Solar financing for contractors involves specialized financial solutions that enable them to provide flexible payment plans to their clients, maintain steady cash flow, and grow their operations. These financing options help contractors handle the financial challenges associated with solar system installations.
Contractors play a critical role in driving the shift toward clean energy, enabling homeowners, businesses, and industries to adopt solar solutions. Despite the growing interest in solar energy, the substantial initial investment required often discourages potential customers. Solar financing options help contractors address this challenge, making solar installations more accessible and financially manageable for their clients.
Top 30 Best Solar Financing for Contractors
1. Mosaic
Mosaic focuses on providing loans to homeowners through a widespread network of solar installers and contractors across the United States. The company helps fund solar systems, energy storage solutions, and various home improvement projects. Mosaic connects homeowners with the financial resources needed to enhance their homes with sustainable energy options and other upgrades.
2. Sunlight Financial
Sunlight Financial LLC operates as a point-of-sale financing company, offering loans to homeowners for solar installations and home improvement projects. The company collaborates with contractors in the solar and home improvement sectors to provide customers with access to cost-effective financing options for significant home upgrades.
3. GoodLeap
GoodLeap provides solar financing options to contractors through its point-of-sale app. As a direct lending company, GoodLeap issues loans for solar panel installations and various home improvement projects. After issuing the loans, the company works with partner banks to package the debt, which is then sold to investors.
4. Dividend Finance
Dividend Finance ranks among the top solar loan providers in the United States, working closely with a network of more than 700 installers to make solar energy more accessible. Through their widely recognized EmpowerLoan program, they provide financing solutions that support homeowners in transitioning to solar power with ease and efficiency.
5. EnerBank USA
EnerBank USA has established itself as a leading name in the home-improvement lending market. The company provides a variety of solar loan options, such as the Same-As-Cash Loan, Reduced Interest Loan, Combo Loan, and PowerLoan. These financing solutions are made accessible through partnerships with contractors, allowing homeowners to secure funding for their solar projects.
6. PACE Financing
The property assessed clean energy (PACE) model introduces a unique way to fund energy efficiency and renewable energy upgrades for private properties. With PACE financing, property owners secure funding for these improvements through a government-backed loan program, which they repay over time via their property tax bills.
7. SunPower Financial
SunPower Financial provides solar loans to make adopting solar energy more affordable. With interest rates as low as 0% on 10-year loans and no prepayment penalties, they make it easier for homeowners to invest in solar solutions.
8. Renew Financial
Renew Financial offers property-assessed clean energy financing for solar power installations, requiring no upfront payment and providing fixed, predictable repayment terms. Homeowners typically apply for a solar loan through the company’s extensive network of over 3,000 partnered solar installers and contractors.
9. SoFi
SoFi provides unsecured loans for home improvement projects, including financing for solar panel installations. The application process moves quickly and eliminates the need for collateral or appraisals. In some cases, funds are available on the same day the application is submitted.
10. LightStream
LightStream provides an easy application process, flexible loan terms, and zero fees, making it an excellent option for customers with good credit who need financing. Their solar loan eliminates the need for home equity or appraisals, and any leftover funds can go toward additional home improvement projects.
11. Finturf
Finturf simplifies the financing process for both contractors and their clients. By connecting solar contractors with a network of multiple lenders, it enables them to provide in-house financing options. This approach helps contractors attract more customers, boost revenue, and enhance client satisfaction.
12. Acorn Finance
Acorn Finance puts you in charge when shopping for affordable solar panel loans. With their comprehensive platform, contractors have full control over how they manage financing options.
13. Sunrun
Sunrun installs solar systems and provides options like solar leases, power purchase agreements (PPAs), solar loans, and cash purchases. They offer a 25-year equipment warranty for their top-tier solar panels and battery storage systems, ensuring the highest quality. Customers also benefit from free maintenance and repairs for 25 years, offering complete peace of mind.
14. Greenskies
Greenskies has extensive expertise in financing solar projects ranging from mid-commercial to utility-scale. Through Greenskies Clean Focus, they offer financial solutions for solar projects, including Power Purchase Agreements (PPAs), which enable clients to buy electricity at a set price without any initial investment.
