EnerBank USA solar loans: The complete review

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Solar loans are the fastest-growing method of financing a solar panel installation. Across the country, most new solar installations are purchased with either a cash purchase or through a solar loan. Based in Salt Lake City, Utah, EnerBank USA is a popular company in the home-improvement lending industry. If you're comparing solar quotes from a few solar installers, you may have received a loan option from EnerBank.

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Key takeaways

  • EnerBank is a solar loan provider with several options, including their Same-As-Cash Loan, Reduced Interest Loan, Combo Loan, and PowerLoan.

  • EnerBank's loans are primarily offered through their contractor network.

  • Compare solar quotes on the EnergySage Marketplace, including financing options like those from EnerBank USA.

Solar shoppers typically have different ways to finance their solar panel installation. People less concerned about maximizing their financial savings can sign a solar lease or PPA with a solar company. Homeowners who want to access the greater financial benefits of owning a system outright typically choose to buy it in cash or with a solar loan. These solar loans can come from a bank or a specialized lender.

EnerBank's solar loans are offered to homeowners primarily through their contractor network. When your installer creates a quote for a solar energy system installation, they often include a built-in financing option from a company like EnerBank (note: when you join the EnergySage Marketplace, you can indicate a preference for their loan option during registration).

Every home solar installation differs, and EnerBank's product offerings are customized to customer needs. Loan amounts, terms, and interest rates will depend on the specifics of each installation.

Loan types

EnerBank offers several solar loan options, including their Same-As-Cash loan, Reduced Interest loan, Combo Loan, and the PowerLoan.

Same-As-Cash Loan

A Same-As-Cash loan from EnerBank functions similarly to purchasing a solar panel system upfront without financing; it's a short-term lending solution with no interest or monthly payments, and the full loan amount is paid off at the end of the stipulated period.

This loan option is worth considering if you have the cash available to pay for a solar panel system out of pocket but need to wait 12 to 18 months before spending it. That said, there are downsides to this type of loan: same-as-cash loans often come with very high-interest rates and fees if the loan balance isn't paid in time. If there's a chance that you won't have enough money available to settle the loan at the end of the pre-determined term, it's a good idea to evaluate alternative options.

Reduced Interest Loan

EnerBank's Reduced Interest Loan functions just like a traditional loan that you'd obtain to finance your car. When financing your solar project with this loan, you have fixed monthly payments and a fixed interest rate entire duration of the term.

Combo Loan

EnerBank's Combo loan merges their Same-As-Cash loan with their Reduced Interest Loan; a portion of your total loan amount will have no monthly payment or interest rate for 12 months, while you'll continue to make monthly payments on the other part of the loan for up to 12 years.

Why would you choose the Combo Loan over more traditional loan options? It can be a favorable option for solar projects because you can use the same-as-cash portion of the loan to finance what you'd earn in tax credits, rebates, or other incentives. With tax credits specifically, you'll have to wait until tax season to take advantage of this incentive. This type of loan allows you to borrow that money interest-free, then pay it off as a lump sum once you can claim the incentives.


You can also use EnerBank's PowerLoan to finance your solar installation. This loan is a re-amortized loan option - this means that if you use your solar tax credit benefit to pay down your loan balance by month 18, you can lower your monthly payment amount for the remainder of the solar loan term. To re-amortize your loan, you must pay a $150 fee to EnerBank and a lump sum equal to at least 15% of the original loan amount.

Loan terms and interest rates

Loan terms and interest rates vary by loan product; EnerBank loans come with terms as short as 12 months (Same-As-Cash loans) to 20 years (PowerLoan). Borrowers can pay off any EnerBank loan early with no prepayment penalties.

Interest rates on these loans will vary based on the customer and loan product but generally range from 1.99% to 6.99%.

As mentioned above, homeowners have several options for financing solar projects. EnergySage solar shoppers who finance their purchase will typically choose a loan from a traditional bank or a specialized lender like EnerBank USA. The type of loan you choose depends on your priorities.

Solar is a relatively new technology, and some traditional banks may hesitate to provide financing for it. While this is less of an issue than it was a few years ago, the fact remains that a company like EnerBank that specializes in home improvement loans is sure to be prepared with answers to any solar lending-related questions you might have.

Another area where EnerBank shines is its fast approval process. If you want to finance your solar installation with a home equity loan or line of credit, it can take several weeks for the loan to close, and you need to have significant equity in your home and a favorable debt-to-income ratio.

By comparison, while EnerBank only offers loans to qualified applicants, approvals can happen on the same day, making your solar financing process much smoother. As an added benefit, unlike a home equity loan, EnerBank's solar loans are unsecured and do not use your home as collateral.

If you have a strong relationship with your local bank and they are willing to offer you solar financing through a home equity loan or line of credit, you may want to compare the long-term benefits of that option against EnerBank's solar loan option.

EnerBank loans are offered through the company's installer network, which means you have to work with your solar installer to finance with EnerBank. Many local installers who provide solar quotes on the EnergySage Marketplace use EnerBank as their loan provider. If you're interested in a loan from EnerBank, join EnergySage today and indicate EnerBank as your preferred lender when registering your property.

Find out what solar panels cost in your area in 2024
Please enter a five-digit zip code.
  • 100% free to use, 100% online
  • Access the lowest prices from installers near you
  • Unbiased Energy Advisors ready to help
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