Solar panel systems have high upfront costs. The goal is to make the investment back in savings on electricity over time. When you are planning to finance solar panels, a solar loan calculator can help you determine how much you can afford to borrow.
This solar loan calculator will help you estimate monthly payments toward your loan and how much total interest you will pay.
Understanding your solar loan calculator results
Monthly payment: the amount you are owed each month toward your loan.
Estimated total interest: the interest amount you will pay over the lifetime of the loan. Interest rates on solar loans range from about 6% to 36%, and the rate you receive depends on your credit, income, existing debt, and other factors.
Total payment: the amount you will pay by the end of the loan, including the loan principal and interest.