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How AL Elite works for a solar installation
- Tell us about it. The project, rough cost and your state. Two minutes, no credit pull.
- We match you. Your request goes only to lenders in our network who fund this kind of project in your state. We show you up front whether each one starts with a soft or hard credit inquiry.
- You choose and apply with the lender. Rates, fees, terms and the approval decision come from the lender. Compare the disclosures, pick one or walk away. AL Elite never charges you.
What drives the cost of a solar installation
- System size. Priced per watt installed; larger systems cost more but often less per watt.
- Battery storage. Adding a battery can add substantially to the cost, and may qualify for separate incentives.
- Roof condition. If the roof needs replacing within the system's life, do it first. Many homeowners finance roof and solar together.
- Electrical upgrades. Panel upgrades or service changes are common on older homes.
- Dealer fees. Low-APR solar loans often carry a dealer fee built into the price. Ask for the cash price and the financed price side by side.
Solar loans vs leases vs PPAs
Solar loan
You borrow, you own the system, you claim any tax credit for which you qualify.
Homeowners who plan to stay and want the long-term savings.
Dealer fees on low-APR loans can inflate the price. Compare the cash price.
Solar lease
The installer owns the system; you pay a fixed monthly amount, often with an annual escalator.
No up-front cost and no maintenance responsibility.
You don't own it, don't get the credit, and the lease complicates a home sale.
Power purchase agreement
You buy the power the panels produce at a set rate per kWh.
Lowest commitment; pay only for production.
Same ownership and resale issues as a lease; rates may escalate.
Tax credit rules for residential solar have changed and may change again. Confirm current eligibility with a tax professional before counting on a credit in your financing math.
How people pay for it: the options compared
Personal loan for the project
An unsecured instalment loan, usually funded in days, repaid over a fixed term. The most common way homeowners finance a solar installation when they want to keep their home out of it.
Fixed payments, fast funding, no lien on the house.
APR rises quickly with lower credit scores; some lenders charge an origination fee.
Contractor-arranged financing
Your contractor offers a payment plan at the kitchen table, usually through a lender partner. AL Elite partner contractors use our network for exactly this.
Convenience, promotional rates on some plans, one conversation instead of two.
Promotional 'same as cash' plans can carry deferred interest if not paid in full by the deadline. Read the terms.
Home equity loan or HELOC
Borrow against the equity in your home. Rates are typically lower because the loan is secured by the property.
Larger projects, lower rates, long terms.
Takes weeks, involves closing costs and an appraisal, and your home is collateral.
Credit card with a promotional rate
A 0% introductory purchase APR card can cover smaller jobs if you can clear the balance before the promo ends.
Small repairs you can repay inside 12 to 21 months.
The standard APR after the promo period is usually the highest of any option here.
What the monthly payment might look like
The table shows arithmetic, not offers. Lenders in the network quote their own APR and term after reviewing your application.
| Amount | Example APR | 60 mo | 120 mo | 180 mo | 240 mo |
|---|---|---|---|---|---|
| $15,000 | 7.99% | $304.07 | $181.91 | $143.26 | $125.37 |
| 11.99% | $333.59 | $215.12 | $179.93 | $165.06 | |
| 17.99% | $380.82 | $270.18 | $241.46 | $231.38 | |
| $25,000 | 7.99% | $506.79 | $303.19 | $238.77 | $208.95 |
| 11.99% | $555.98 | $358.53 | $299.88 | $275.10 | |
| 17.99% | $634.70 | $450.30 | $402.43 | $385.64 | |
| $40,000 | 7.99% | $810.86 | $485.10 | $382.03 | $334.33 |
| 11.99% | $889.58 | $573.65 | $479.81 | $440.16 | |
| 17.99% | $1,015.52 | $720.48 | $643.88 | $617.02 |
Example monthly payments using standard amortization with no fees. The APRs shown are illustrative tiers, not offers. Your rate, fees and term are set by the lender and depend on your credit profile, income and state.
Who qualifies
Every lender sets its own criteria. The things that come up most often:
- Credit score. Most unsecured lenders look for scores in the mid-600s or higher for their better rates. Some lenders in our network consider lower scores, at a higher APR or with a co-applicant.
- Income and debt-to-income ratio. Lenders want to see that the new payment fits alongside your mortgage, car payment and other obligations.
- Loan amount and term. Unsecured loans typically cap out at a level that varies by lender; larger projects may point you toward a home equity product.
- State. Not every lender operates in every state, and some products have state-specific limits. We only match you with lenders who can serve your location.
- Identity and residency. Expect to verify who you are and that you own or occupy the home. You never give that information to AL Elite; the lender collects it securely.
Frequently asked questions
Can you finance solar panels?
Yes. Solar loans, leases and power purchase agreements are the three main structures. A loan is the only one where you own the system. AL Elite matches you with lenders who fund solar installations.
What is a dealer fee on a solar loan?
A fee the installer pays the lender to offer a low APR, usually passed into the system price. It's why the financed price is often higher than the cash price. Always ask for both prices and compare the total cost, not just the rate.
Does solar financing require good credit?
Solar loans tend to have stricter credit requirements than some other home improvement loans because of the amounts and terms involved. Leases and PPAs have their own criteria. We'll tell you which lenders fit your profile.
Is AL Elite a lender for solar financing?
No. AL Elite is a matching service. We route your request to lenders in our network who fund solar financing, and they make the offer and the decision. We are paid by lenders and partner contractors, so comparing options through us is free.
Does requesting solar financing options affect my credit?
Submitting a request to AL Elite does not pull your credit. Many lenders in the network show initial options with a soft inquiry, which does not affect your score. A hard inquiry usually happens only when you formally apply with the lender you choose. We label each lender's approach before you proceed.
How fast can solar financing be funded?
That depends on the lender and the product. Unsecured personal loans and contractor-arranged plans are typically the fastest, often within days of approval. Home equity products take longer because of appraisals and closing. We tell you what to expect from each lender before you apply.