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Loan for solar panels

Let the sun lower your energy costs!

From now on you can apply for a specific loan to help you start making your own solar energy.

  • Applicable for purchasing and installing solar panels yourself if a connection to the electric grid has already been set up.
  • Fixed interest rate of 5.9%.
  • If you‘ve got Swedbank Home Insurance, your solar panels will be also protected by it.
  • Special offers from our partners
The electricity consumption is calculated based on the average price of electric power for households in Latvia (EUR/kWh) according to Eurostat data in the first half of 2021, as adjusted for consumer price changes for electric power from the first half of 2021 to September 2021 (according to the data from the Central Statistical Bureau). The recommended power of solar panels to be installed has been calculated on the assumption that your consumption of electric power during summer months matches the average monthly electricity consumption. To calculate the optimum power of solar panels, experts of the field recommend taking into account the consumption of electric power in summer months so that the amount of electric power produced would cover the amount of electric power consumed. The estimated amount of electric power produced by a 1 kW solar panel per month (during summer period) is approximately 130 kWh. Based on information provided by experts of the field, the estimated purchase and installation cost of a 1 kW panel is approximately 1600 EUR but the expenses may vary substantially from customer to customer depending on the place of installation, type of solar panels and the power required.

Loan possibilities

The solar panel loan calculations are indicative and may be subject to change after you fill out the application and submit all the necessary data.
Calculations regarding your existing electric power figures are approximate and have been made based on various previously mentioned assumptions/average figures on the market. The solar panel purchase and installation cost and profitability calculations are indicative and may vary substantially from customer to customer, as well as depending on the electrical power market situation. They don’t include possible future payments in connection with operation and maintenance of solar panels. Calculations about the estimated long-term savings in electricity payments assume that the price of electricity and the payments associated with production and usage of electricity will be constant in the coming 25 years.
To receive a consultation and an accurate personal offer, please get in touch with the experts.

Basis for the calculation

Your saving

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  • Loan amount from 3,000 to 20,000 EUR.
  • Loan period up to 10 years (smaller monthly payments).
  • Early repayment possible without additional fees.
  • No collateral required.
  • No down payment required.
  • If you have Swedbank Home Insurance, its Real estate insurance cover will apply to solar panels installed on the insured house, outbuildings or on a land plot you own.

For purchasing and installing solar panels for your own use with a connection to the electric grid (for example, on the roof of your house, outbuilding, or on the land plot you own).

Wondering which solution suits you best? Look for information from merchants offering certified, European Union standard compliant solar panels and their delivery and installation.

Tip! Before applying for a loan for solar panels, you need to decide which company you are going to buy them from and how much money you will need.

Apply in 5 easy steps:

  1. Fill out the application in internet banking.
  2. We’ll notify you about the decision via text message, by calling or sending you a message in internet banking.
  3. Thoroughly read the standard credit information terms of the agreement.
  4. If you’re happy with the terms and conditions, sign the agreement in internet banking. New lending transactions may be concluded via Internet Banking between 7 AM and 10 PM. Automated aggregation and registration of data on transactions concluded during the day takes place after 10 PM and, pursuant to the Consumer Rights Protection Law, it is prohibited to enter into consumer lending contracts during night time until 7 AM.
  5. That’s it! We’ll transfer you the money immediately after signing the agreement.

Important! After concluding solar panel loan agreement, you commit to purchasing and installing solar panels. You are obliged to submit a document proving the connection of the solar panels to the electric grid within 90 days from signing agreement.

Eligibility requirements

You must be at least 18 years old to take out this loan. The available loan amount ranges from 3000 to 20 000 EUR and it depends on your net income and any other financial obligations you may have.

The property where you want to install the solar panels must be registered in your name with the Land Register before applying for loan.


  • If you take out the loan on your own, your income must be at least 500 EUR per month after taxes.
  • If you take out the loan with a guarantor, your total household income (with the guarantor) must be at least 800 EUR per month after taxes.
  • You must be earning a steady income for at least 6 consecutive months and your probationary period must be over.


  • Monthly expenses for covering your loans must not exceed 40% of your monthly income.
  • You may not have any outstanding loan debts at Swedbank or other creditors, or outstanding bills.
  • If the income used repay the loan is not your salary/wage, you may be asked to submit official documents evidencing the source of this income.
  • Fixed interest rate is 5.9%.
  • Interest is paid from the total outstanding amount of the loan granted.
  • Contract fee is 1% of the loan amount (no less than 100 EUR).
  • You – the borrower – need to have an active Swedbank account. All information about account handling fees is published on the bank fees section.

