Finance your solar & battery projects

Get approved in under 2 minutes!

This will NEVER affect your credit score

Solar Financing

Saving money while saving the environment is why PowerPay is dedicated to helping consumers afford clean energy solar projects with low, affordable monthly payments. Solar projects like panels, roofing, and batteries can be expensive upfront, but with a PowerPay loan, we give you the power to reduce your electricity bills and increase the value of your home all while reducing carbon emissions.

With soft credit pulls, low rates, long terms, and no prepayment penalties, we make the process of financing a solar project both fast and easy. With a 2-minute application and instant approval, it’s never been easier to be a part of the clean energy movement.

Industry Best Program

up to 20 terms, rates from 1.49%
and max loan of $100,000

Streamlined Process

instant decisions, electronic docs, quick and easy loan process

No Prepayment Penalties

pay off part or all of your loan early with NO penalty fees

Solar Services

Solar Panels

Roofing

Batteries

Calculate your monthly loan payment


Term (In Months)

Annual Percentage Rate

How it Works

We’ve developed a simple and easy loan process so that you’re able to start your solar project as soon as possible! First, you need to complete the 2-minute application (this will not affect your credit score). Once you’re approved, you and your contractor will confirm the final cost of your project and sign our electronic loan documents. Once we receive the loan documents, your project can start! Your payments will begin approximately 30 days after your project has been completed. You can pay online or through our mobile app.

Save Time.

2-minute application, instant decisions, electronic docs

Save Money.

with rates from 1.49% and up to 20-year terms, you get the lowest monthly payment

Be Happy!

cut back on bills and reduce carbon emissions- buy now and pay over time

Reviews

Solar Financing FAQs

How does solar power work?

A home solar system is made up of components that all work together to convert the power of sunlight into usable energy for your lights, appliances and devices. Specifically, all the various aspects of solar systems including the solar panels, inverters, electric service panels, third party meters, and utility meters all work together to provide energy.

1. Solar panels:  Solar panels are made of photovoltaic cells that convert sunlight to direct current electricity (DC electricity). As long as the sun ray’s are making contact with your roof, your panels are converting solar radiation into DC electricity. Even when it’s cloudy, you can still expect your panels to produce 10% to 25% of their normal output. But your electricity isn’t ready just yet. You’ll need an inverter to get the kind of power you need to turn the lights on.

2. Inverter: The inverter takes the DC electricity produced by your solar panels and turns it into alternating current electricity (AC electricity). It’s typically installed on an exterior wall of your house, or in the garage.

3. Main electric service panel: Solar electricity from your inverter flows to the electrical panel, and then into to your home where it powers your lights and appliances. If your panels generate more solar energy than you use, the excess power will flow to the utility grid. Even better? You might even earn energy credits from your local utility for the power you send.

4. Third Party meter
Your meter monitors your system production and sends the information to us through a wireless signal. Most newer system tracks your energy production 24/7, it will automatically alert your monitoring service if it detects problems or irregularities.

5. Utility meter: When your system produces more than you need, the excess energy is sold back to your utility and credited to your monthly electric bill. When you need more energy than your solar system can produce, your home will automatically pull the energy from your utility. Your utility meter measures how much energy comes from and goes to the grid.

How do solar tax credits work?

The availability of solar tax credits is dependent on the region you live in and the solar product that you invested in.  The federal solar tax credit gives you a dollar-for-dollar reduction against your federal income tax. The 26% tax credit applies as long as the home solar system is installed by December 31, 2022. Starting in 2023, the value of the tax credit will step down to 22%. After 2023, the tax credit for residential solar ends.  State or utility tax incentives vary depending on the region you reside in. To learn more about policies and incentives in your region, check out the Database of State Incentives for Renewables & Efficiency website.

How to finance solar projects?

There are a few ways to finance solar projects including paying for the project out of pocket, using a credit card or taking out a loan to finance the project. Each option has its own benefits and drawbacks. Paying for the project out of pocket is the simplest way to finance it since there are no interest rates or monthly payments. However, if you can’t afford to pay out of pocket a loan may offer more benefits than a credit card for lower interest rates, and long term repayment options available.

What is a solar loan?

While solar loans may not be for everyone, they can make the associated costs and installation of solar panels and other solar initiatives more affordable by spreading out the cost over time while giving you predictable monthly payments. They also give you an opportunity to own your solar panels outright rather than leasing them like most other types of systems if it proves more of a value and savings to your utility bill to own your solar power outright.

How do solar loans work?

Solar loans are just like any other home or home improvement loan. Usually, the solar loaning company provides capital to finance the equipment purchase and installation. The money for equipment purchases is often provided in chunks over time, which is convenient for your cash flow if you might otherwise have to save up before buying. Once the project is funded, monthly installments are made to pay the loan off at more affordable payment rates.

Are solar loans tax deductible?

The Solar Energy Industries Association (SEIA) does not currently have a list of solar loans that are tax deductible. But, it’s worth noting that the federal government offers a variety of incentives for homeowners who install solar panels, including a 30% tax credit off the cost of the system. There may be state and local incentives available as well, so it’s worth checking with your local government or utility to see what programs are available in your area. And, always consult with a tax professional to see if you’re eligible for any deductions or credits related to your solar installation.

Powerpay FAQ

What is PowerPay?

PowerPay is a digital lending platform for the home improvement industry. Our fully automated technology offers near-instant approvals on loans up to $100,000, helping homeowners translate expensive home improvement projects into low monthly fees that can be paid over time.

