This article compares all photovoltaic loan providers. Are you looking for the right financing for your photovoltaic system? Then this is the ideal starting point for your research!
What is a solar loan?
A solar loan (or photovoltaic loan) is a loan to finance a photovoltaic system. The average effective interest rate is 1.36 percent for a term of 10 years. The feed-in tariff (set in the EEG) guarantees the bank a high level of security. Equity is not absolutely necessary for the PV loan.
The solar loan is therefore a possible way to finance a photovoltaic system. The majority of homeowners pay for the system in cash, as the costs have now fallen sharply.
This is how the solar loan works
A photovoltaic loan works in a similar way to a real estate loan. However, there are a few differences to note:
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The photovoltaic system has a limited life
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For 20 years (plus year of installation) the Feed-in tariff guaranteed
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A large part of the profit is achieved by saving electricity costs (see photovoltaic self-consumption)
The income is guaranteed, so to speak. The Renewable Energies Act ensures this. If the German state does not go bankrupt, there is hardly any possibility of failure. But technical problems at the end of the service life are not uncommon.
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PV system and house renovation through solar credit
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© DanBu.Berlin – stock.adobe.com
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However, these are usually covered by photovoltaic insurance, long-term guarantees or reserves. Nevertheless, the effective annual interest rate increases with the term.
How much equity is required?
Many solar loan providers do not require equity capital. Nevertheless, it is advisable to use at least a small amount of equity. This leads to better conditions and faster amortization of the PV system. 20 percent can be used as a guideline.
Some banks demand the transfer of the feed-in tariff as security. This offers the creditors a very high refinancing guarantee.
In addition, it is always good if you can show more collateral. If the solar system is to be installed on your own home, the property offers, as a land charge, a high guarantee for the bank.
Minimum amount of solar credit
Important to note: Many banks do not finance small photovoltaic systems. There is often a minimum limit of 10,000 euros. Therefore, it makes sense to plan the PV system as large as possible. Especially since the EEG 2021 practically eliminates the 10 kWp limit.
Photovoltaic loan interest rate
Photovoltaic loan providers have im In the year 2021 an annual interest rate of 0.99 – to 2.99 percent. The average is 1.2 to 1.5 percent.
However, some offers of solar loans still have additional fees, such as acquisition fee, commitment fee, commitment fees included.
Therefore, always watch out for additional fees when comparing PV loans!
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This is what your photovoltaic system could look like
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© haitaucher39 – stock.adobe.com
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The interest rate varies widely depending on the bank. Your personal creditworthiness and the expected return on the planned photovoltaic system are decisive for the interest.
Which term to choose?
The question of the running time is very important. There are terms from 4 to 25 years. In general, the shorter the term, the cheaper the effective annual interest rate.
The running time is of course heavily dependent on the expected return on the photovoltaic system.
KFW bank and photovoltaic credit
You are probably already familiar with the KFW Bank. The Kreditanstalt für Wiederaufbau is the largest development bank in Germany. The programs are cheap compared to traditional bank loans.
For photovoltaic systems there is a special funding program – Renewable Energy Standard 270. With a Interest rate from 1.03 percent the system can be financed very cheaply.
However, you cannot apply for the solar loan directly from KfW. Only banks can do that. So only a combined loan, for example between the house bank and KfW, is possible. In the typical constellation, the house bank (e.g. savings bank) assumes 20 percent of the risk and KfW 80 percent.
Is it worth it? Usually yes, but many house banks reject this photovoltaic loan because it is hardly worth it for them. But with a good relationship it will definitely work out. Therefore, definitely ask once.
If that doesn’t work, there are enough financiers and banks that represent a good alternative. Let’s look at these in detail now.
Overview of credits for photovoltaic systems
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© Photon – Photon Magazin
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Information on providers of PV loans
So that you have an even better decision-making basis for your solar loan, there is now a comment on the individual providers.
SWK Bank
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Entering data for solar credit
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© SWKBank – www.swkbank.de/solarkredit
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SWK Bank is known for its solar loans. A preliminary credit check can be carried out directly on the website.
