Lending a hand to going Green: Funding Your Electrical Services
If you’re looking to make your home or business more sustainable, there are several electrical services that can help you reduce your carbon footprint and save on your energy bills. These services include solar panels and battery installs, electric cars and car chargers, heat pumps and ducted heat pumps, and hot water heat pumps. While the upfront costs of these services can be daunting, there are many financing options available that can make them more affordable. In this blog post, we’ll discuss the banks that offer funding for these services, how much you can borrow, the interest rates, payback periods, what you can buy with the lending, and eligibility criteria.
Going green is the way forward, and it’s essential for the environment and our future. By adopting sustainable energy solutions, we can reduce our dependence on fossil fuels and limit our carbon emissions. Additionally, investing in these electrical services can help you save money on your energy bills over the long run. But, as mentioned before, these services come at a cost that can be significant. However, it’s not all doom and gloom, as banks and other lending institutions offer funding options that can make these services more accessible.
There are several banks and other lending institutions that offer funding for sustainable energy solutions. Here’s a rundown of some of the most popular ones:
ANZ Bank – Good Energy Home Loan
ANZ Bank offers Green Loan financing to help you fund your sustainable energy solutions. With a Green Loan, you can borrow up to $80,000 with an interest rate of 1% p.a. The loan term is for 3 years, and you can use the funds to purchase solar panels, battery storage, heat pumps, and other sustainable energy solutions. To be eligible, you must be an ANZ customer and have a current home loan – See more about the ANZ home loan and eligibility criteria here – https://www.anz.co.nz/personal/home-loans-mortgages/loan-types/good-energy/
ASB Bank – Better Homes
ASB bank has introduced the ASB Better Homes Top Up program, allowing customers to borrow up to $80,000 at a low fixed interest rate of 1% p.a. for three years to fund eligible home improvements such as insulation, heating, solar panels, or double-glazing installation. This program is also available for financing the purchase of electric and hybrid vehicles. The bank hopes to make energy-efficient home improvements more affordable to reduce environmental impact and bring health and cost benefits to Kiwi families. The ASB Better Homes Top Up program is available to existing home loan customers who meet eligibility criteria, and customers can receive guidance from Homefit and GenLess to work out the best option for them.
BNZ Bank – Green home Loan
BNZ Bank offers a range of financing options for sustainable energy solutions, including Green Home Loans and personal loans. With a Green Home Loan, you can borrow up to $80,000 with an interest rate of 1% p.a. The loan term is doe 3 years, and you can use the funds to purchase sustainable energy solutions such as heat pumps, ducted heat pumps, solar batteries, inverters and solar panels, E.V and E.V chargers. To be eligible, you must have a BNZ home loan and meet other eligibility criteria. To see more about the BNZ Green Home Loan – https://www.bnz.co.nz/personal-banking/home-loans/manage-your-loan/top-ups/green-home-loan-top-ups
Kiwibank – Sustainable energy loan
Kiwibank offers in terms of benefits the least amount out of all the banks, they will contribute up to $2000 towards any top up on an existing loan over $5000, which will be paid out over four years. Your interest rate will be set at what your home loan rate is currently set at and is the highest interest rate for a green home loan out of all the banks. Find out more here – https://www.kiwibank.co.nz/personal-banking/home-loans/managing-your-loan/sustainable-energy-loan/
Westpac – Warm up Loan
Westpac offers a loan called Warm Up which provides an interest-free loan of up to $40,000 for five years to invest in heat pumps, insulation, and other home heating solutions. The loan is available to both homeowners and landlords and can be used for a variety of heating and energy-efficient solutions, such as heat pumps, solar power systems, and electric vehicle chargers. A professional installer must fit the items, and a pre-approval from Westpac is required based on a quote less than 90 days old. The loan is interest-free for five years and is secured against the home or investment property. To qualify, customers must be existing or new Westpac Choices Home Loan customers, meet standard eligibility and lending criteria, and have a minimum of 20% equity in their home or 40% for an investment property.
Find out more here – https://www.westpac.co.nz/home-loans-mortgages/options/warm-up/
Lite Energy – Q Card Financing
While we aren’t a bank we have our own financing options through Q card, we can offer up to 36 months interest free on selected services and so if you aren’t eligible through your bank we are here to help out where we can, inquire today by emailing in to our friendly team.
In conclusion, there are many financing options available for those looking to make their homes or businesses more sustainable by investing in electrical services such as solar panels, electric cars and chargers, heat pumps, and hot water heat pumps. Banks such as ANZ, ASB, BNZ, Kiwibank, and Westpac offer various financing options with different interest rates, payback periods, and eligibility criteria. Going green is not only essential for the environment and our future, but it can also help reduce energy bills over the long run. By taking advantage of these funding options, you can make sustainable energy solutions more accessible and affordable.