Unlike other digital lending platforms, PowerPay is a fully independent company that is committed to delivering loans with no extra fees or added costs in order to offer the lowest monthly payment possible to our customers. After all, the more affordable the loan, the bigger the possibilities for your home.

What home improvements can I finance?

Any equipment, service, installation costs or other project related to home improvement qualifies for financing. The following is a partial list of what PowerPay finances: HVAC equipment & installation, attic insulation, stone veneer, windows, siding, roofing, kitchen remodels, bathroom remodels, cabinets, carpet, deck & patio, doors, fireplaces, garage doors, smart home equipment & installation, hardwood flooring, paint & wall coverings, hardscaping, landscaping, siding & exteriors, tile, stone & countertops, air conditioning & heating, gutters, spa & pool, home additions, deck building, tile installation, basement remodeling, custom cabinets, fence installation, lighting installation, garage building, cabinet installation, backsplash installation, electrical and plumbing and appliances.

What contractors can I work with?

Any contractor can provide PowerPay financing.  If your contractor does not offer it, simply ask them to sign up on our dealer enrollment page.  It’s free for the contractor to sign up, takes only a few minutes to set up their account and they can process your loan in less than 48-hours. 

Does using PowerPay impact my credit score?

No.  When you apply for a PowerPay loan it will not affect your credit score.  PowerPay uses what’s known as a soft pull from credit agencies.  A soft inquiry—also called a “soft pull”—allows us to review your credit report and credit score to get a sense of how well you are managing your credit but it will not affect your score.

What equipment do you finance?

We work with all of the major equipment and material manufacturers.

Why should I use PowerPay?

Just like many people finance their car payments, over 50% of all home improvement projects are financed. Financing can be a great payment option when your dream project costs too much money to pay for all at once. Using PowerPay, you can translate that expensive lump sum into a low, affordable monthly payment. The result is the opportunity to stop worrying about what a project costs, and spend more time dreaming about the possibilities for your home.

What makes PowerPay different?

PowerPay is a fully independent company that is committed to delivering loans with no extra fees or added costs in order to offer the lowest monthly payment possible to our customers. After all, the more affordable the loan, the bigger the possibilities for your home.

How do I buy with PowerPay?

It’s easy. You can either work through your participating contractor or contact us directly.  Follow our simple application process. If you pre-qualify, you’ll be shown the monthly cost of the item and can complete the process.

Where do I apply?

You can apply on our website at our online application form. Or, simply work with any participating contractor.

How can I get approved for a loan?

Just fill out the simple online application and receive a decision in seconds. It’s that easy.

Who is eligible to apply for PowerPay?

U.S. residents over the age of 18 (or 19 for Alabama or Nebraska residents) are eligible, provided we can verify your identity.

Can I pay my loan back early?

Yes. You can prepay anytime for all or part of your loan. There is never a penalty for paying early.

What is the application process like?

The application process is fast and easy. You’ll be asked to provide some basic information about yourself. If you qualify, you will receive an email with one or multiple loan options along with a loan limit that may even go beyond the cost of your project. You may opt to borrow more and add things like annual maintenance and monitoring to your loan.
Where applicable, there is a one-time member activation cost for each approved loan. For convenience, that cost can be rolled into the final loan balance. As a PowerPay member, you also get exclusive access to member benefits from our lender, including insurance, monitoring, utility, & entertainment partners. Your contractor will walk you through the details prior to signing. All of the documents are electronic so you can sign everything from your home or office without any paperwork.

How does the financing work?

Fill out our online application and receive an instant approval via secure private email. Next, select the plan you want to choose with your contractor and then receive and sign our secure paperless closing documents. 

Can I obtain a direct loan using PowerPay?

Yes.  PowerPay is available to help to finance a home improvement through participating contractors, but if you do not have a participating contractor, we can help connect you to one in our network. Alternatively, your current contractor can enroll with us and be up and running in less than 48-hours.

Is PowerPay a bank?

No, we are not a bank. We are a digital lending platform designed specifically for the home improvement industry.

Are payments secure?

It is very important to us that your personal information remains secure and encrypted. We install endpoint protection software and/or secure web gateways at all points in our online process. There is a data protection policy in place to help ensure that personal data is kept secure.

How do I make payments?

Once your loan is processed you will receive your loan documents, welcome package, and payment instructions. You can pay with ACH, check, or debit card.

How is the APR (annual percentage rate) determined?

We work with our lender network to look at the credit risk of you as a borrower, and to give you a rate that fits your credit profile. Your financing options are presented to you in clear, simple terms. You are never obligated to accept them. Unlike many platforms that offer credit cards, PowerPay strives to offer lower-risk borrowers with lower rates. The annual percentage rate is the cost of credit as a yearly rate.

Why was I declined for a loan?

Unfortunately, financing options can’t be provided to everyone. If you believe a mistake has been made, please let us know by contacting 800-397-4485. If you are declined, you will receive a notice within 30 days at the email address you provided to us, describing some of the reasons you were declined. Applicants are declined only for credit reasons.

Where can I ask a question or make a complaint?

Please let us know right away. If we have fallen short of our goals, we’d like to know as soon as possible so that we can rectify the situation. You can call us at 800-397-4485 or chat online 24 / 7.

When are my payments due?

Your first payment will be due approximately 30 days from the funding date. Subsequent payments are due every month after that, usually on the same day of each month.

Is PowerPay a credit card?

No. PowerPay is a consumer loan program. You do not need to hold and manage yet another credit card when you work with PowerPay.