Bank Loans - Options For Solar Systems And Batteries
Did you know NZ banks offer low or zero-interest loans for solar and batteries? Here’s a breakdown of the best options to help you finance your solar upgrade.
Written by
Paul Hollingsworth
Published on
November 02, 2022
Introduction
Many major banks in New Zealand are now offering very low or even no interest loans to put towards energy efficient upgrades including solar and battery storage.
Paying little (or no) interest on any money borrowed to install the system dramatically increases your ROI.
Once we’ve assessed your property we’ll provide you with a proposal for a system that suits your needs. These loans can provide enough finance to fund most systems including large high-end solar systems and Tesla Powerwalls. This gives you the ability to not only save money on your power bills, you’ll also increase your sustainability and be covered for any power outages too.
It’s great to see banks coming to the party and making it easier than ever to finance the switch to solar! Here are our preferred bank loans for solar systems and batteries:
ANZ Good Energy Home Loan
Top up your ANZ Home Loan at a fixed rate of 1% per annum for 3 years. You can apply for the ANZ Good Energy Home Loan up to a maximum value of $80,000 to purchase any of the “ANZ Good Energy Upgrades”.
This includes:
- Solar panels and batteries
- Hybrid or electric vehicles
- Electric vehicle chargers
For solar panels and battery installation, you must use a company that’s a member of the Sustainable Energy Association of New Zealand (SEANZ) – but don’t worry, we are!
Westpac Greater Choices Loan
Westpac’s Greater Choices loan is an interest-free loan for five years. You can borrow up to $50,000 for a range of improvements to make your home healthier and more energy efficient.
This includes:
- Solar systems and batteries
- Electric vehicle chargers
Don’t forget, Westpac requires that a professional installer fit any systems.
ASB Better Homes Top Up
ASB customers can top up their Home Loan, up to $80,000 at 1% per annum for 3 years. The ASB Better Homes Top Up can be used for a range of things to make your home warmer, drier or more energy efficient including:
- Solar panels, inverters and batteries
- Hybrid or electric vehicles
- Electric vehicle chargers
For solar panels and battery installation, you must use a company that’s a member of SEANZ (that’s us!).
BNZ Green Home Loan Top Up
You can borrow up to $80,000 at 1% per annum for 3 years to pay for eligible upgrades to your home or for electric transport options. BNZ Green Home Loan Top Up can be used for:
- Solar panels, inverters and batteries
- Hybrid or electric vehicles (including electric bikes)
- Electric vehicle chargers
As with most banks, you must use a company that’s a member of SEANZ for solar panels and battery installation. BNZ also require you to have an installation date.
Kiwibank Sustainable Energy Loan
You can use Kiwibank’s sustainable energy loan for solar systems. If you borrow more than $5,000, they’ll contribute up to $2,000 over four years towards the cost of the system – $800 at the end of the first year and $400 at the end of each of the following three years.
Business Loans
If you are looking for finance options to help your business switch to solar, banks are coming to the party there too!
Check out the ANZ Business Green loan, the Kiwibank Sustainable Business loan or the ASB Rural Sustainability loan.
For something a little different, check out BNZ’s Sustainability Linked Loans – an incentive-based loan available for New Zealand farmers and growers, encouraging you to increase your positive and reduce negative environmental and social impact.
A proposal or quote is usually required when applying for the above loans. Contact us to arrange a free quote.
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