Don't have RM 20,000 upfront for solar? Malaysian banks offer specialized green financing for solar (check current terms with the bank). Here's the complete 2026 comparison guide for solar panel bank loans.
Why Banks Love Solar Loans (And You Should Too)
Banks may treat solar installations as "green technology financing". For companies, the Green Technology Financing Scheme (GTFS 5.0, administered by MGTC) provides a 60–80% government guarantee on the green-technology portion of a bank loan. Lenders tend to view solar favourably because of:
- Government guarantee for companies through GTFS 5.0 (MGTC)
- Lower default risk (solar systems are tied to property)
- Alignment with ESG (Environmental, Social, Governance) mandates
Solar Panel Bank Loans in 2026
Maybank Solar PV Financing
Maybank offers Solar PV Financing of up to RM 100,000 for up to 10 years at a floating rate (Maybank's own illustration: SBR + 2.70%). Check current terms with the bank.
Other banks
You can ask CIMB, Public Bank, Bank Islam, RHB and BSN whether their personal or green financing can be used for solar; we have not verified their product terms. Products, rates and limits change, so check current terms with each bank before you apply. Whichever you choose, ask for the total cost over the full tenure, not just the monthly instalment.
Required Documents for Solar Panel Bank Loans
Prepare these documents before applying (all banks require similar paperwork):
Personal Documents
- MyKad (front & back copy)
- Latest 3 months' payslips
- Latest 6 months' bank statements (savings & current accounts)
- EPF statement (latest 6 months)
- EA form or PCB statement (for tax reference)
Property Documents
- Grant/Title deed (proof of ownership)
- Latest quit rent/assessment receipt
- Fire insurance policy (if mortgaged property)
Solar Installation Documents
- Quotation from a SEDA-registered installer
- Solar ATAP application confirmation (from SEDA portal)
- Technical specification sheet (panels, inverter, warranty)
- Installer's SEDA RPVSP registration
For Self-Employed Applicants
- Business registration (SSM Form 9/24/49)
- Latest 2 years' audited accounts (or Form B/BE tax returns)
- Business bank statements (6-12 months)
- Proof of business premises (utility bills/rental agreement)
Step-by-Step Application Process
Step 1: Get Pre-Approval (Before Choosing Solar System)
Visit the bank's website or branch to check your loan eligibility. Most banks offer online calculators. This helps you:
- Know your maximum loan amount
- Determine affordable system size
- Compare indicative rates and terms
Step 2: Choose Your Solar Installer & Get Quotation
Work with a SEDA-registered installer like Trexon to:
- Conduct site survey
- Design optimal system size
- Submit Solar ATAP application to SEDA
- Receive a quotation to submit to your bank
Step 3: Submit Loan Application
Apply online or at a branch, depending on the bank. Upload or submit all required documents. Response times vary by bank. If approved, you receive:
- Approval letter (stating loan amount, rate, tenure)
- Loan agreement for signing
- Disbursement instructions
Step 4: Loan Disbursement
Trexon's payment schedule is a RM 2,000 booking fee, then the balance in three stages:
- Stage 1 (60%): On Solar ATAP approval
- Stage 2 (30%): On material delivery
- Stage 3 (10%): On installation complete
Ask your bank whether it can disburse in line with these stages before you sign.
Step 5: Start Repayment
Check your loan agreement for when the first instalment is due and for late-payment charges. Setting up auto-debit avoids missed payments.
Alternative Financing: 0% Interest Credit Card Installment Plans
Trexon's checkout accepts credit cards with 0% instalment plans of up to 24 months:
How It Works
- Pay at Trexon's checkout using your credit card
- Choose an instalment plan of up to 24 months
- No interest charged on the plan
- Each bank sets its own minimum spend; the RM 2,000 booking meets it
Participating Banks (2026)
- Affin, AmBank, HSBC, RHB, Standard Chartered: 3, 6, 12 or 24 months
- Alliance, OCBC, UOB: 6, 12 or 24 months
Example: RM 20,999 system (7.44 kWp) ÷ 24 months = RM 875/month with zero interest. For a home with a RM 500 bill, our RP4 estimate of the saving is about RM 292/month, so your net cost is about RM 583/month for 24 months, then the full saving is yours.
Which Bank Should You Choose?
