Can I get a solar loan using only bank statements?

Yes, many lenders in our network offer 'bank statement loans' specifically for self-employed individuals. Instead of pay stubs, they analyze your bank deposits over a period of 12 to 24 months to verify a consistent and reliable income stream. This is an ideal solution for freelancers, gig workers, and business owners whose tax returns may not fully reflect their current cash flow due to business expenses and deductions.

How many months of bank statements are typically required?

Most lenders require between 12 and 24 consecutive months of personal or business bank statements. Providing a longer history helps demonstrate income stability, especially if your work is seasonal. Lenders will typically calculate your average monthly income based on the total deposits over that period.

Do lenders look at my business revenue or my personal income/draw?

It depends on how your business is structured and the documents you provide. If you use business bank statements, lenders will look at revenue but will also want to understand your expenses to determine net income. If you use personal bank statements, they will focus on the regular deposits or 'owner's draw' you transfer from your business account. Providing a Profit & Loss statement alongside your tax return can help clarify your true personal income.

What if my income is seasonal as a 1099 contractor?

Seasonal income is common for many self-employed professionals. Lenders who work with contractors understand this. By providing 12-24 months of bank statements or two years of tax returns, you allow them to see the full annual cycle of your earnings. They will calculate an average monthly income based on the entire year, smoothing out the peaks and valleys to get a realistic picture of your ability to repay the loan.

Are there 'no doc' solar financing options available?

True 'no-doc' loans (where no income documentation is required) are extremely rare in the unsecured personal loan market today. However, 'bank statement' or 'alt-doc' loans are often what people mean. These programs are designed for borrowers who can't provide traditional W-2s but can fully document their income through other means. Be wary of any service promising a loan with no income verification whatsoever, as it may come with extremely high rates and unfavorable terms.

How does being a new gig worker affect my solar loan application?

Having a shorter history as a gig worker can be a challenge, as most lenders want to see at least two years of self-employment history. However, if you have a strong credit score and can show at least 12 months of consistent income from your gig work, some lenders may still consider your application. It can also be helpful if your gig work is in the same industry as your previous W-2 employment, as this demonstrates continued expertise.

Solar Loans for Self-Employed Homeowners

Use your 1099s, bank statements, or business income to finance your home's transition to solar energy. No pay stubs required.

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Traditional Lenders Don't Understand Your Income

Lenders demand W-2s and pay stubs that you don't have.
Our network specializes in loans for the self-employed, accepting bank statements, 1099s, and tax returns.
Fluctuating monthly income from contracts or sales looks 'risky' to banks.
We connect you with lenders who look at your average income over time, not just one slow month.
Proving your actual earnings is a paperwork nightmare.
Our streamlined process makes it easy to upload your documents and show your true financial picture.
You're told you need a home equity loan, but don't want a lien on your property.
We offer unsecured personal loans, meaning your home isn't used as collateral for your solar project.

Financing Solar When You're Your Own Boss

As a self-employed individual, freelancer, or small business owner, you're used to forging your own path. So when it's time to invest in solar energy for your home, you shouldn't be held back by financing options designed for traditional W-2 employees. A personal loan for solar offers a flexible and accessible path to funding your project, allowing you to leverage the income you've worked hard to earn, even if it doesn't come in the form of a steady bi-weekly paycheck.

Unlike mortgages or HELOCs that can involve lengthy appraisals and liens on your property, a personal loan is unsecured. The approval process focuses on your personal creditworthiness and, crucially, your ability to demonstrate consistent income. For 1099 contractors, gig workers, and entrepreneurs, this means using documents like bank statements, tax returns, and profit and loss statements to paint a clear picture of your financial health. This guide will walk you through how to secure solar financing using the income documentation you already have.

Your Path to Solar Financing in 4 Steps

1
Check Your Rate Online
Fill out our simple form in about two minutes. This initial step is a soft credit pull and won't affect your credit score.
2
Upload Your Income Documents
Securely provide your recent 1099s, bank statements, or business tax returns to verify your self-employment income.
3
Compare Loan Offers
If you pre-qualify, you'll see potential loan amounts, terms, and APRs from our network of lenders who work with freelancers and business owners.
4
Get Funded and Go Solar
Once you select an offer and are fully approved, funds are typically deposited directly into your account, ready for you to pay your installer.

See Your Personalized Solar Loan Rates

Find out what you could qualify for based on your unique self-employment income. No obligation, no impact on your credit.

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Understanding the Cost of a Residential Solar System

The cost of installing a solar panel system can vary significantly based on your home's size, your energy consumption, your location, and the quality of the components. For most homeowners, the total project cost falls between $20,000 and $60,000 before accounting for federal tax credits and local incentives. A personal loan allows you to cover 100% of these upfront costs, so you can start saving on your electricity bill immediately without draining your business or personal savings.

Example 10kW Solar System Financing

Solar Panels (25 x 400W) 25 × $700	$17,500
Inverter & Mounting Hardware System Components	$5,000
Installation Labor Professional Crew	$8,500
Permitting & Inspection Fees Local Requirements	$1,500

Estimated monthly

$558/mo

Based on a 7-year loan term at 11.99% APR. Your actual rate will vary.

Loan Parameters for Self-Employed Applicants

Personal loans provide a clear and predictable repayment structure. You'll receive a lump sum to pay your solar installer and then repay the loan in fixed monthly installments over a set period. This predictability can be a major advantage for business owners and freelancers who need to manage their cash flow carefully. The specific terms you're offered will depend on factors like your credit history, debt-to-income ratio, and the consistency of the income you demonstrate through your documentation.

