diff --git a/CHANGELOG.md b/CHANGELOG.md
index b70a5b5..935aa66 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,10 @@
 
 ## 0.1.5 — 2026-09-07
 
+- **`${VAR}` inside comment lines is not a reference.** The renderer's `.env.template` header literally says
+  "substitutes every ${VAR}", which the refusal check counted as an unresolved variable
+  (`ENV_INCOMPLETE: unresolved: VAR`) — the first bundle on env-qa-02 was refused for it.
+
 - **config: `tenancy.port` is the service's intercept port (443), not the in-pod 8081.** With 8081 the SDK
   found no intercept and the dial failed (`service not available`, then a bare `TypeError` from the SDK's
   fallback). `install.sh` now writes 443; `config.example.yaml` updated.
diff --git a/monky_deployd/bundle.py b/monky_deployd/bundle.py
index 45000b5..ce8d08b 100644
--- a/monky_deployd/bundle.py
+++ b/monky_deployd/bundle.py
@@ -144,12 +144,18 @@ def parse(data: bytes, *, max_bytes: int = 4 * 1024 * 1024) -> Bundle:
 # --- refusal checks (pure; names only, never values) -----------------------------------------
 
 
+def _code_lines(text: str) -> str:
+    """Drop comment lines: a `# … ${VAR} …` remark in .env.template (the renderer writes one)
+    is not a reference. Compose/dotenv comments start with `#` after optional whitespace."""
+    return "\n".join(ln for ln in text.splitlines() if not ln.lstrip().startswith("#"))
+
+
 def referenced_vars(text: str) -> set[str]:
-    return {m.group(1) for m in _VAR_RE.finditer(text)}
+    return {m.group(1) for m in _VAR_RE.finditer(_code_lines(text))}
 
 
 def defaulted_vars(text: str) -> set[str]:
-    return {m.group(1) for m in _VAR_DEFAULTED_RE.finditer(text)}
+    return {m.group(1) for m in _VAR_DEFAULTED_RE.finditer(_code_lines(text))}
 
 
 def unresolved_vars(bundle: Bundle, provided: set[str]) -> list[str]:
diff --git a/tests/test_bundle.py b/tests/test_bundle.py
index 6591c3c..e4871e8 100644
--- a/tests/test_bundle.py
+++ b/tests/test_bundle.py
@@ -79,3 +79,16 @@ def test_disk_need_bytes_spellings():
     assert b.parse(tar_bytes(make_files(meta={"agent": {"disk_need_bytes": 5}}))).disk_need_bytes == 5
     assert b.parse(tar_bytes(make_files(meta={"disk": {"need_bytes": 7}}))).disk_need_bytes == 7
     assert b.parse(tar_bytes(make_files())).disk_need_bytes == 0
+
+
+def test_placeholders_in_comment_lines_are_not_references():
+    """The renderer's .env.template header says '... substitutes every ${VAR} ...' — that must not
+    become an unresolved 'VAR' (env-qa-02 pilot: ENV_INCOMPLETE: unresolved: VAR)."""
+    from monky_deployd.bundle import defaulted_vars, referenced_vars
+
+    text = (
+        "# The on-box agent substitutes every ${VAR} from OpenBao per secrets.manifest.json.\n"
+        "   # ${ALSO_COMMENT}\nGEMINI_API_KEY=${GEMINI_API_KEY}\nPG=${PGPASSWORD:-x}\n"
+    )
+    assert referenced_vars(text) == {"GEMINI_API_KEY", "PGPASSWORD"}
+    assert defaulted_vars(text) == {"PGPASSWORD"}