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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%.
  • Using renewable energy sources is not only more cost effective, but also contributes to a more sustainable future of our planet.
  • If you‘ve got Swedbank Home Insurance, your solar panels will be also protected by it.
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The electricity consumption is calculated based on the average price of electric power for households in Latvia (EUR/kWh) according to the data from the Central Statistical Bureau (2nd half of 2019). 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 1400 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 the application is filled out and all the necessary data is submitted.
Calculations regarding your existing electric power figures are approximate and have been made based on various assumptions referred to above/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; furthermore, they don’t include possible future payments in connection with operation and maintenance of solar panels; calculations about the estimated long-term saving 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 experts of the field.
Borrow responsibly by fairly assessing your loan repayment capabilities!

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, so monthly payments may be smaller.
  • Can be repaid before maturity without additional fees.
  • No collateral required.
  • No down payment required.
  • If you‘ve got Swedbank Home Insurance, its Real estate insurance cover will apply for solar panels installed on insured house, its additions or in a land plot owned by you.

For purchasing and installing solar panels for your own use with a further connection to the electric grid, i.e., on the roof of your house or woodshed or on the land plot you own with further connection to the network.

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

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.

To that end, we recommend to consult with industry experts.

You‘ll apply in five easy steps:

  1. Fill out the application in Internet bank.
  2. We’ll notify you about the decision via SMS, by phone, or by sending you a message in Internet bank.
  3. Then you’ll need to get acquainted with the terms of the agreement in the Standard credit information.
  4. If the conditions are acceptable to you, sign the agreement in the Internet bank.
  5. That’s it! We’ll transfer you the money immediately after signing the agreement.

Important! 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.

Eligibility requirements

You must be at least 18 years old to take out a Loan for solar panels. The available loan amount ranges from 3,000 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 and may not be mortgaged before applying for loan (except if the property is mortgaged with Swedbank).


  • If you take out the loan on your own, your income must be at least 600 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.
  • Be ready to submit official documents evidencing the source of your income if the planned source of repayment of the loan is not a salary/wages.
  • 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 (min 100 EUR).
  • You 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.
  • 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.
  • In case of discovering that the loan was used not according to its intended purpose, the bank shall have the right to cancel the special fixed interest rate and to apply a yearly interest rate of 19%.


Electrum – an established and reliable long-term partner in deals with the sun. With us, 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


Without worries from idea to execution - 100% green energy, reduced cost of electricity, and an opportunity to earn from energy not used for own consumption. From Enefit, you’ll get top-quality solar energy panels and equipment on top of support provided by experienced specialists.

Read more


Offers a well-thought-out and modern solar panel solution which includes:

  • solar panel modelling (exclusive to Elektrum) and property power consumption analysis
  • handling all the paperwork
  • delivery and installation of the set of panels
  • a personal customer consultant
  • insurance during the first year (exclusive to Elektrum)

Special offer!

Elektrum Solar black panels for the price of standard solar panels!*

  • Black colour of panels - attractive appearance for any roof
  • Homogenous structure - without the usual grid, with a black aluminium frame
  • 15-year warranty - for your peace of mind
Find out more

* When contacting the seller, let them know that you’re a Swedbank customer. The offer is valid if the solar panel purchase agreement is signed by 31.03.2021.

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AJ Power

The largest private group of energy companies in Latvia combining the broadest and most modern service portfolio with the most experienced energy experts.

Full-cycle installation of solar panels, preparation of the technically and economically most viable individual solution. Professional energy project management from start to completion. Cooperation with globally recognised manufacturers of solar panels and invertors.


Enefit, a subsidiary of the Estonian national energy company, offers a full-range service. Based on the household’s electric power consumption data, we will find a solution that best satisfies your needs, request all the necessary permissions, and install the solar panels. We have a long-term pan-Baltic experience with over 55,000 solar panels already installed. What’s more, we’ll buy your electric power not used for own consumption which will enable you to earn from the energy produced.

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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