solar finance options

Finance for Residential Solar

All New Zealand’s major banks offer low or zero interest loans which are available for the installation of solar

To apply for any of the loans below, all you need is a quote from us for an eligible solar installation. If you make us aware of your plans, we’ll make sure you have everything you need.

ANZ Good Energy Home Loan

ANZ offers a top up to your home loan to make your home more energy efficient and better for the environment.

Top up loans of up to $80,000 available, at a fixed rate of 1% for 3 years. ANZ lending criteria, terms, conditions, and fees apply.
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ASB Better Homes Top Up

ASB’s top up loan can be used to make your home drier, warmer or more energy efficient.

Top up loans available of up to $80,000, at a fixed rate of 1% for 3 years. ASB Bank Limited’s lending criteria, terms and exclusions apply
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BNZ Green Home Loan top-ups

Available to make your home warmer and more energy efficient with upgrades including solar

You can borrow up to $80,000 on a top-up, fixed at 1% interest p.a. for 3 years. Subject to lending criteria (including minimum equity requirements), terms and fees.
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Kiwibank Sustainable Energy Loan

Top up your home loan to install a sustainable energy system with a 7 to 10 year loan.

Up to $2,000 contribution from Kiwibank over four years if you borrow more than $5,000 and they’ll waive the home loan top-up fee. Kiwibank’s lending criteria, terms and conditions, and fees apply.
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Westpac Greater Choices Home Loan

Available for you to create a drier, healthier, more resilient home.

Up to $50,000 at 0% interest for five years. Westpac’s eligibility criteria and home loan lending criteria, terms and conditions apply.
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While Current Generation Systems Limited endeavours to ensure information provided regarding finance options is relevant, correct and up-to-date, it has no liability in relation to accuracy, or otherwise, of the information provided.

Finance Options for Commercial Solar

Solar can now provide most businesses with very strong returns on their investment; generally better than 15% p.a., sometimes as high as 25% p.a., with this return realised through a reduction in power bills. Therefore, financing at current lending rates can be a great option, effectively switching the power bill expense for significantly cheaper interest expense.

For small-to-medium size businesses, the most accessible and cheapest financing option for solar will usually be through their bank. All the major New Zealand banks offer their business customers sustainable/green loans which are eligible for the installation of solar when installed by a SEANZ member such as Current Generation. These loans are typically at a special or preferential interest rate when compared to their general business borrowing rates.

As an example, ANZ’s Business Green Loan allows you to borrow up to $3 million for up to 5 years at an interest rate of 4.05% (lending and eligibility criteria, terms, conditions and fees apply). This represents a significant opportunity to reduce overall run rate cost base of your business. In addition, there is the potential to pay the principle down significantly within the 5 year term while remaining cashflow neutral (using the excess savings on power to pay down principle). Once the system is paid for, the business benefits from free power generation (subject to maintenance costs) for the remaining lifetime of the system; panels are expected to last 25-35 years while it would be reasonable to budget a replacement inverter (and battery) over the lifetime of the system.

When discussing the options available to businesses with Peter Savage, Director, Sustainable Finance at BNZ, he noted that “Daytime electricity usage, combined with unutilised roof top or paddock space, makes a compelling economic case for businesses and farms to invest in commercial scale solar systems. Our modelling shows debt funding the capital investment can result in improved cashflows for businesses – BNZ is here to support customers who want to explore it further so please get in touch”

Another option that may be appealing, particularly if bank financing options are limited, is a power purchase agreement (PPA). A PPA is an agreement where a third party (PPA provider) finances and retains ownership of the system which is usually installed on the businesses property. That PPA provider then sells the business the power at a discounted rate to the rates available to them in the market. The terms of these agreements, and particularly how they end, can vary and be subject to negoatiation.

Current Generation can assist you in obtaining financing and ensuring you have all the information required. We have people on the team with extensive experience with business financing who would be more than happy to help.

Sustainable/Green bank loans available to businesses

Below is a summary of the loans available from major New Zealand banks*:

* All information per publicly available information at time of publication but subject to change at any time. Current Generation Systems Limited takes no responsibility, nor are they liable for any error, omission or misstatement. Bank’s lending and eligibility criteria, terms and fees apply.

¹Rates are indicative and may be subject to additional margins.