Where should I look for the best Solar Finance in New Zealand?
Here are some of the questions you may be thinking about before you look at having solar installed at your home.
Can I get finance for solar installations from my bank?
Are there free interest rate options?
Can I include solar panels in my home loan?
Which bank in New Zealand gives the best loan interest for solar panels?
We suggest looking ok at your bank first; after all, most of them will already have some interest in your property by way of a mortgage or security.
In New Zealand, many large banks provide solar finance to homeowners. The main four are ASB, ANZ, Westpac, and BNZ. All offer Solar finance loans, which are separate from your mortgage.
Let’s take a closer look and know which one is the most suitable and affordable solar financing option for you.
1. ASB Better Homes Top-Up Package
- One per cent fixed interest
- Solar finance up to $80,000
- Period: 3 Years
- Available for solar panels, batteries, and inverters
- Must be installed by a member of the Sustainable Electricity Association of New Zealand (SEANZ)
- Must be an existing home loan customer of ASB
- Quote/Invoice of purchase should not be more than 60 days old
2. ANZ Good Energy Home Loan
- One per cent interest
- Funding up to $80,000
- Period: 3 years
- Available for solar panels, batteries, inverters, and other technologies
- Only available as an extension to ANZ home loan
- Can apply for ANZ home loan and ANZ Good energy home loan top-up together
- The quote must come from an installer company that is a member of SEANZ
VIEW HERE: https://www.anz.co.nz/personal/home-loans-mortgages/loan-types/good-energy/
3. Westpac Warm-Up Loan
- Interest-free solar financing
- Loan up to $40,000
- Period: 5 years
- Available for solar power systems and batteries
- Available for new as well as current Westpac Choices home loan customers
- Both homeowners and landlords are eligible to apply
- Can repay the loan earlier without prepayment costs
- Show a quote not less than 90 days old
VIEW HERE: https://www.westpac.co.nz/home-loans-mortgages/options/warm-up/
4. BNZ Green Home Loan Top-ups
- Interest rate one per cent p.a.
- Lend up to $80,000
- Period: 3 years
- Available for solar panels, batteries, and inverters (including the cost of planning and installation)
- Can apply for the BNZ home loan and BNZ solar finance together
- After the period ends, the loan can be re-fixed, or floating home loan rates can apply
- Need a quote from a verified member of SEANZ
VIEW HERE: https://www.bnz.co.nz/personal-banking/home-loans/manage-your-loan/top-ups/green-home-loan-top-ups
What is a great interest rate for a solar loan?
Solar loans are widely available, including deals with your installer. However, when you look at the four main banks offering between zero and 1% loans, we think talking with your bank is a no-brainer option. Just one word of precaution. Once the loan is out of its free period with any financial institution, please check the new interest rate. Some institutions can be as high as 20% after 12 months. So read the fine print.
If you want to compare two solar installation quotes now, click here and get started.
