How high should my credit score be to go solar

January 20, 2020 | 3min read

You may qualify for solar financing with Freedom Forever with a credit score as low as 600. Many competing companies won’t finance you unless you have a FICO score of 650 or higher. But even if your credit score isn’t 600 or higher, Freedom Forever may still be able to help you go solar. PACE loans available in California and Florida can enable qualified applicants to finance solar through a property tax assessment. Freedom Forever also offers solar leases and PPAs to qualified applicants as an alternative to financing for solar. There’s also cash that has no FICO requirement. Solar is one of the very best investments available if you can free up the funds!

Loanpal solar financing for credit scores as low as 600

Freedom Forever has a program with Loanpal for financing that is available to qualifying consumers with FICO scores as low as 600. These loans come with competitive rates of between 2.99% and 6.99%. Loanpal has some of the highest loan approval rates in the industry. In addition, Loanpal offers both 10, 12, 15 and 20-year financing terms on these loans which can make it easy to get a low monthly payment.

We also have a 600 FICO-eligible loan program with a 15-year term through Sunlight financial

Freedom Forever has several financial partners that finance solar systems

Loanpal isn’t the only financier that works with Freedom Forever. We have several finance partners that offer loans, In California, PACE and HERO loans can finance your solar using a property tax lien. We also offer solar leases and PPAs. Some of our financial partners will also finance improvements to your home such as upgrading to energy-efficient appliances.

PACE and HERO loans

In California and Florida, Property Assessed Clean Energy (PACE) and Home Energy Renovation Opportunity (HERO, a brand of PACE loan) loans enable qualified applicants to finance their solar system through a tax assessment on their property. These types of loans aren’t available in all states. 

Solar leases and Power Purchase Agreements (PPAs)

Qualified applicants can lease a solar system if financing is not an option. There are two ways to go about this: solar leases and solar PPAs. With a solar lease, you pay a fixed payment every month. With a solar PPA, you pay a fixed rate per kWh for all the electricity from your system that you use. Thus with a PPA, your payments will vary. How much you pay depends on how much power your system generates versus how much power you use. In general, leases last 25 years. Thus, many users have often experienced paying roughly the same amount at the end of their solar lease as someone who paid with a PPA. The main difference is that the payments remain the same during a solar lease, and they vary with a PPA. You are still on the hook for the power you draw from the grid should you use more power than you get from your solar system.

Solar power financing, Freedom can get it done!

Whether you want to buy or lease, Freedom Forever has what it takes to get the job done. We have several financial partners that offer a wide range of financing plans plus solar leases and PPAs. Best of all, you can go solar with peace of mind thanks to Freedom’s 25-year performance guarantee!

The best time to start saving by going solar is now. Call us at 800-685-1850 or click below to get started.