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Loan for solar panels

Let the sun lower your energy costs!

In order to start your solar energy production, we offer a loan for the purchase of solar panels.

  • You can use the loan to both purchase and install the panels.
  • Fixed interest rate 4.9%.
  • Using renewable energy is more beneficial for you and sustainable for our planet.
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Electricity consumption is calculated on the basis of the average price of electricity in kilowatt-hours (kWh). The recommended capacity of the solar panels to be installed is calculated on the assumption that your summer electricity consumption is at the same level as the average annual consumption.
To calculate the optimal capacity of solar panels, experts recommend taking into account the electricity consumption in the summer months, so that the electricity produced covers the amount of electricity consumed. The estimated amount of electricity produced by a 1 kW solar panel per month during summer period is approximately 130 kWh. According to experts, the estimated purchase and installation costs of a 1 kW solar panel is approximately €1,400, however, the costs may vary depending on the panel type, capacity, and installation location.

Loan possibilities

The calculation is approximate and may differ from the terms offered to you.
The calculations of electricity figures are approximate. The calculations of the profitability of solar panels and their purchase and installation costs are approximate and depend on the customer’s needs. The calculations do not include possible future costs, such as maintenance costs. The long-term calculation is based on the assumption that the electricity price will not change over the next 25 years.

Your savings

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Loan

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  • The loan is suitable for the purchase and installation of solar panels to your house, roof or land.
  • The interest rate is more favourable than that of other small loans – the fixed interest rate is only 4.9%.
  • The loan period is up to 10 years. The longer the period, the lower the monthly payment.
  • Support is paid for 12 years for electricity produced by a generating installation with a capacity of less than 50 kW.
  • The rate of support for renewable energy is 5.37 cents per kWh, that means 0.0537 euros per kilowatt-hour.
  • Support is paid, if the electricity production shall be commenced by 31 December 2020 at the latest.
  • Support is paid by Elering. Read more on Elering‘s website.

Good to know: Before applying, it would be good to know from which company you plan to buy the solar panels and how much money you want to borrow.

Apply in just 4 easy steps

  1. Fill out the application in the internet bank.
  2. You will receive an answer via SMS or phone call.
  3. Sign the agreement.
  4. The money will be transferred to your account immediately after signing the agreement.
  • Loan amount 3,000–20,000 euros.
  • Fixed interest rate 4.9%.
  • The agreement fee is 1% of the loan amount, but at least 100 euros.
  • No need for a down payment or collateral.
  • Your monthly income over a half a year must be at least 600 euros – or at least 950 euros with a co-applicant.
  • The precondition for receiving a loan is that real estate has been entered in the land register on behalf of the borrower.
  • The loan amount is repaid on the basis of an annuity schedule, in fixed monthly payments within the agreed term.
  • The loan period is 6 months to 10 years.
  • There is an option for early repayment.
  • After signing the agreement, you are obligated to buy and install solar panels using at least 90% of the loan amount.
  • Please send the copy of the electricity repurchase agreement or the agreement with the solar panels producer to solar@swedbank.ee within 90 days.
  • If you do not comply with the conditions of the agreement and fail to use the loan money for the purchase and installation of solar panels, loan interest rate of 19% will apply to you.

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If you plan to borrow more than 5,000 euros for home repairs, read more about the small home loan.

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Swedbank