The preliminary loan approval for your photovoltaic system is then available within a few minutes. The possibility of unlimited special repayments is also interesting.
Environmental bank
The environmental bank is only suitable for investors. There will be no offer for small PV systems. The UmweltBank is on the financing of ground-mounted systems specialized.
The cooperation with the Landwirtschaftliche Rentenbank and the KfW gives very favorable annual rates. The property can also be financed on a long-term basis, with a term of up to 25 years.
Schwäbisch Hall
Bausparkasse Schwäbisch Hall is a good starting point for financing a photovoltaic system.
The solar loan offers a constant monthly rate with interest security over the entire term. Note at Schwäbisch Hall that it is 1% acquisition fee with a term of 10 to 15 years.
Evangelische Bank eG
The Evangelische Bank eG offers a photovoltaic loan called “ÖkoKredit” for private investors with their own property. No equity is required. The loan should be at least 10,000 euros.
The application for credit is only possible in person (on site or by telephone). However, the appointment can be made online. With 1.39% debit interest It can be worthwhile without additional fees.
Ethikbank
The ethics bank has two credit programs for photovoltaic systems. The “eco loan / modernization loan” for private roof-top systems and the “photovoltaic financing” for larger PV systems.
Up to an investment of 50,000 euros, the APR is unfortunately very high at 2.85 percent. Ecological use is a prerequisite for lending.
For investments over 50,000 euros, the ethics bank offers very favorable conditions. With 0.46 to 0.69 percent for private properties, a photovoltaic loan is definitely worthwhile here.
GLS community bank
The GLS community bank is a good address for solar loans. Regardless of whether you are employed or self-employed, photovoltaic systems are financed on the basis of creditworthiness. There are employees who specialize in photovoltaic systems.
Coupling with a KfW loan is also possible with GLS.
Agricultural pension bank
As the name suggests, the Landwirtschaftliche Rentenbank offers fast PV loans for agriculture, agronomy, and nutrition.
The loan must be applied for at the house bank. A loan amount of up to 10 million euros is available for large commercial photovoltaic systems.
LBS Hessen-Thuringia
LBS is a building society. Therefore, the interest rate has to be viewed differently. At the beginning there is a pre-financing loan with 0.6 percent. Then there is a building society loan with 2.46% APR.
If you already have a relationship with LBS, this can have a positive effect on your conditions. This model can be worthwhile, but a detailed comparison calculation is recommended.
Export-Import-Bank of the United States
Do you want to use an American photovoltaic manufacturer (e.g. solar panels from Solarfirst)? Then the US Export-Import Bank offers a suitable solution. The interest rate over 12 years is 1.46 percent. Instead of a direct loan, there is also the option of working with a partner bank. These include Commerzbank, HSBC, Citibank and a few more.
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Solar loan calculator
Enter the requirements of the photovoltaic loan on the left. The solar calculator automatically delivers the result on the right.
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Your results here:
Total payment to the bank: 5612,40 Euro
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Tax aspects of a solar loan
A solar loan can be claimed for tax purposes will. The acquisition costs as well as the interest payments can be deducted in the tax return. This improves the after-tax return.
Photovoltaic funding as an alternative
Wouldn't it be nice to have part of the cost of the photovoltaic system for free? Sounds too good to be true?
No, there are various photovoltaic subsidies that support the Greatly improve the profitability of your PV system can. These are often regional and limited in time.
One example is the program "Solar Invest Thuringia”. PV systems are subsidized with 900 euros per kWp. However, a few requirements must be met. For example, battery storage is mandatory.
Conclusion: photovoltaic loan or equity?
Photovoltaic loans are currently (as of 2021) very cheap. If you currently have little equity, a solar loan over the entire term is recommended.
Since a cheap PV system has a return expectation of around 5 percent, the monthly installments can simply be financed from the additional cash flow (+ savings).
In 2021, solar systems are very cheap. One kWp of a typical system costs only 1,000 to 1,200 euros. With costs of just over 10,000 euros (without electricity storage), the investment is no problem for many households.
In this case, you don't need a solar loan. It is better to invest more time comparing offers for your potential PV system. Then you can Earn money easily with photovoltaics.
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