Solar Panel Finance NZ: Compare All 5 Bank Green Loans (2026)
Most Kiwis don't pay cash for solar and you don't have to either. Compare NZ's 5 bank green loans (as of Jan 2026) to find the best deal on financing your system.
SolarScout TeamKey Takeaways
NZ's major banks offer green loans at 0-1% interest for solar panels as of Jan 2026. Westpac leads with 0% for up to $50,000 over 5 years (as of Jan 2026). Most homeowners save more per month on power than their loan repayment—making solar effectively cash-flow positive from day one.
- 1Four of NZ's five major banks offer green loans for solar at 0-1% interest as of Jan 2026. Kiwibank's option sits around 8.5%.
- 2Westpac's Warm Up Loan is best for most Kiwis. You get 0% interest for 5 years on up to $50,000 (as of Jan 2026).
- 3Most green loans require 20% home equity and a quote from a SEANZ-certified installer.
- 4There is no government subsidy for solar in NZ. These bank rates are effectively the subsidy.
- 5A $15,000 system with Westpac 0% costs about $250 per month over 5 years (as of Jan 2026). Zero interest.
Solar Finance Calculator
Example: $15,000 system with Westpac 0% (as of Jan 2026)
$250
Monthly payment
$0
Total interest
$15,000
Total cost
Interactive calculator coming soon
Compare at a glance
Tap any bank for full details
Rates as of January 2026
Bank-by-bank breakdown
Full details on each lender including eligibility requirements, worked examples, and direct links to apply.
Westpac Warm Up Loan
0%
$50,000
5 years
5% p.a.
Why we like it
Zero percent for five years. Not a teaser rate, the real deal.
What's good
- Zero interest for full 5 years
- Longest interest-free term available
- No establishment fee
Worth knowing
- •Lower maximum ($50k) than other banks
- •Must be existing Westpac customer
Eligibility requirements
- Existing Westpac mortgage
- Minimum 20% home equity
- Quote from SEANZ-certified installer
- Quote less than 90 days old
The maths
$15,000 system = exactly $15,000 repaid. $250/month for 5 years. No interest.
ANZ Good Energy Home Loan
1%
$80,000
3 years
Floating or fixed (your choice)
Why we like it
Higher limit, slightly higher rate. Good for bigger installations.
What's good
- Higher maximum ($80k) for larger systems
- Choose floating or fixed rate after term
Worth knowing
- •1% vs Westpac's 0%
- •Shorter 3-year term
Eligibility requirements
- Existing ANZ mortgage
- Minimum 20% home equity
- Quote from SEANZ-certified installer
The maths
$15,000 system is about $15,228 total. Around $423/month for 3 years. $228 interest.
ASB Better Homes Top-Up
1%
$80,000
3 years
Floating
Why we like it
Similar to ANZ. Pick based on who you already bank with.
What's good
- Higher maximum ($80k)
- Generally quick processing
Worth knowing
- •1% vs Westpac's 0%
- •Stricter quote expiry (60 days)
Eligibility requirements
- Existing ASB mortgage
- Minimum 20% home equity
- Quote from SEANZ-certified installer
- Quote less than 60 days old
The maths
$15,000 system is about $15,228 total. Around $423/month for 3 years. $228 interest.
BNZ Green Home Loan Top-Up
1%
$80,000
3 years
8.69% floating
Why we like it
Standard 1% green loan. Post-term rate is higher than others.
What's good
- Higher maximum ($80k)
- Flexible terms
Worth knowing
- •Higher post-term rate (8.69%)
- •1% vs Westpac's 0%
Eligibility requirements
- Existing BNZ mortgage
- Minimum 20% home equity
- Quote from SEANZ-certified installer
The maths
$15,000 system is about $15,228 total. Around $423/month for 3 years. $228 interest.
Kiwibank Sustainable Energy Loan
~8.5%
No maximum
7-10 years
Rate stays the same
Why we like it
The backup plan. Higher rate, but no 20% equity requirement.
What's good
- No 20% equity requirement
- No maximum loan amount
- $2,000 cashback over 4 years if borrowing >$5,000
Worth knowing
- •Much higher rate (~8.5%)
- •Significantly more interest paid overall
Eligibility requirements
- Kiwibank customer
- Quote from SEANZ-certified installer
- No minimum equity required
The maths
$15,000 system over 7 years is about $19,500+ total. Considerably more expensive than green loans.
ASB Rural SMART Solar Loan
0%
$150,000
5 years
TBC
Why we like it
Zero percent, massive limit. But only for rural properties.
What's good
- 0% interest like Westpac
- Highest maximum ($150k) for large installations
- 5-year term
Worth knowing
- •Rural properties only
- •Must deal with ASB Rural division
Eligibility requirements
- Rural property (farm, orchard, lifestyle block)
- Existing or new ASB Rural customer
- Contact ASB Rural directly
The maths
$50,000 farm system = exactly $50,000 repaid. Zero interest over 5 years.
Contact ASB Rural directly
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 often exceed your loan payments from day one.
| Factor | Paying cash | Financing (0-1%) |
|---|---|---|
| Total cost (example) | $15,000 | $15,000-$15,500 |
| Upfront outlay | 100% | $0 deposit |
| Payback period | 5-6 years | 5-7 years |
| Cash flow impact | Large one-time hit | Small monthly payments |
| Opportunity cost | Money tied up | Cash free for other uses |
Total cost (example)
Upfront outlay
Payback period
Cash flow impact
Opportunity cost
Our take
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 often exceed your loan payments from day one.
How we compared these options
We reviewed all major NZ banks and lenders offering loans suitable for solar installation as of January 2026.
Interest Rate & Total Cost
Eligibility Requirements
Application Speed
Lender Reputation
Flexibility & Terms
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 January 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. SolarScout does not receive compensation from any lenders listed on this page.
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Sources & Verification
Bank Green Loan Programs
Industry Data
- SEANZ — Sustainable Energy Association of NZ(installer certification requirement)
- NZ banks have issued over $1 billion in green loans since 2022(Newsroom, August 2025)
Last verified: January 2026. Loan terms and eligibility may change — always confirm directly with banks before applying.