Solar panel loans made simple
Your roof just wants to have sun
Solar panel loans that are made for you.
With more flexible features and fewer fees, we’ve designed a solar panel loan that is tailored to your needs and not the other way around.
No early repayment fees
We don’t punish you for paying off your loan faster. Our loans have no early repayment fees, so you can save more.
Fit for purpose
A simple, affordable solar panel loan can allow you to reduce your ecological footprint and save more on your power bills.
Flexible loan terms
We offer flexible loan terms from 6 months to 5 years so you can tailor your repayments to suit your needs.
Borrow between $2,001 and $45,000 for any purpose: consolidate debt, renovate, travel, get married and more.
Fixed & variable rates
Our loans can match your long or short term goals with fixed (3 years and over) or variable rates (2 years and under).
We calculate your estimated personalised rate within 1 minute, with no impact on your credit score.
Fast online approvals
Get your personalised estimate back in 1 minute, complete an application in 5 minutes, your loan approved in 24 hours.
Australia’s most loved personal loan.
Over 1,898 borrowers have rated us 4.8/5 on ProductReview. Here’s what those happy customers have to say about a RateSetter loan.
We really needed solar panels but found it difficult to outlay the costs upfront. The service makes it easy to afford with monthly payments and no early repayments. Highly recommend using this company.
RateSetter truly extended to us true sense of compassion and understanding of our predicaments. Their invaluable help and professional assistance have turned our long dream of having a solar system installed in our place. Highly recommend.
RateSetter offer an excellent Green finance option. Highly recommended for affordability and ease of process. The product suited my needs and the rate was very competitive for the amount I needed to borrow.
I could not believe the ease in which I was able to obtain finance. RateSetter went above and beyond to provide me with exactly what I needed and it was done quickly and efficiently. 10 out of 10.
Approved and great rate matched with lender in 24 hours. Process was simple, feedback great with everything very well explained. Funds deposited in nominated account in less than 2 business days.
Getting a solar panel loan is as easy as 1, 2, 3.
Get your rate
Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.
Apply in minutes
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
Enjoy your funds
After your loan has been approved and funded, you will receive your funds on the next business day. It really is as simple as that.
You’ve got questions we’ve got answers.
What is a solar panel loan?
A solar panel loan is a form of unsecured personal loan that you can use to invest in a renewable power source for your home. Solar panel loans allow you to purchase solar panels, pay for their installation, and, if the loan amount is sufficient, invest in related technologies such as home batteries.
Why consider a solar panel loan?
Over the past decade, the popularity of solar panels in Australia has grown consistently. Government figures show that approximately 3.5 million rooftop solar panels were installed by businesses and homes in 2017 alone. By the end of 2018, the number of homes with rooftop panels had hit 2 million.
Solar panels can help homeowners reduce their ecological footprint, but there are more immediate benefits too: according to the Clean Energy Council, homes with rooftop solar panels save an average of $540 per year on their electricity bills.
If you’re looking for a flexible way to invest in solar panels, a personal loan with RateSetter will offer you competitive rates, consistent repayments, and, best of all, an affordable way to make your home more sustainable.
How does a solar panel loan work?
A solar panel loan works just like a personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify for a personal loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors.
What are the benefits of a solar panel loan?
Personal loans, including solar panel loans, allow you to enjoy a lower interest rate than you would receive with a credit card and also offer a consistent repayment schedule. Many personal loans give you the flexibility to make early repayments, allowing you to reduce the length of your loan and minimise the amount you pay in interest.
What can I use a solar panel loan for?
You can use a loan to purchase a range of solar panel products, including:
- New solar panel purchase
It’s important to note that not all solar panel products are eligible for a green loan (or government subsidy). Renewable energy products must meet strict standards of efficiency and performance. To find out if a specific product is eligible, it’s best to consult your green loan provider.
Green loan providers usually work with an approved list of product suppliers, installers, and other contractors. Ordinarily, the approved contractor will carry out work on your property and then submit their invoices directly to the green loan provider. This means that you can avoid borrowing any more than you need. Instead, you repay only the cost of the product itself plus interest. Green loans tend to have terms that are comparable to those of personal loans: for example with RateSetter, you can pay your green loan back over three to seven years.
We’ll pay funds into your nominated bank account on the next business day following your loan acceptance. This gives you the flexibility to manage and pay for your green costs any way you like.
How much does a solar panel loan cost?
Solar panel loans generally have three components that that affect the total cost over the life of the loan:
- the interest rate (this may be fixed or variable)
- a one-time establishment fee
- ongoing fees (such as account maintenance fees, late payment fees, and other charges)
These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different solar panel loans to find the one that best suits your needs.
For an overview of fees and charges (including interest rates) associated with RateSetter’s green loans, see the table below:
|Term||3 yr||4 yr||5 yr||6 yr||7 yr|
|Comparison rate*||from 9.10%||from 8.74%||from 8.83%||from 8.83%||from 8.83%|
|Credit Assistance Fee||from $300||from $300||from $300||from $300||from $300|
|Monthly fees||from $3||from $4||from $4||from $4||from $4|
|Early Repayment Fees||$0||$0||$0||$0||$0|
*Comparison rate for 3 year loans are on an unsecured renewable energy loan of $10,000 over a 36 month term. Comparison rates for 4, 5, 6 and 7 year loans are based on an unsecured renewable energy loan of $30,0000 over a 60 month term. Comparison rates shown assume customer with an excellent credit history. Rates current as at 4am, 25 June 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates, Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Am I eligible for a solar panel loan?
RateSetter provides unsecured green loans to Australian residents.Save time before applying by making sure:
- You are aged 21 or over
- You are an Australian citizen or permanent resident
- You have a regular source of income that you can demonstrate
- You have a good credit history
To see if you may qualify for a RateSetter solar panel loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.
In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.
What do I need to apply?
To apply for a solar panel loan, you will need to complete our identity verification process successfully, as well as considering how suitable a solar panel loan is to your current circumstances.
To complete identity verification you will need to provide one or more of the following documents:
- Australian State or Territory-issued drivers licence
- Australian or foreign passport
- Address verification document such as a utility bill or tenancy agreement
These details can either be entered on our website during the application process and automatically verified online or you can upload or email them to us at email@example.com.
When assessing your application, we are looking for evidence of how suitable the loan is to your current circumstances and the purpose for which you require funds. Among other things, we’ll assess your:
- Employment stability;
- Repayment history;
- Credit bureau information; and
- Other details you communicate to us.
Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 6.92% p.a. the estimated total amount payable including all applicable fees is $11,460. RateSetter green loan repayment terms range from a minimum of 3 years to a maximum of 7 years. Interest rates start from 6.92% p.a. (comparison rate 9.10% p.a. to 14.23% p.a. based on your term). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 4am, 25 June 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.