Help & support
Thinking about installing a clean energy product such as solar panels or buying an electric car?
A CommBank Personal Loan might be right for you.
This guide will help you understand how to access discounts on our Personal Loans for clean energy purposes and electric/hybrid cars, as well as important information to consider before applying.
What you’ll get
When you apply for a CommBank Personal Loan, in addition to meeting our lending criteria, you’ll also need to meet all the requirements below to qualify for the green discount:
We’ll check the documentation you have provided and apply the green discount to your loan once we’re satisfied you’ve met the above conditions. If we’re not satisfied you have met the above conditions, our standard pricing (without any discount) will apply should you wish to proceed with your loan.
Note: If you’ve already bought and installed eligible clean energy products, you can't use a CommBank Personal Loan for clean energy purposes to recoup your out-of-pocket costs or to refinance an existing loan.
A CommBank Personal Loan for eligible clean energy purposes can only be used for the purchase and/or installation of these eligible clean energy products:
Keep in mind that only an approved retailer and/or installer can install eligible solar panels (and inverter if applicable) and battery packs to ensure systems meet industry best practice standards and all relevant Australian Standards (as approved by the Clean Energy Council).
TIP: It’s important to do some research and spend time finding the right solar retailer and/or installer for your project. You can get multiple quotes and compare them before choosing the right one for you.
A CommBank Personal Loan for clean energy purchases might not be right for you if:
In addition to our standard loan application documents (evidence of your income, expenses, assets and liabilities etc.), there are other specific documents you’ll need to provide to be eligible for a green discount:
A tax invoice or quote from your retailer and/or installer (on a company letterhead) showing the:
How can I access interest-free finance for renewable energy products with InstalPay?
If you’re an existing CommBank customer looking to buy and install solar panels or batteries, you may be eligible for InstalPay, currently available at UPowr.
Find out more on how to apply for InstalPay or to request a quote from UPowr
What is an Approved Solar Retailer and how can I find them?
Approved Solar Retailers have been approved by the Clean Energy Council as demonstrating their commitment to responsible sales and marketing activities and solar industry best practice.1
What is the maximum I can borrow with a Personal Loan for eligible clean energy purposes?
$100,000 is the maximum we’ll lend (subject to loan type and purpose). If you need more, you’ll need to pay the difference from your own savings.
Can I have more than one CommBank Personal Loan?
Yes. If you have an existing Personal Loan and would like to apply for the green discount, you’ll need to apply for a new Personal Loan. Loan increase and refinance applications aren’t eligible for the green discount.
Can I apply for a CommBank Personal Loan for clean energy purposes if I already have a CommBank Green Loan?
Yes – talk to a CommBank Personal Loan specialist for more information and help in deciding which loan type might be most suitable.
Can I apply for a CommBank Personal Loan if I already have clean energy products installed?
You can’t use a CommBank Personal Loan to recoup costs for products already installed. However, it is available if you wish to upgrade your existing products or are looking to purchase other products on the list of eligible clean energy products.
For example, if you have existing clean energy products and wish to upgrade them by adding more solar panels or a new battery pack, then you may be eligible for a CommBank Personal Loan.
How can I ensure the quality of my eligible clean energy products?
It’s your responsibility to ensure that you’re satisfied with the quality of your eligible clean energy products. If you detect substandard workmanship or materials, or have any disputes with your retailer and/or installer, you should speak with them as soon as possible. Depending on the severity of the matter, you may also need to inform your solicitor.
Please note:
Don’t attempt any work yourself. Any work must be completed by an approved retailer and/or installer, certified and trained to ensure systems meet industry best practice standards and all relevant Australian Standards (as approved by the Clean Energy Council).
Should I apply for a CommBank Personal Loan or CommBank Green Loan if I’m buying small-scale renewables like solar panels?
When trying to decide on the right product, consider:
Talk to a CommBank Personal Loan specialist for more information and help.
What if my home meets the GBCA Green Home Standard, or has 7 stars or greater under the Nationwide House Energy Rating Scheme, or already has eligible small-scale renewables installed?
You may be eligible for the Green Home Offer. Enjoy a discount on a Standard Variable Rate for Owner Occupied or Investment Home Loans with either Principal & Interest repayments or Interest Only payments for eligible customers on a Wealth Package
For more information, terms, conditions and eligibility visit our Green Home Offer page.
If you have any questions or would like more information:
Call us on 13 1431, 8am - 7pm Monday to Friday or 9am to 2pm on Saturday (Sydney/Melbourne time)
* Comparison rates are calculated based on an unsecured loan of $30,000 and a secured loan of $30,000, over a term of 5 years. WARNING: Comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^ System size noted on the invoice/quote must be equal to or greater than our requirements as set out under ‘Clean energy products eligibility’.
This guide doesn’t consider your individual objectives, financial situation or needs. Before basing any decisions on this information please:
The Commonwealth Bank is not authorised and does not make any assertions about reduced consumption from non-renewable energy sources through clean energy product installations. Advice and further information should be sought from relevant certified industry professionals.
Loan applications are subject to credit approval and any loan offer includes full terms and conditions. Fees and charges apply. All examples and scenarios are illustrative only.
This guide is subject to change without notice. Information and interest rates are current as at 1 May 2024 and are subject to change.
1 Clean Energy Council 2018, accessed 30 November 2020
Commonwealth Bank of Australia ABN 48 123 123 124, AFSL & Australian credit licence number 234945.