Even if your credit score isn’t the highest, there are many popular options for financing a solar installation. It is important to find the option that works best for your budget and credit profile. Many financing options have low minimum credit score requirements, which makes it easier than ever before to get solar financing regardless of your credit status.

While your credit score and current debt-to-income ratio (DTI) are usually factors in your approval and interest rate with a lender, there are ways to go solar even without stellar credit. One of the primary goals of any residential solar installation should be to reduce the total cost of electricity. Solar will help reduce your monthly electricity bill by reducing the amount of electricity you purchase from your utility.

When you decide to finance your panels through a solar loan, the monthly or annual cost of the financing plus any remaining utility costs should be less than what you are paying for electricity today. When you get a proposal you will see show your total expected savings today and in the future, including any solar financing costs. Typically your savings will grow over time, as local utility rates increase.