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Loan for solar panels

Invest in energy-efficient solutions!

New! A loan for purchase and installation of not only solar panels but also a heat pump and wind generators.

  • 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.


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 second half of 2021. 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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  • 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 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.
  • 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.
  • 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.


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

Saules Jauda

Saules Jauda will help with installation of high-quality solar panels made in Germany. A sustainable and modern solution to serve for generations.

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


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.

Saules Jauda

Saules Jauda is a company specializing in the installation of solar panel systems of German manufacturers for dwelling houses. They are sustainable solar panel solutions suitable for the Latvian climatic conditions.

  • Documentation and approval process from A to Z that will take no more than 15 minutes of the customer’s time.
  • A solar panel system that does not require annual maintenance.
  • Solar panels from Solarwatt, a German manufacturer, with warranty for models from 15 to 30 years.
  • Easy-to-use free mobile app to keep track of the solar power produced by the panels.
  • German-made solar panel fastenings that are suitable for the Latvian climatic conditions and wind load of up to 50 m/s.
  • Tailor-made projects and calculations, as well as free in-person inspection of the site by an engineer before installation.

Special offer: latest generation Solarwatt all-black solar panels for the price of standard solar panels.* For elegant looks on any roof.

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

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.

Special offer: to those who will use Swedbank Solar Panel Credit - by entering into an agreement with PV Service before 30.09.2022, PV Service experts will carry out electrical measurements at the site free of charge (inspection of electrical installations in accordance with Cabinet Regulation No. 238).

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

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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Get ready for the heating season in good time

Favourable terms for the loan to buy solar panels, a heat pump or wind generators.

  • A loan from 300 to 20,000 EUR
  • Reduced and fixed % rate
  • No collateral or down payment required