Loan amount: $5,000 – $100,000
APR: 7.99% – 35.99%
Term: 24 mo – 84 mo

Your actual APR depends on credit score, loan amount, term, and credit usage & history. The rates listed are for informational purposes and may not be the lowest rate available.

Find Out What You Qualify For

It takes just a few minutes to see your potential loan options without any commitment or impact to your credit score.

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How Personal Loans Compare to Other Solar Financing

As a property owner, you have several ways to finance a solar installation. For the self-employed, the best option often comes down to the required documentation, speed of funding, and whether you want to use your home as collateral. A personal loan shines in its simplicity and speed, especially when compared to the rigorous income verification of a HELOC.

Personal Loan vs. Installer Loan vs. HELOC

	Personal Loan	Solar Installer Loan	HELOC
Income Verification	Bank statements, 1099s, tax returns	Often requires W-2 or very high credit	Extensive review of tax returns, P&L
Collateral	None (unsecured)	Usually a UCC-1 lien on the equipment	A lien on your home
Funding Speed	1-5 business days	Varies by installer	4-6 weeks
Flexibility	Pay any installer you choose	Tied to one specific installer	Use funds for any purpose

Qualifying for a Solar Loan with Self-Employed Income

What Lenders Look For

Verifiable Income: Lenders typically want to see 12-24 months of consistent deposits via bank statements or consecutive years of tax returns/1099s.
Credit Score: A score of 640 or higher is preferred for the best rates, though some partners may consider scores as low as 600.
Business History: A history of at least two years in business or consistent freelance work demonstrates stability to lenders.
Debt-to-Income (DTI) Ratio: Lenders will assess your total monthly debt payments against your average monthly income. A lower DTI is always better.
Clean Credit History: A record free of recent bankruptcies, foreclosures, or major delinquencies will significantly improve your chances.

To strengthen your application, consider preparing a simple Profit & Loss (P&L) statement for the last year and paying down credit card balances to lower your DTI before applying.

Ready to Power Your Home with Solar?

Start Your Application

Example scenario

As a freelance designer, my income fluctuates. I thought getting a loan for solar would be impossible. The process was straightforward, I used my bank statements, and we were approved in a few days. Our electric bill is almost zero now.

Maria R.·Freelance Graphic Designer, Texas

Frequently Asked Questions

Can I get a solar loan using only bank statements?
Yes, many lenders in our network offer 'bank statement loans' specifically for self-employed individuals. Instead of pay stubs, they analyze your bank deposits over a period of 12 to 24 months to verify a consistent and reliable income stream. This is an ideal solution for freelancers, gig workers, and business owners whose tax returns may not fully reflect their current cash flow due to business expenses and deductions.
How many months of bank statements are typically required?
Most lenders require between 12 and 24 consecutive months of personal or business bank statements. Providing a longer history helps demonstrate income stability, especially if your work is seasonal. Lenders will typically calculate your average monthly income based on the total deposits over that period.
Do lenders look at my business revenue or my personal income/draw?
It depends on how your business is structured and the documents you provide. If you use business bank statements, lenders will look at revenue but will also want to understand your expenses to determine net income. If you use personal bank statements, they will focus on the regular deposits or 'owner's draw' you transfer from your business account. Providing a Profit & Loss statement alongside your tax return can help clarify your true personal income.
What if my income is seasonal as a 1099 contractor?
Seasonal income is common for many self-employed professionals. Lenders who work with contractors understand this. By providing 12-24 months of bank statements or two years of tax returns, you allow them to see the full annual cycle of your earnings. They will calculate an average monthly income based on the entire year, smoothing out the peaks and valleys to get a realistic picture of your ability to repay the loan.
Are there 'no doc' solar financing options available?
True 'no-doc' loans (where no income documentation is required) are extremely rare in the unsecured personal loan market today. However, 'bank statement' or 'alt-doc' loans are often what people mean. These programs are designed for borrowers who can't provide traditional W-2s but can fully document their income through other means. Be wary of any service promising a loan with no income verification whatsoever, as it may come with extremely high rates and unfavorable terms.
How does being a new gig worker affect my solar loan application?
Having a shorter history as a gig worker can be a challenge, as most lenders want to see at least two years of self-employment history. However, if you have a strong credit score and can show at least 12 months of consistent income from your gig work, some lenders may still consider your application. It can also be helpful if your gig work is in the same industry as your previous W-2 employment, as this demonstrates continued expertise.

Take the First Step Toward Energy Independence

Personal loan disclosure

Money Savvy is not a lender. We are a marketing service that connects consumers with participating lenders. Rates, amounts, and terms vary by lender, your credit history, and other factors.

Loan amounts: $1,000 – $100,000
Repayment terms: 3 – 84 months
Min APR: 5.99%
Max APR: 35.99%
Origination fees: 0% – 10% of the loan amount
Late fees: May apply; vary by lender

Representative example: A $10,000 loan with a 36-month term at an 18.99% APR would have an approximate monthly payment of $366.39 and a total cost of $13,190.04, including interest and a $500 origination fee.

Your actual APR depends on your credit score, income, and other factors. Only borrow what you can afford to repay.

California residents: California Financing Law disclosures available upon request.