Solar Lending

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 to your home, greenpenny can help you make that dream a reality. We’re a bank so we know financing. And, we know solar (we’ve financed thousands of projects). So, let’s get started on your project today!

Rates and Options Apply Online

greenpenny Basics

  • 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
  • Interest rate discount for opening a greenpenny Free Checking or Savings account with automatic loan payments
  • No prepayment penalty
  • No hassle, automatic payments
  • Apply online in minutes!

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.


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

Review and Decision

Greenpenny contacts applicants within 24 business hours

Document Submission

Includes 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

Solar Financing Options (choose 1 or both)

Solar Tax Credit Option

  • Covers project cost eligible for federal tax credit (up to 30% of project cost) and/or state incentives (such as Solar Renewable Energy Credits)
  • Up to 18-month, single payment loan (no monthly payments, pay off at end of term)
  • For federal tax credit details, see Section 25D of the Solar Investment Tax Credit or consult your tax advisor
  • Borrower subject to interest rate at the time of loan closing

Residential Solar Term Loan Option

  • Finance up to 100% of your solar project with no money down
  • Up to 20-year, fixed-rate term loan
  • When combined with the Solar Tax Credit Option, it finances the remaining portion of your solar project cost after federal or state incentives
  • Borrower subject to interest rate at the time of loan closing

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 Common Questions

Term & Rate Structure Loan Term Lowest Possible Rate
Solar Tax Credit Option Up to 18 months 8.49% APR*
Residential Solar Term Loan Up to 12 years 8.49% APR*
Residential Solar Term Loan >12-15 years 8.69% APR*
Residential Solar Term Loan >15-20 years 8.95% APR*

Rates as of September 1, 2023 and are contingent upon automatic payment from a qualifying greenpenny deposit account. Borrowers are subject to the interest rate at the time of loan closing. All loans, terms and conditions are subject to change at any time.

How It Works

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

  • Using the Solar Tax Credit Loan Option – 30% of the project, or $6,000 could be borrowed at 8.49% APR* for 18 months for a single payment of $6,766.19.
  • Using the Residential Solar Loan Option – the remaining 70% of the project could be financed using a 20-year loan – $14,500 ($14,000 + $500 loan origination fee) at 8.95% APR* with 240 payments of $130.07 per month.

*APR = Annual Percentage Rate. Rates shown are as of September 1, 2023 and are the lowest possible qualified buyers for that specific amount, loan type and term. Rates shown are contingent upon automatic payment from a qualifying greenpenny deposit account. With no auto-pay, lowest possible APR is 9.24%. Rates may change dependent on credit qualifications and underwriting factors. Financing must be used for qualifying clean energy projects related to solar system installations and is subject to credit approval and program qualifications. Program includes a one-time $500 origination fee. Our 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.

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.

Apply Now

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.

Learn More 


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

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