15. Sunnova
Sunnova provides solar financing solutions for contractors across the United States. As both a solar installer and financier, it collaborates with contractors to offer funding and energy technologies. Contractors can choose from a variety of financing methods, such as loans, leases, power purchase agreements (PPAs), or cash payments.
16. Ygrene Energy Fund
Ygrene Energy Fund offers solar financing through Property-Assessed Clean Energy (PACE) programs to contractors across the United States. This funding helps cover the costs of solar panel installation and other energy-saving improvements for homes and small businesses. In addition, Ygrene guides contractors in promoting their PACE financing options to homeowners.
17. SunGreen Systems
SunGreen Systems delivers solar energy solutions to businesses, specializing in the design and installation of solar photovoltaic (PV) systems. They provide a range of services, including commercial solar PV systems, battery storage, LED lighting, and cool roof installations.
18. Energy Loan Network
Energy Loan Network partners with credit unions to offer financing options for home solar installations and improvement projects such as HVAC replacements, insulation, and others. The company provides competitive rates and low fees for contractors. ELN offers flexible loan terms, with no down payment required and no penalties for early repayment.
19. Sunhero
Sunhero provides various financing options such as solar loans, leases, and power purchase agreements (PPAs). With solar leases and PPAs, customers can pay a set amount for the solar energy produced without needing to own the equipment. Sunhero collaborates with leading solar installers and financial institutions to simplify the financing experience.
20. Cloover
Cloover collaborates with renewable energy experts to simplify and make sustainable home upgrades affordable, offering flexible payment plans. The platform supports individuals and businesses in transitioning to renewable energy and heating solutions, ensuring a cost-effective and low-risk process.
21. Trinity Solar
Trinity Solar partners with lenders to offer financing choices, but the lenders handle all decisions related to the loans. They provide loans that are similar to traditional bank loans and mortgages, but these come with lower interest rates and extended repayment periods. In addition, they offer power purchase agreements (PPAs), where a third party funds the installation and equipment, while you pay for the electricity it generates.
22. Sungage Financial
Sungage, a residential solar finance company, partners with solar installers to offer loans to homeowners. Furthermore, Sungage provides an online platform where homeowners can easily apply for loans. It also Sungage streamlines the loan application process, enabling homeowners to complete it in under five minutes
23. Best Egg
Best Egg offers personal loans for solar panel installation projects on their online marketplace. It lends personal loans to a wide range of borrowers, including those with fair credit.
24. LendingClub
LendingClub is a financial services company offering personal loans that are ideal for borrowers with good credit who aim to consolidate debt and improve their credit score. To qualify, applicants need a credit score of at least 600, although the typical borrower has a score above 700. There is no minimum income requirement, but applicants must provide proof of income.
25. Aurora Solar
Aurora Solar is a platform that assists contractors in simplifying the design, proposal, and sales processes for solar installations. The platform also collaborates with various companies to offer financing solutions for solar projects.
26. Live Oak Bank
Live Oak Bank’s solar lending team offers financing options for large-scale solar projects. They also finance community solar initiatives, providing solar developers and their tax equity partners with exceptional lending services.
27. Pivot Energy
Pivot Energy is a company that specializes in providing financing solutions for solar and energy storage projects. They offer various options such as Power Purchase Agreements, operating leases, and PACE Financing to help fund these projects.
28. TGUC financial
TGUC Financial assists contractors in estimating project costs and obtaining rates for their clients. The company provides home improvement financing, offering loan solutions to both contractors and homeowners. With a variety of financing choices available, TGUC Financial caters to both prime and sub-prime customers.
29. Kasselman Solar
Kasselman Solar partners with banks and credit unions to offer solar panel installations. Solar installers work together with these financial institutions to make solar energy accessible. Kasselman Solar supports homeowners and businesses in making the switch to solar energy, helping them save significantly while ensuring a smooth transition.
30. Forme Solar
Forme Solar provides a variety of financing choices to make transitioning to solar energy affordable based on your financial situation. As a trusted solar energy broker, they offer solar power and battery backup solutions for both residential and commercial clients.