Solar products like solar panels, water heaters, chargers, and lights are becoming popular by the day. However, they are beyond budget for many because of their extravagant prices. So in this article, we will look at some of the best commercial solar financing companies that can help people with their cost-effective loaning options. We won’t just be looking at solar leases and PPA-providing companies. The article will also focus on the best solar loan companies that will help you fulfill the dream of buying a solar panel system for commercial purposes.
13 Best Commercial Solar Financing Companies
There are quite a few factors that you need to consider before you end up selecting a commercial solar financing company that will help you get a solar panel. Apart from options in the company, there are also different ways you could finance a solar panel. So taking the factors and financing methods into account we will share with you a list of the best commercial solar financing companies that you can consider opting for.
1. SunRun
If you are looking for a company that finances commercial solar systems then you don’t need to look past SunRun. People living in various states in the US can avail of their services. The company provides solar loans, leases, as well as PPAs. They also take care of all the paperwork in the last two cases. From design to installation to repair of the system in the 20-year lease period the company takes care of it all. The company has an in-house financing system for people needing solar loans. They provide unsecured loans to eligible people in return for no collateral.
2. Sustainable Capital Finance
One of the top commercial solar financing companies in the US is Sustainable Capital Finance. They help fund solar panels for nonprofits and companies via PPAs. You can also get a solar loan from them to find your commercial solar project. They have various packages that you can choose from and you can also share a solar energy plant or project among your community.
3. LightStream Financial
One of the best solar loan companies in the US is Light Stream Financial. They offer only solar loans and provide service in all 50 states of the US. Unlike most solar financing companies this company does not provide design or installation services. Since they are providing you with solar loans the burden of maintenance and repair also falls on you, however, the ownership of the solar panel is also yours. The offer loan term is between 2 and 12 years but their credit score requirement is at least 660 and above. They disburse the loan within 24 hours making them one of the fastest companies to provide this service and they also don’t charge any prepayment fee or penalty.
4. Coldwell Solar
When we talk about the best commercial solar financing companies the name Coldwell Solar can’t be left out of the list. They call themselves California’s number 1 family-owned commercial solar installer. You can be needing a solar system for industrial use or agricultural use and they have got both covered. Be it solar loans, leases, or solar PPAs whatever you are looking for can be provided by them. If you opt for a lease or PPA then the company even installs the solar panel on your property for zero down payment.
Also Read: 7 Best Solar Hybrid Systems
5. GoodLeap
Formerly known as Loanpal, Goodleap is another top commercial financing option you can consider for getting a solar panel financed. The company provides service to all 50 US states. They don’t just provide solar loans they also provide funds for energy storage battery installations, home improvement, and energy-efficient upgrades. Their flexible loan repayment terms allow you to pay the debt between 7 and 25 years. Their FICO credit score requirement of 600 is also the lowest around.
6. Pope Energy
People living in New England. Massachusetts, Rhode Island, Vermont, Connecticut, New York, and New Hampshire can avail of the services of this top commercial solar financing company known as Pope Energy. This company provides you with the option of PPAs, tariff agreements, and C-PACE. The company doesn’t just finance solar panels but also installs them as well as helps with providing labor, handling paperwork, designing, sourcing solar panels, etc.
7. SunPower
SunPower is a solar finance company that provides solar loans and solar leases in some states of the US. They design solar panels, help people find installers, and advise people about the best possible solar financing options available to them. Their lease usually comes with a 20-year duration and during this time the maintenance and repair fall under the company’s watch. If you have a credit score of 640 and above then you can sign up for their 15-year or 25-year package.
8. SunRenu
This company can take care of the residential, government, and commercial customers in the Phoenix metropolitan area, the whole of Arizona, and neighboring states. SunRenu has not only expanded its operational areas but also its financial options. Solar loans, PPA/SSA, solar leases, and prepaid financing are all options that are open to their customers. Most of their plans ask for zero down payment. They also offer installation and contracting services.
9. CED Greentech
CED Greentech is not your average solar financing company, they are one of the best Commercial Solar Financing Companies in North America. They don’t just distribute solar panels they also do the same for other solar products. PPAs, C-PACE, and solar loans are all available to their customers. Regardless of the project size, location, or complexity, they help all their customers.
Also See: What is Meant by Solar Loan Calculator?