  • Loan must be repaid on the basis of annuity schedule within the agreed term by means of pre-determined monthly payments on your determined payment date.
  • Loan term from 6 months to 10 years.
  • Possibility to make early repayments without additional fees.
  • After concluding a loan for solar panels agreement, you commit to purchasing and installing solar panels. You are obliged to submit a document proving the connection of the solar panels to the electric grid within 90 days from signing agreement.
  • If we discover that the loan was used for other purposes than purchasing and installing solar panels, we, the bank, have the right to cancel the special fixed interest rate and apply a yearly interest rate of 19%.


Elektrum – an established and reliable long-term partner. With Elektrum, installing and using solar panels will be simple and high-quality.

Read more

AJ Power

The most experienced full-cycle installer of solar panels in Latvia. Cooperation with globally recognised manufacturers of solar panels and invertors.

Read more


Enefit – a reliable partner in 100% renewable energy production. Enefit will help you reduce your electricity costs, earn from what you produce, and help choose the most suitable sustainable solution.

Read more


Elektrum is a safe and reliable partner for long-term investments for a greener future. Elektrum has a full-service offering – the decision is yours, Elektrum will take care of the rest!

Elektrum’s offer includes:

  • Solar panels and power inverters from the world’s top producers
  • 25-year efficiency warranty on solar panels
  • Choice between classic standard or elegant black panels
  • A tailor-made selection of solar panels based on your current power consumption and future plans
  • A thorough technical assessment which also includes solar panel shading analysis and the project’s 3D modelling with accurate efficiency calculations.
  • Building constructor's opinion
  • Document approval, solar panel system delivery, installation and putting into operation
  • Insurance for the first year of operation of the solar panel system

Special offer with Elektrum solārais

If you sign a purchase agreement for solar panels by 30.09.2022*, Elektrum will include 3 following smart home devices free of charge in the bundle from

  • smart socket;
  • smart temperature sensor;
  • base station.

These devices will let you adjust the home climate to changing weather as well as track electricity usage, while using solar energy efficiently.

* When contacting the seller, let them know that you’re a Swedbank customer.

Book an appointment

AJ Power

AJ Power is the largest private group of energy companies in Latvia combining the broadest and most advanced service portfolio with the most experienced energy experts.

Professional installation of solar panels from the start until the end of the project in cooperation with globally established producers of solar panels and invertors:

  • Black monocrystalline solar panels fit for the Latvian climate
  • Inspection on site, calculations and tailor-made technical solution
  • Solar panel modelling and analysis of energy consumption at the property
  • All documentation preparation and approval
  • Solar panel installation and putting into operation
  • Solar panel system’s warranty service
  • Personal consultant just for you


Get a favourable and comprehensive solar energy solution — from an offer based on your individual home energy consumption to installation of the system and green electricity with no surcharge!

Enefit has years of experience in the Baltics, having installed more than 80,000 solar panels:

  • Top quality solar panels and inverters (from the world's TOP 5 manufacturers according to Bloomberg)
  • 25-year efficiency guarantee
  • An individual offer ensuring a favourable price and a faster solution payback time
  • Process from A to Z (electricity consumption analysis, personalised offer, preparation of documents, installation of solution, placing into operation)
  • In addition to a comprehensive solar energy solution, we also offer 100% green electricity for 10 years without any surcharge
  • When signing an agreement with Enefit, enter a lottery to win solar power energy cost cashback worth 5000 EUR

Special offer: 100% discount on first three electricity bills when purchasing electricity from Enefit. With a solar energy solution, you will reduce your electricity bills by up to 50%, and Enefit will cover the rest for the first three months after you install your solar panels.

Basis for the calculation

The data provided by the calculator is only indicative, however it gives you a fairly good idea of what could be the size of your monthly payments for the consumer credit for home.

Consumer credit for home - the indicative monthly payment is calculated assuming that:

  • loan amount - 0 EUR
  • repayment period -  
  • first monthly payment - starting from the second month after agreement conclusion
  • the interest rate is set on case-on-case basis; the one in the example is - 0 %
  • loan disbursement fee -   EUR
  • total amount payable -   EUR
  • annual percentage rate (APR*) -   %

*APR (annual percentage rate) - the total cost of the credit, as expressed in percentage, including interest on the loan, the contract fee and other expenses associated with setting up the loan.

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