How To Finance Your Solar Panel System

By Megan Murphy
05 May 2021


  • Cash: pay for the system up front: either in full or split up into a few installments
  • Solar lease - these exist, but not very often, and RisingSun Solar doesn’t offer them
  • Financing, or solar loan - borrow the money to pay for the system; use monthly savings off electric bill (because of the solar panels) to pay for the monthly loan payment

There are zero-down financing options, so there aren't generally any upfront payments needed to go solar. The idea is that you don't have to pay for the full amount up front, and your budget isn’t affected because you can use the savings off your monthly utility bill to pay for the cost of the monthly financing payment. RisingSun Solar President Keith Murphy said, “We try to structure it in a way to where it's either a wash where you're in pocket, or you're not out of pocket very much, on a monthly basis in the short term. However, as utility rates increase, even just the average increase of 3% or 4%, your current electric bill will double in 10 years or so.”

Murphy continued, “The idea in going solar with the financing options is you lock yourself into the rate you're paying for financing. You save money on your electric bill. Hopefully, we can get as close as we can to eliminating your electric bill. It doesn't affect your budget in the short term. You get all the long-term benefits of going solar. Eventually, you’ll get the system paid off. You own the panels, and they’re producing power every month, saving you money. You've avoided rate increases because your panels aren’t subject to rate increases! Lastly, the cherry on top is you've also added value to your home in the process!”


“You can get rates as low as 0.99%, but one thing that people need to be aware of is most of these banks do charge pretty hefty fees to get the rates that low,” Murphy explained.

“There are a lot of people who take advantage of our solar loans, but there is also a good chunk of people who go to their own credit union or get a home equity line of credit or wrap it into their mortgage, refinance their home and add it into the mortgage. All of those are options that are available. The solar loan is just one that's easy and it's something that we can get someone approved for in about 30 seconds.”

Any legitimate solar company that has the right partnerships will have zero down options, but RisingSun has worked hard to establish and build our reputation, which has resulted in partnerships with the largest lenders in the country.