Pay + Term Loan option allows borrowers to finance their project efficiently, lowering the monthly payment, while at the same time, accounting for the 30% Federal Income Tax Credit (ITC). Note, the Single Pay’s “25% of project cost” maximum allows the ITC to cover principal plus accrued interest on the Single Pay Loan, creating a beneficial payoff situation. Borrowers should contact their tax advisor to confirm eligibility for the ITC and in turn, the suitability of the Single Pay Loan prior to selecting their financing package.

Rates & Terms	Loan Term	Maximum Loan Amount	Lowest Possible Rate	APR
Residential Solar Single Pay Loan	18 months	25% of Project Cost	8.49%¹	8.96% APR^3,6
Residential Solar Term Loan	0 - 12 years	$70,000	8.49%^1,2	8.70% APR^4,6
Residential Solar Term Loan	>12 - 20 years	$70,000	8.99%^1,2	9.14% APR^5,6

¹ Rates as of September 3, 2024 and are the lowest possible rates for qualified buyers. Borrowers are subject to the interest rate at the time of loan closing. Maximum financed amount per residential solar project is $70,000, excluding fees. Our solar lending program is available in Illinois, Iowa, Minnesota, Missouri and Wisconsin. All loan programs, rates, terms and conditions are subject to change at any time. ² Rate includes .50% discount for automatic payments from a qualifying account. ³ APR = Annual Percentage Rate. APR stated corresponds to the lowest possible rate and is based on a qualified borrower using a single pay loan with an 18-month term, $17,500 in loan proceeds and $250 in fees. ⁴ APR = Annual Percentage Rate. APR stated corresponds to the lowest possible rate and is based on a qualified borrower using a term loan with a 12-year term, $70,000 in loan proceeds and $750 in fees. ⁵ APR = Annual Percentage Rate. APR stated corresponds to the lowest possible rate and is based on a qualified borrower using a term loan with a 20-year term, $70,000 in loan proceeds and $750 in fees. ⁶Your Annual Percentage Rate (APR) will be based on the loan term, loan fees and your credit history. Loans are subject to a one-time origination fee ($250 for Single Pay Loan, $750 for Term Loan).

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How It Works

A $30,000 solar project with 100% financing works like this:

Using the Single Pay Loan – 25% of the project cost, or $7,500 plus the $250 origination fee, for a total of $7,750 could be borrowed at 8.49% APR* for 18 months for a single payment of $8,737.24 ($7,500 + $250 origination fee + accrued interest). This equates to 10.23% APR*.
The remaining amount would then be financed using the Term Loan. In this case, $22,500 + $750 origination fee, for a total of $23,250 could be financed using a 20-year loan at 8.99% with 240 payments of $209.76 per month. This equates to 9.45% APR*.

*APR = Annual Percentage Rate calculated using the specific loan scenario outlined above. Your APR will be based on the loan term, loan fees and your credit history. Loans are subject to a one-time origination fee ($250 for Single Pay Loan, $750 for Term Loan).

Our Process

We work at your pace. Our financing process from application to funding can be completed quickly – in as few as five business days. However, if you need more time, pre-approvals are valid for 120 days following the date of application.

Application

Available online and can be completed in 10-15 minutes.

Review and Decision

Greenpenny contacts applicants within 24 business hours.

Document Submission

Includes applicant identity verification; submit all documents through a secure portal.

Loan Closing

Completed online in minutes.

Funds Delivered

Funds can be disbursed to borrower same day as closing.

1st Payment Due

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

Application Tips

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 or other government-issued ID.

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Solar Installers

Interested in learning more about offering greenpenny solar financing to your customers? Learn more about how we work with partners by visiting our Solar Installers page at the link below.

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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.

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