10. SolarCraft Clean Energy Solutions
If you are looking for a solar finance company to finance your solar panel system then you might want to consider SolarCraft Clean Energy Solutions. They provide their customers with options for solar loans, PPAs, and leases. Their contract duration usually runs between 15 and 20 years. Their loans and leases have friendly rates and customer-favored terms. If you sign a PPA contract with them then they will help you with designing and installation of the solar panel system.
11. Sunlight Financial
One of the best solar loan companies that you will find on this list is Sunlight Financial. They only offer loan options to finance the solar panel systems. They help their customers with installations and also provide loans for solar battery storage systems and roof replacements. They offer zero or low-interest rates and have 12-year, 20-year, and 15-year plans to offer to the customers. If you have a credit score of over 650 and debt to income ratio of 55% then you can avail of their services.
12. Duke Energy
Duke Energy provides solar finance to different businesses around the country. They provide their customers with solar leases as well as PPA services. They have been in this business for over 20 years. They don’t charge any upfront costs from you and provide you with long as well as short-term financing options to choose from.
13. West Coast Solar
If you have a home or business in North California then West Coast Solar should be your go-to solar finance company. They don’t just provide you with finance they also help you with system designing and installation. They allow you to buy solar panels outright or you can opt for a solar loan, PPA, or C-PACE. They help you start making a profit on your solar panel as soon as the tenth year.
Also Read: Leasing Solar Panels vs Buying: What is Better?
5 Best Solar Loan Companies
Now while there are many solar finance companies around we will list down just some of the best solar loan companies. While solar leases, PPAs, and other options help get a solar panel, certain benefits come with a solar loan that the other options don’t offer. And so the last list in this article comprises of:
1. Dividend
One of the leading solar loan companies around is Dividend. They offer loans between 20 and 50,000 dollars and the interest rate on it is as low as 3.99%. The loan term is between 10 to 25 years. Their loan applications are fast and paperless. They also don’t impose any penalty on you for prepayment. They conduct soft credit checks so your credit score isn’t affected and their decision is instant and funding fast. Except for people in Vermont, Wyoming, Montana, North and South Dakota, and Nebraska, they provide service across the US but for people living in California, Florida, and Missouri they can only offer PACE financing.
2. SoFi
If you are planning to get a large solar project then SoFi should be the ideal choice of finance you opt for. They provide loans between 5,000 and 100,000 dollars and their loan term is between 2 to 7 years. They charge rates between 6.99% and 22.23%. They cover almost all states and finance large projects. They don’t charge any borrower or prepayment fees. Your loans can be approved and funded on the same day and they aren’t secured against your home nor does it come with any spending restrictions.
3. New American Funding HomeStyle Energy Mortgage
New American Funding HomeStyle Energy Mortgage is one of the best Commercial Solar Financing Companies around when it comes to offering solar loans. Their interest rates are as low as 2.35% and the loan term is between 15 and 30 years. The loan offered by them is government backed. They offer fixed rates. Their services are available in all US states except for New York and Hawaii. They also don’t charge any repayment fees.
Also Read: 4 Leasing Solar Panels Pros and Cons
4. Community 1st Credit Union ezSolarLoan
On the list of commercial solar financing companies, the name Community 1st Credit Union ezSolarLoan has to be there. They specialize in providing long-term solar loans and their repayment period extends from 5 years to 21 years. They offer loans of 50k to 100,000 dollars and charge as low as 4.49% interest for the same. Their application process is easy and their acceptance process is usually quick. They don’t ask for credit scores or other income requirements for approving your loan. They offer services across the US, don’t charge repayment fees, and help with finance for the entire solar installation.
5. Home Loan Investment Bank
If you own a mobile home and need a company to finance your solar panel then you should opt for Home Loan Investment Bank. They offer loans of up to 65,000 dollars and the payment period is up to 20 years. The interest rate of this company is as low as 3.75%. Their loans have a fast approval rate and come with a fixed rate. They don’t charge prepayment fees and offer excellent customer service. You can choose between a secured and unsecured loan from them.
Also See: Solar Lease Vs Solar Loan: What Should You Opt For?
So there you have it, those are the best commercial solar financing companies that can help finance your solar system. While most people are looking for solar panels for their homes, today businesses are also on the lookout for a solar panel system. So if you didn’t know earlier about commercial solar financing companies then you do now. We hope you can now find a company and a reasonable plan which helps you get a solar system for yourself.
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