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Loan for solar panels

For purchasing energy-efficient solutions

  • For purchase of solar panels, wind generators and heat pump
  • Fixed interest rate: 5.9%*
  • Availability of state support
  • Special offers for purchasing solar panels from our partners

* Representative example of loan expenses: When a loan of 8000 EUR is taken out for a period of 8 years (96 months), the applied interest rate is 5.9%, the monthly payment is 106.40 EUR, the agreement fee is 100 EUR. Annual percentage rate (APR) - 6.51%. Total amount repayable - 10 208 EUR.



Solar Panel loan calculator

The data provided by the calculator is for information only, however it gives you a picture of what could be the size of your monthly payments for loan. Fill out the loan application and find out the terms of loan offered specifically to you.

Basis for the calculation


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The recommended power of solar panels to be installed for you has been calculated on the assumption that your consumption of electric power during summer months matches the average monthly electricity consumption. In calculating 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 1200 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.

The data calculated by the calculator is only indicative. Actual savings depend on a number of factors, such as possible changes in electricity prices, maintenance costs, the placement of the solar panels, the actual energy produced and other. Please contact the contractor of your choice that could provide you with more precise calculation data.
Fill out the loan application and find out your possibilities of receiving a loan.

Your saving

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  • For purchase and installation of solar panels. For example, on the roof of your house or outbuilding or a plot of land you own.
  • The loan can also be used for purchase and installation of a heat pump, wind generators and solar panel batteries.
  • Loan amount from 3,000 to 20,000 EUR.
  • Loan period up to 10 years.
  • No collateral and down payment required.
  • Early repayment without any fees.
  • If you have Swedbank Home Insurance, your solar panels, wind generators and heat pump will be also protected by it.

A number of support programmes are currently available for receiving the state support when you wish to improve the energy efficiency of your home and save in the long-run.

VARAM’s support programme offers extensive support for replacement of heating systems, as well as purchasing of solar panels and wind generators.

ALTUM’s support programme offers support for house renovation and energy efficiency improvement, as well as purchasing of solar panels. More about the programme here.

VARAM’s and ALTUM’s support programmes compared.

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.

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.

To materialize any of the purposes of the loan on your property, it must be registered with the Land Register in the borrower’s name before applying for the loan.


  • If you take out the loan on your own, your income must be at least 550 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 1000 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.
  • When you sign the solar panel loan agreement, you commit yourself to buying and installing the equipment in question.
  • A document evidencing the transaction according to the requirements of the agreement must be submitted within 180 days of signing the agreement.

    Document types:

    • a document evidencing connection of the solar panels or wind generators to the electric power system;
    • a written agreement with the supplier on purchase and installation of the equipment;
    • supplier’s invoice and payment order or cash register receipt accounting for at least 90% of the total loan amount.

    Easily upload documents via Internet Banking here.
  • In the event of the bank establishing that the loan has been used for a purpose other than purchase and installation of the equipment, the bank will have the right to cancel the fixed interest rate and apply a 19% interest rate per year to the loan.
  • 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.
  • 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.


Solar Surfers

Solar Surfers help reducing electricity bills by installing high-quality solar panels. Personal approach to everyone – from calculation to installation.

Read more


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

PV Service

PV Service offers an individual approach to the selection and installation of solar panels. Cooperation with world-renowned manufacturers.

Read more

A well-established company with several years of experience in the industry which provides full-cycle solar panel installation and continuously monitors the systems remotely.

Read more

Offers solar panel kits that you can install yourself to become energy independent.

Read more

The terms of the solar panel loan apply even if you choose a solar panel installer that is not our partner.

Solar Surfers

Solar Surfers – your solar power partner! Solar Surfers installs solar panels on the roofs of buildings and on the ground with a high quality and personal approach. As solar panels, inverters and fixtures are also offered to business customers, this allows us to provide virtually all the well-known brands on the market.

  • Solar panel system installation from A to Z – project design, calculations, installation. We also help with the application for state support.
  • Solar Surfers works primarily with high-quality European panel manufacturers as well as high-class Chinese-made panels.
  • Our product range includes both mains inverters and inverters with power optimizers, as well as hybrid inverters.
  • Convenient apps to keep track of how much electrical power you produce.
  • Warranty for solar panels and inverters – from 10 to 30 years.
  • Special offer: safety comes first, that's why Solar Surfers is gifting Swedbank customers with free installation of surge protection!*

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


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
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

PV Service

Your partner in dealings with the sun!

PV Service offers a full range of services in installation of the solar panel system - from consulting to connecting to network.

  • PV Service conducts an individual site-inspection for each client in order to ensure the most efficient result.
  • Calculates the payback time of a solar panel system based on consumption data.
  • Offers sustainable solutions lasting 25+ years. Also, power inverters and fasteners from the world's most recognized manufacturers with a warranty period of 12 to 25 years.
  • According to the customer's wishes, PV Service selects the most suitable solar panels for the roof of your house.
  • Five-year warranty period with a follow-up.
  • In cooperation with BSE Intégration (France), PV Service installs integrated in-roof solar panels. is a well-established company and has already been on the Latvian market for 5 years, whereas the experience of has been built up over more than 10 years, during which time it has accumulated knowledge in the solar panel installation.

  • Provision of full-cycle services, from project design and approval to installation and commissioning of solar panels.
  • Guidance for selecting the most effective solution for the particular customer.
  • Installation of solar panels compliant with and suitable for the European Union standards. All the relevant certificates are in place, providing a 10 to 30 year warranty on the equipment.
  • Cooperation only with top major manufacturers of solar panel equipment and fastenings.
  • Remote monitoring of installed systems to prevent technical problems early on.
  • Solar energy is a core business, so customers are guaranteed to receive the most innovative equipment and the latest information on the market trends.

Special offer: direct-current line surge protection for solar panels installed free of charge.*

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

The company is the representative of ECOFLOW® solutions in the Baltics. offers:

  • DIY solar panel kits, which are easy to install without an electrician on your balcony, cottage or house and do not need to be connected to AS Sadales Tīkls;
  • classic solar panel solutions for standalone houses, which are eligible for funding under the national support programme;
  • flexible solar panels for commercial vehicles.

The Install it Yourself 820 kW kit for EUR 990 without connection to AS Sadales Tīkli, plus no project is required. Visit the website and create a kit yourself!

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 solar panel loan.

Solar panel loan – 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 day
  • Interest rate is set on case-on-case basis; the rate used in the example ‒ 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.

A loan suitable for energy efficient solutions in your house.


Agreement fee 0 EUR!

Loan that can help you to fulfill your plans!

Suitable for buying a new or more expensive car.


Agreement fee 0 EUR!

For property purchase or renovation of your own property.

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