Want a new solar power system ? Thanks to New Zealand banks jumping on board the renewable energy bandwagon – a solar power system is now more achievable than ever, with new sustainable home loans announced this year.
It comes at the right time too, as the cost of living reaches an all-time high. This incentive will help homeowners reduce their power bills and costs at the pump with renewable energy.
For years, the solar industry has been wanting solar power to be subsidized by the New Zealand Government as it has been in Australia. For New Zealand banks to start this initiative is a massive step forward for solar in New Zealand.
Banks like ANZ, Westpac and Kiwibank introduced the low interest rate home loans so homeowners can upgrade their homes to make them warmer, drier and reduce carbon emissions. Upgrades include but are not limited too; a solar power system, electric vehicle, heat pump, double glazing, insulation and/or rainwater tank depending on the loan limit.
ANZ’s Good Energy Home Loan launched in July 2022, lets homeowners borrow up to $80,000 at one percent interest rate over three years. While Westpac’s Warm Up loan, is interest free for up to $40,000 for five years. And Kiwibank’s Sustainable Energy Loan, contributes $2,000 over 4 years if you borrow more than $5000 towards solar power.
“This is a very exciting time” says Director Tim Dudek from Solarcraft – solar power installation specialists and supporters of the sustainable home loans. “For years, the solar industry has been wanting solar power to be subsidized by the New Zealand Government as it has been in Australia. For New Zealand banks to start this initiative is a massive step forward for solar in New Zealand” explains Tim.
According to the Australian Government, solar power systems generated approximately ten percent of Australia’s electricity in 2020-2021. And more than 30% of Australian households have a rooftop solar PV system. Now more Kiwi homes will be able to go solar.
Solarcraft are working closely with banks and their customers wanting solar. “Every home and roof is different, so each system needs to be bespoke every time” says Tim. “High quality products with warranties, like SunPower Solar panels, will be efficient and long lasting while nicely complimenting the aesthetic of homes”.
Would you like to find out more about clean energy home loans and solar?
Solarcraft are based in Silverdale Auckland and are experts in off-grid, hybrid, and high end residential/commercial systems for over 11 years. To learn more about your energy consumption and the most cost-effective system for you; contact Tim and the team at Solarcraft for a complimentary consultation and design proposal.