Compare the Total Cost
- Ask for the total amount payable over the full tenure, not just the monthly instalment
- Check whether the rate is fixed or floating (Maybank Solar PV Financing is floating)
- Compare the tenure: a longer tenure lowers the instalment but raises the total interest
Check the Terms
- Early settlement charges and lock-in periods
- Whether insurance or takaful is required
- Processing fees and stamp duty
- Documents the bank needs if you are self-employed
Check Current Rates
- Maybank Solar PV Financing: up to RM 100,000, up to 10 years, floating rate (Maybank's own illustration: SBR + 2.70%)
- Other banks: check the current rate on each bank's own financing page
- Rates and promotions change, so confirm before you apply
- Ask for the offer in writing
Common Loan Application Mistakes to Avoid
1. Borrowing More Than System Cost
Banks only approve loans up to the quotation value. Don't inflate the quotation to get extra cash - this is fraud and will result in rejection.
2. Not Checking CCRIS/CTOS First
Check your credit report before applying. Settle overdue debts first; a rejected application does not help your record.
3. Applying to Multiple Banks Simultaneously
Each application triggers a credit check. Compare offers first, then apply to the bank you prefer.
4. Using Non-SEDA Installers
Banks may ask for a quotation from a SEDA-registered PV service provider. Check the installer's SEDA registration before you sign.
5. Underestimating Processing Time
Allow time for loan approval. Don't commit to installation dates until the loan is confirmed.
Hidden Costs to Budget For
Beyond the loan principal, ask the bank about:
- Bank Processing Fee: if any
- MRTA/Takaful Insurance: if required
- Legal/Stamp Duty: as set out in the offer
- Early Settlement Charges: check the terms and conditions
Tax Benefits: Can You Claim Solar Loan Interest?
Unfortunately, personal loan interest for solar is not tax-deductible for individuals. However:
- For Businesses: Loan interest is deductible as operational expense
- GITA (Commercial): Companies can claim 60% of solar CAPEX as investment allowance (Tier 2)
How Trexon Helps with Bank Loan Applications
As a SEDA-registered installer, Trexon provides full support for your financing:
- Bank-Ready Quotations: We format quotations to meet bank requirements
- SEDA Documentation: We handle the Solar ATAP application
- Payment Stages: We provide the documents your bank needs at each payment stage
- Card Instalments: 0% plans of up to 24 months at our checkout
"Trexon prepared all the bank documents for me. I just signed the loan agreement and they handled everything else. The bank disbursed directly to them in stages, so I knew my money was protected." — Mrs. Chong, Subang Jaya
FAQ: Solar Panel Bank Loans Malaysia
Can I get a solar loan if I'm self-employed?
Often, yes. Banks generally ask self-employed applicants for business registration, recent tax returns or audited accounts and bank statements. Requirements differ by bank, so check before you apply.
What's the minimum income for solar loans?
Each bank sets its own minimum income. Check the eligibility section of the bank's product page or ask the branch.
Do I need collateral for a solar loan?
Many solar financing products are personal financing without separate collateral, but terms differ. Ask the bank what it requires.
Can I refinance my solar loan to a lower rate?
Possibly, if rates fall. Factor in any early settlement charges and new processing fees; the savings must exceed these costs.
What happens if I default on my solar loan?
Like any personal loan, defaults are reported to CCRIS/CTOS, damaging your credit score. Banks may take legal action for recovery. Choose a tenure whose instalment you can pay comfortably.
Conclusion: Bank Loans Make Solar More Affordable
You don't need the full price in cash to go solar. With bank financing or 0% card instalments, you spread the cost while your electricity savings start from the first bill.
The math, on our RP4 estimate:
- Without solar: Pay TNB about RM 500/month (RM 6,000/year)
- With a 7.44 kWp system (RM 20,999): save about RM 292/month; simple payback about 6.0 years before financing costs
Whether a loan is cash-flow positive depends on the bank's rate and tenure, so compare the instalment with your estimated saving. Estimate on the RP4 domestic tariff (from 1 Jul 2025), before AFA, the 1.6% RE Fund and service tax; 3.5 sun-hours a day; about 40% of solar used at home and the rest exported and credited at the 27.03 sen Energy Charge (capped at what you import) for 10 years under Solar ATAP; no tariff increases.
Ready to apply? Get a free solar quotation from Trexon and we'll help you compare bank loans for your situation.
Compare all loan options side by side: Visit our Solar Bank Loans comparison page to see how to compare bank offers and our 0% card instalment options.