NZ is lagging other develop nations for the adoption of solar power and a government subsidy could be the incentive needed. It is no secret that solar panels come with a rather large upfront price tag. However, the benefits of green energy and long-term power bill savings are well worth it. So, why then are kiwis not adopting solar power at the rate of other first world countries like Australia? Well, for example countries in the European Union offer large subsides for green energy. This means you can get a huge discount on things like electric cars and solar panels for your home. Making it a no brainer to go green. However, New Zealand offers no such subsidy on solar panels. Meaning a large amount of capital is required to invest in your home. However, there are still ways to subsidize your homes solar panel instalment through your local bank.
Kiwibank sustainable energy loan
If you have your home loan with Kiwibank then you are in luck. Kiwibank offers a sustainable energy loan to its customers. Simply spend $5,000 or more on a qualifying solar system and they will contribute $2,000 to the overall cost of the system over 4 years. With even a small 2kW solar system costing easily over $5,000 the subsidy from Kiwibank becomes easily accessible.
Westpac Interest Free Loan
Westpac warm up loan scheme offers an interest free loan up to $10,000. This loan can be used to purchase a solar power system for your property. This loan is great as it makes solar power accessible to those who may not have the up front capital to invest into solar. Because it is interest free for five years it can give you time to pay off the loan before incurring unnecessary debt.
Until the NZ government offers a subsidy for solar power it is worth exploring the options offered by banks. If you are interested in install solar panels call 0508 449 274 to talk to one of our staff, or contact us online.