Solar Finance Options for Homeowners

1. Overview & Context

Residential solar adoption in New Zealand has seen significant growth, with over 67,000 homes now fitted with solar PV systems as of mid-2025. The average residential system is approximately 7kW in size, costing around NZ$16,500, and offering homeowners a means of energy independence, reduced power bills, and long-term value uplift.

2. Residential Finance Options

2.1 Bank-Backed Home Loan Top-Ups

All require quotes from SEANZ-certified solar installers.

ANZ Good Energy Home Loan

• Top-up: $3,000–$80,000
• Fixed interest: ~1% p.a. for 3 years
• Eligibility: Existing ANZ home loan required

ASB Better Homes Loan

• Top-up: Up to $80,000
• Interest: ~1% fixed for 3 years
• Eligibility: Existing ASB mortgage; up to 30-year term

BNZ Green Home Loan

• Top-up: Up to $80,000
• Interest: ~1% fixed for 3 years
• Eligibility: Existing BNZ mortgage

Westpac Greater Choices (Warm Up) Loan

• Loan: Up to $50,000
• Interest: 0% for 5 years
• Eligibility: Westpac mortgage customers only

Kiwibank Sustainable Energy Loan

• Top-up: Flexible amounts
• Incentive: Up to $2,000 cashback over 4 years
• Eligibility: Kiwibank home loan required

2.2 Government-Supported Financing Schemes

Zero-Interest Solar Loan Scheme (2024 launch)

• Loan: Up to $15,000
• Interest: 0%, repayments via electricity bill
• Eligibility: Household income ≤ NZ$150,000 or Community Services Card holders
• Application: Public application process not yet published
• *Source: *PV Know How

NZ Green Investment Finance (NZGIF) Solar Programme

• Model: Partnered Power Purchase Agreements (e.g. SolarZero)
• Benefit: No upfront capital; long-term fixed pricing
• Access: Via participating providers

Community Renewable Energy Fund (CREF)

• Support: Grants and low-interest loans for collective/community installations
• Audience: Targeted at neighbourhood-scale initiatives

2.3 Retail Credit & Third-Party Finance

Gem Visa / Q Card / Purple Visa

• Terms: 6–48 months interest-free plans for solar purchases
• Caveats: Administration fees apply; limited system scale

3. Financial Value of Solar for Homeowners

• Reduced Power Bills: Solar energy costs ~11c/kWh vs. up to 35c/kWh grid retail rates
• Return on Investment: Payback period 5–7 years; effective ROI 10–15% p.a.
• Home Value Increase: Solar-equipped homes sell faster and often at a premium
• Resilience & Energy Independence: Battery systems provide power security
• Tax Considerations: For rental properties, some upgrades may be deductible

 

4. Comparison Table

Provider	Loan Amount	Interest Rate	Term	Key Eligibility
ANZ	Up to $80k	~1% p.a.	3 years	ANZ home loan holder
ASB	Up to $80k	~1% p.a.	3 years	ASB mortgage holder
BNZ	Up to $80k	~1% p.a.	3 years	BNZ mortgage holder
Westpac	Up to $50k	0%	5 years	Westpac home loan only
Kiwibank	Flexible	Cashback up to $2,000	4 years	Kiwibank mortgage
Govt Scheme	Up to $15k	0%	TBD	Income ≤ $150k or CSC
NZGIF	PPA model	Fixed term	Varies	Through providers
Q Card, etc.	Up to ~$10k	0% (fees apply)	6–48 months	Credit-approved households

 

5. Next Steps for Homeowners
6. Review your current mortgage and equity position
7. Obtain multiple quotes from SEANZ-accredited installers
8. Check eligibility for interest-free or cashback offers
9. Engage with electricity provider to inquire about govt loan options
10. Compare cash vs. finance models (PPA vs. ownership)
11. Use a solar calculator to model payback and usage

 

6. Resources

• SEANZ Installer Directory
• PV Know How – Solar Loan Scheme News
• EECA Gen Less
• NZ Green Investment Finance