• 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.

Things to consider about using a CommBank Personal Loan for clean energy purposes

Loan type
Minimum loan amount
Maximum loan amount
Loan term
Interest rate (inclusive of discount)
Comparison rate*
Establishment Fee
Monthly Loan Service Fee
Unsecured Variable
$4,000 
$50,000
1-7 years
7.50% p.a.
8.90% p.a.
$250
$15
Unsecured Fixed
$4,000 
$50,000
1-7 years
7.50% p.a.
8.90% p.a.
$250
$15
Secured (Fixed)
$4,000
$100,000
1-7 years
5.99% p.a.
7.41% p.a.
$250
$15

What you’ll get

  • You’ll have certainty of knowing the interest rate upfront before you apply (7.50% for Unsecured Variable and Fixed Rate, 5.99% for Secured Fixed Rate loans). An establishment fee and monthly loan service fee will apply, and other fees may also be payable such as a late payment fee. Find out more about fees.
  • Learn more about our Personal Loan options, including Unsecured Variable and Fixed loans and Secured Personal Loans, to help you decide which product and features best suit your needs. If you have a CommBank home loan, you may also want to consider the CommBank Green Loan.

Are you eligible?

  • 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:

    • You must select Green Purchase as your loan purpose in the application
    • Your loan must be for the purchase and/or installation of one or more ‘eligible clean energy product/s’ (see ‘Clean energy products eligibility’ below)
    • If your loan is to be used to buy an ‘eligible small scale renewable’ (e.g. solar panels, battery packs or electric car charging station), the installation must be completed by an approved installer certified and trained to ensure systems meet industry best practice standards and all relevant Australian Standards (as approved by the Clean Energy Council)
    • Prior to funding, you must provide us a tax invoice or quote from your retailer and/or installer (on company letterhead), which confirms:
      • Purchase amount (the loan amount must not exceed the purchase amount)
      • Retailer and/or installer details; and
      • Itemised system^ details for the eligible clean energy product(s).

    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. 

  • Clean energy products eligibility

    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:

    • Electric car
    • Hybrid car emitting less than 120g C02 emissions per kilometre (check your car’s emission data on the Green Vehicle Guide)
    • Solar panels with a system size equal to or greater than 6 kilowatts (kW) (and inverter if applicable) 
    • Battery packs with a system size equal to or greater than 5 kilowatts-hour (kWh) 
    • Solar hot water system with a system size equal to or greater than 250 litres (L) 
    • Heat pump hot water system with a system size equal to or greater than 250 litres (L) 
    • Electric car charging station(s) 

    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. 

Trade-offs

  • A CommBank Personal Loan for clean energy purchases might not be right for you if: 

    • You’re after a loan for small scale renewables (e.g. solar panels) and you have total CommBank home loan balance/s of $150,000 or more (not including any redraw balances, construction loans which are not yet fully funded, loans for bridging purposes, Equity Unlock for Seniors loan, Viridian Line of Credit or a new CommBank Green Loan). You should instead consider a Commbank Green Loan secured by an existing CommBank home loan.
    • You’re an existing CommBank customer and are looking for an interest free loan to purchase solar panels and/or batteries. You may be eligible for InstalPay, our interest free loan available at checkout via approved CommBank merchant UPowr.
    • The features listed above aren’t suitable and don’t meet your needs.
  • Other considerations

    • Applications for finance are subject to our normal credit approval – view our Personal Loan Terms and Conditions (PDF). Full terms and conditions will be included in our loan offer. Fees and charges are payable.  
    • Interest rates, fees, terms and conditions may be subject to change (although we won’t change a fixed interest rate during a fixed rate period). We’ll let you know of any changes in accordance with our contract.
    • A CommBank Personal Loan for clean energy purposes can only be used for clean energy purposes. If you wish to borrow money for other purposes, you can apply to increase your existing CommBank Personal Loan or apply for a standard Personal Loan for which the standard Personal Loan pricing (without discount) will apply. 
    • You’re unable to increase or refinance an existing CommBank Personal Loan for clean energy purposes.
    • You may want to review any existing building insurance you hold and consider if the cover is adequate with your new eligible clean energy product(s) installation.
    • Before purchasing and installing clean energy products (excluding cars), consider if you need any additional approvals such as body corporate/strata approvals. 

Your CommBank Personal Loan document checklist

  • 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:

    For your application

    A tax invoice or quote from your retailer and/or installer (on a company letterhead) showing the: 

    • Purchase amount
    • Retailer and/or installer details; and  
    • Itemised system details for the eligible clean energy product(s) in line with the ‘Clean Energy products eligibility’ above.

Which loan is right for you? 

Unsecured Personal Loan for clean energy purposes
Secured Personal Loan for clean energy purposes
CommBank Green Loan
InstalPay
Minimum eligibility criteria
Must have a CommBank Home Loan with a minimum balance of $150,000 (excluding any redraw balance)
Must be an existing CommBank customer with an eligible CommBank transaction account; and access to NetBank or the CommBank app
Eligible clean energy purposes
  • Small-scale renewables 
  • Electric and hybrid cars
  • Small-scale renewables 
  • Electric and hybrid cars
  • Small-scale renewables
  • Solar Panels and Batteries
Interest rate (inclusive of discount)
7.50% p.a. 
5.99% p.a.
3.99% p.a.
0% p.a.
Comparison rate*
8.90% p.a.
7.41% p.a.
3.99% p.a.
Loan term
1-7 years
1-7 years
10 years
1-5 years
Loan amount
$4,000 - $50,000
$4,000 - $100,000
$5,000 - $30,000
$1,000 - $30,000
Establishment Fee
$250
$250
$0
$0
Monthly Loan Service Fee
$15
$15
$0
$0
Interest rate type
Variable or Fixed
Fixed
Fixed
Unlimited additional payments
Variable only
No
Yes
Yes
Security required
None
Yes
Yes
No

FAQs

  • 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 

    Find an Approved Solar Retailer near you

  • 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: 

    • We won’t become involved with the dispute.  
    • We take no responsibility for the quality and warranty of your eligible clean energy products.  

    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:

    • What type of small scale renewables you’re looking to purchase/install;
    • If you have a home loan with CommBank;
    • The interest rates for the various ‘green’ offers;
    • How much you need; and
    • The term of loan.

    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.

We're here to help

  • 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) 

    Visit commbank.com.au/personalloans

Things you should know

  • * 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: 

    • Consider its appropriateness to your circumstances. 
    • Consider obtaining professional advice specific to your needs, including financial, taxation and legal advice. 

    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 14 February 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.