Solar Finance NZ: Green Loans Compared (2026)
How NZ green loans work
There is no government subsidy for solar panels in New Zealand. Instead, NZ’s five major banks have created their own incentive: green loans with rates between 0% and 1% for homeowners installing solar.
These loans are structured as mortgage top-ups, meaning they’re secured against your home. That lets banks offer far lower rates than personal loans or hire purchase.
The catch? Most require an existing mortgage with that bank, at least 20% equity, and a quote from a qualified installer. If you tick those boxes, you can finance a full solar system, and on a 0% or 1% loan your power savings can cover much of the repayment from the first month.
Four of NZ’s five major banks offer green loans at 0-1%. That’s effectively a bank-funded subsidy for solar.
Below, we compare every option: rates, terms, eligibility, and what it actually costs on a $15,000 system.
All 6 green loans at a glance
This table covers all six green loan products from NZ’s major banks. Rates verified August 2026.
Westpac’s 0% for five years costs the least in interest, if you qualify. If you need to borrow more than $50,000, ANZ and ASB both go up to $80,000 at 1%. For working farms, ASB’s Smart Solar Loan is 0% for five years on up to $150,000, until 30 June 2027. See our solar for NZ farms guide for the full rural funding stack.
Bank-by-bank breakdown
Full details on each lender including eligibility requirements, worked examples, and direct links to apply.
Westpac Greater Choices Home Loan
Zero percent for five years. Not a teaser rate, the real deal.
What’s good:
- 5 years at 0%
- Up to $50,000
- No establishment fee
Worth knowing:
- Must be existing Westpac customer
- Need 20% equity
Eligibility:
- Existing Westpac mortgage
- Minimum 20% home equity
- At least $150,000 of standard Westpac Choices home lending
- Installer must be a qualified supplier or installer
$15,000 system over 5 years = exactly $250/month. Total paid: $15,000. Interest: $0.
ANZ ANZ Good Energy Home Loan
1% for 3 years with an $80,000 maximum. Ideal for premium or multi-structure installs.
What’s good:
- Higher maximum ($80k)
- 1% is still very low
Worth knowing:
- 1% vs Westpac's 0%
- Shorter term (3 years)
Eligibility:
- Existing ANZ mortgage
- Meets ANZ's home lending criteria
- Installer must be a SEANZ member company
- A quote plus an installation date
$15,000 system is about $15,228 total. Around $423/month for 3 years. $228 interest.
ASB Better Homes Top Up
Same 1% deal as ANZ but through ASB. Slightly stricter on quote expiry.
What’s good:
- Higher maximum ($80k)
- Fixed for 3 years
Worth knowing:
- 1% vs Westpac's 0%
- Stricter quote expiry (60 days)
Eligibility:
- Existing ASB mortgage
- Minimum 20% home equity
- Installer must be a qualified professional installer who does this work day to day
- Quote less than 60 days old
$15,000 system is about $15,228 total. Around $423/month for 3 years. $228 interest.
BNZ Better Future Home Loan Top-Up
Standard 1% green loan for 3 years, then re-fix or move to BNZ's floating rate.
What’s good:
- Higher maximum ($80k)
- Flexible terms
Worth knowing:
- 1% vs Westpac's 0%
- Shorter term (3 years)
Eligibility:
- Existing BNZ mortgage
- Minimum 20% home equity
- Installer must be a qualified business that supplies and installs as a normal part of its business
$15,000 system is about $15,228 total. Around $423/month for 3 years. $228 interest.
Kiwibank Sustainable Energy Loan
No discounted rate. Kiwibank instead pays a $2,000 cashback over 4 years on a loan at its standard variable rate.
What’s good:
- $2,000 cashback ($800 after year one, then $400 a year)
- Longer repayment terms
Worth knowing:
- Standard variable rate, not 0 to 1%
- Cashback drips in over 4 years
Eligibility:
- Existing Kiwibank mortgage
- Borrow more than $5,000 to get the cashback
- Installer must be a SEANZ member company that both supplies and installs
$15,000 system at Kiwibank's standard variable rate, with $2,000 back over 4 years: $800 after year one, then $400 a year for three years.
ASB Rural Smart Solar Loan
Zero percent on up to $150,000, for working farms only. The offer runs until 30 June 2027.
