Financing Options for Clean Energy Home Improvements in New Zealand

Thinking about making your home more energy-efficient but worried about the upfront cost? You're not alone! The good news is there are a variety of financing options available in New Zealand to help you invest in a greener, more comfortable future for you and your wallet.

Bank Loan Options

Several banks in New Zealand offer special loan options designed specifically for clean energy home improvements. These loans typically come with significantly lower interest rates than traditional personal loans, making them a very attractive option. Here are some of the highlights:

Bank	Interest Rate	Max. Loan	Eligible Products	Eligibility
Westpac Greater Choices Home Loan	0% for 5 years	$50,000	Solar energy systems, heating systems, insulation, double glazing, electric vehicle chargers	Existing Westpac home loan customer or willing to move mortgage to Westpac, minimum 20% equity in home
ANZ Good Energy Home Loan	1% for 3 years	$80,000	Solar panels, batteries, heat pumps, water heating systems, insulation, rainwater tanks, electric or plug-in hybrid vehicles, electric vehicle chargers	Existing ANZ home loan customer or willing to switch to ANZ, minimum 20% equity in home
BNZ  Green Home Loan	1% for 3 years	$80,000	Solar panels, batteries, inverters, heat pumps, water heating systems, insulation, rainwater tanks, electric or plug-in hybrid vehicles, electric vehicle chargers	Existing BNZ home loan customer or willing to move mortgage to BNZ, minimum 20% equity in home
Kiwibank Sustainable Energy Loan	8.50% (home loan rate)	10-year term	Solar power systems, small-scale hydro system, wind energy system, geothermal energy system	Existing Kiwibank home loan customer or willing to move home loan to BNZ, minimum 20% equity in home
ASB Better Homes Top-up Loan	1% fixed for 3 years	$80,000	Heating systems, insulation, solar energy systems, electric or plug-in hybrid vehicles	Existing ASB home loan customer or willing to switch to the bank, minimum 20% equity in home (40% for investment properties)

Credit Card Deals

Looking to make a smaller clean energy upgrade? Some credit card companies offer 0% interest deals with specific retailers who sell and install solar panels. Be sure to research these deals carefully and factor in any annual fees associated with the card.

Here's a comparison of three popular cards offering interest-free finance for energy efficiency upgrades:

Card	Interest-Free Period (Selected Providers)	Annual Fee	Establishment Fee	Standard Interest Fee
Q Mastercard	Up to 36 months (Solar Future), 24 months (Harrisons, HRV, Oxygen Air)	$50	$55	27.99%
Gem Visa	Up to 48 months (Harrisons Solar), 24 months (Daikin, DVS)	$55	$55	27.99%
Flight Centre Mastercard	Up to 48 months (Harrisons Solar), 24 months (HRV, Heathcote Appliances)	$50	$55	22.95%
Farmers Mastercard	Harrisons Solar, HRV	$50	$55	25.95%

Local Councils

While not as widespread, some local councils in New Zealand offer funding schemes specifically for clean energy home improvements. These schemes typically come with interest rates between 4-6%, which is still lower than a standard personal loan.

These schemes are offered by select councils and typically come with interest rates lower than personal loans.

Council	Interest Rate	Eligible Products	Eligibility
Marlborough District Council	4-6%	Clean heating systems, home insulation, solar power systems, solar water heating systems	Must be a ratepayer, updated with rate payments, and a service provider recognised by the council
Hawkes Bay Regional Council	4-6%	Clean heating systems, home insulation, solar power systems, solar water heating systems	Must be a ratepayer, does not have any outstanding rates due to the council, and a supplier approved by the council
Warmer Kiwi Homes		Insulation, heater	Own and live in a home built before 2008, have a community service card

Important Note: Check with your local council to see if they offer green financing options, as availability varies.

Personal Loans

Personal loans can be used for any home improvement project, including clean energy upgrades. However, they typically come with higher interest rates compared to the specialized options mentioned above. If you don't qualify for a lower interest rate option, a personal loan can still be a viable solution, but be sure to shop around for the best rates and terms.

By taking advantage of these financing options, you can make significant clean energy upgrades to your home without breaking the bank. These upgrades will not only save you money on your energy bills in the long run, but also create a more comfortable living environment and reduce your environmental impact. Browse the IonReady website for clean energy solutions, perfect for your home improvement. Start planning your energy-efficient home makeover today!