Loan for solar panels

• 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.

Income

• 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 900 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.

Obligations

• 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.

• 0% interest rate will be applied for 2 years starting from the agreement preparation date. At the end of the interest-free period, the standard solar panel loan interest rate of 5.9% per year will be applied for the agreement.
• During the interest-free period, you will only have to repay the principal amount of the loan, and the amounts payable each month may vary. Take note of the amounts indicated in the schedule.
• The offer is valid when applying for the loan between 24.03.2023 and 30.09.2023.
• The offer cannot be applied to already existing solar panel loan agreements.

• 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.
• The documents provided must be dated no earlier than 3 months before the loan agreement is signed.
• 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.