What’s good:
- 0% fixed for 5 years
- Highest maximum ($150k) for large installations
Worth knowing:
- Working farms only, not lifestyle blocks
- Offer ends 30 June 2027
Eligibility:
- A farm business whose main revenue is primary production
- Existing or new ASB Rural customer
- Solar on the farm, installed by a qualified professional
$50,000 farm system = exactly $50,000 repaid. Zero interest over 5 years.
Cash vs financing: which is better?
If you have the cash, paying upfront maximises your return. But financing with a green loan (especially Westpac’s 0%) still delivers strong returns. Your solar savings can cover much of each repayment from the first month, and all of it once the loan is paid off.
If you have the cash, paying upfront is technically cheapest. But at 0% interest, the financial difference is zero, and you keep your cash for emergencies.
Monthly payment example
Here’s what a typical $15,000 system looks like with Westpac’s 0% Greater Choices loan over five years.
For comparison, the same system on ANZ or ASB at 1% for three years costs $423/month with just $228 in total interest. Kiwibank works differently: the loan runs at its standard variable rate, offset by a $2,000 cashback paid over the first 4 years.
How we compared these options
We reviewed all major NZ banks and lenders offering loans suitable for solar installation as of August 2026. Here’s what we weighted.
Important information: The content on this page is general in nature and is not personalised financial advice under the Financial Markets Conduct Act 2013. It does not take into account your individual financial situation or goals. Interest rates and product details were verified in August 2026 but may change without notice. Always confirm current rates directly with lenders before applying. We recommend seeking advice from a qualified financial adviser before making financial decisions. Solar Scout does not receive compensation from any lenders listed on this page.
Sources and verification
Bank green loan programmes
Industry data
- WorkSafe NZ: Electrical Safety Requirements
- NZ banks have issued over $1 billion in green loans since 2022 (Newsroom, August 2025)
Last verified: August 2026. Loan terms and eligibility may change. Always confirm directly with banks before applying.
Frequently asked questions
Is there a government subsidy for solar panels in NZ?
No nationwide subsidy exists in New Zealand. However, Westpac, ANZ, ASB and BNZ offer green loans with subsidised rates (0-1%) specifically for solar panel finance as of August 2026, and Kiwibank pays a $2,000 cashback. This is effectively a bank-funded subsidy as they want to lend for green home improvements.
Can I pay monthly for solar panels in NZ?
Yes. Bank green loans are repaid monthly, over 3 to 5 years at the 0 to 1% banks and 7 to 10 years at Kiwibank. A $15,000 system costs about $250 to $425 a month on a 0 to 1% loan. Your power savings can cover much of that from the first month, and once the loan is paid off they're all yours.
What is the 20% equity rule for solar loans?
Most bank green loans are mortgage top-ups, which require at least 20% equity in your home. This means your mortgage balance must be less than 80% of your home's value. Kiwibank does not publish an equity minimum for its Sustainable Energy Loan (standard variable rate, $2,000 cashback, Kiwibank mortgage required), so ask them directly. Personal finance is another option, though rates are higher.
Which bank has the best solar loan in NZ?
It depends on who you already bank with. Westpac costs the least in interest: 0% for 5 years on up to $50,000, if you have 20% equity and at least $150,000 of other Westpac home lending. For larger systems ($50k-$80k), ANZ, ASB and BNZ offer 1% for 3 years. Kiwibank works differently: its loan runs at the standard variable rate with a $2,000 cashback (as of August 2026).
What kind of installer does a green loan need?
Every bank wants the quote from a qualified installer. ANZ and Kiwibank go further and ask for a SEANZ member company. Westpac, ASB and BNZ accept a qualified business that installs solar as part of its normal work. If you're with ANZ or Kiwibank, tell your installer before they quote.
Can I get solar panels with no deposit in NZ?
Green loans don't require a cash deposit as the loan covers the full system cost. But you do need home equity (typically 20%). Personal finance options like Q Card accept no deposit and no equity, but charge much higher interest rates (25%+ after promotional periods).
How long does it take to pay off solar panels in NZ?
On a 0 to 1% green loan, most homeowners pay off their system in 3 to 5 years. While the loan runs, your power savings cover much of each repayment. Once it's paid off, the savings are all yours for another 20+ years.
What happens after the green loan fixed period ends?
Westpac's 0% loan must be repaid in full within its 5 years. At ANZ, ASB and BNZ, the 1% period ends after 3 years and the loan moves to the bank's standard floating rate, or you can re-fix. We recommend paying off the loan within the fixed period. If that's not possible, you can refinance at that point.
What to do next
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