Two million Aussies now have solar panels, here’s how you can get your own

By Ceyda Erem · · 2 min read
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New figures from the Clean Energy Council have revealed that the number of Aussie households using solar power has hit a record-breaking two million, with numbers only expected to climb in the following months.

According to Clean Energy Council Chief Executive, Kane Thornton, Australia’s growing love for solar may be in response to the promise of lower energy bills.

“Homes with rooftop solar installed are saving on average of about $540 per year on their electricity bills,” he said.

“Solar is a clear way for consumers to take control of their power consumption and cut costs, and it’s growing quickly by word-of-mouth.”

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Although solar panels are a great way to trim your energy bill and do good by the environment, many Aussies know that going green often comes at a hefty price.

“Solar panels can do wonders for any household, but there’s no denying that the installment process can cost an arm and a leg,” said Mozo Director, Kirsty Lamont.

But with the rising popularity of green personal loans, it’s never been more easy to give your home an upgrade.

Green personal loans are a type of personal loan that are specifically used for eco friendly purchases, like solar panels, water tanks or green cars.

“One of the drawcards of a green loan is that they often come with lower interest rates and fees, which is a great incentive for any Aussie,” said Lamont.

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Looking into the Mozo database, there are currently seven providers offering green personal loans, including 2018 Mozo Experts Choice Personal Loan winner, Police Bank, who recently took home an award for Best Green Loan.

Others green loan providers include Bank First, Bendigo Bank, Community First Credit Union, Hunter United, Police Credit Union and Regional Australia Bank.

But according to Lamont, you don’t have to take out a green personal loan to give your home a solar makeover.

“Keep in mind you don’t have to use a green personal loan to help cover the cost of solar panels, a regular personal loan can be used to do the same,” she said.

So whether you’re thinking green or are planning to keep it simple, kickstart your search for a personal loan by checking out these five offers below.

5 personal loans to give your home an eco friendly upgrade

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Last updated 25 December 2024 Important disclosures and comparison rate warning*
  • Low Rate Personal Loan

    Excellent Credit, $5,000 - $75,000

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.39% p.a.
    7.19% p.a.to 8.75% p.a.based on $30,000
    over 5 years

    Competitive low rates for borrowers with excellent credit on 1-7 year loans from $5,000 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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  • Unsecured Personal Loan

    interest rate
    comparison rate
    Monthly repayment
    6.56% p.a.to 21.99% p.a.
    6.56% p.a.to 22.79% p.a.based on $30,000
    over 5 years

    Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.56% would cost $35,768.68 including fees.

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  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.

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  • Debt Consolidation Loan

    $5,000-$75,000

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 19.39% p.a.based on $30,000
    over 5 years

    Competitive fixed rates on loans up to $75,000 depending on your credit score. Zero monthly account keeping fees, no exit fees and no early repayment fees. Make weekly, fortnightly or monthly repayments, over 1 to 7 years managed entirely online, at any time. Fast and easy, 100% online application.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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  • Home Improvement Loan

    Excellent Credit, $5,000 - $100,000

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.39% p.a.
    7.19% p.a.to 8.75% p.a.based on $30,000
    over 5 years

    Give your home a refresh with the 2025 Mozo award-winning provider OMM. Borrow up to $100,000 for loan terms 1-7 years. Flexible weekly, fortnightly or monthly repayment options. No monthly, early repayment or exit fees. Fast 100% online application.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,278.12 including fees.

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* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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