04 July 2022

ANZ Bank Joins the Solar Financing Party

Posted in Blog, News

Clean Energy Partners, blog post - ANZ Bank Joins the Solar Financing Party

New Zealand’s largest home loan lender ANZ launches new Good Energy Home Loan

Banking powerhouse ANZ has announced their new Good Energy Home Loan for ANZ mortgage customers, with an enticing 1% 3-year fixed rate for up to $80,000 for qualifying loan purposes (including solar energy and battery systems). Up front costs are no longer a hurdle to slashing your power bill with Solar. When reviewing this loan among today's high inflation (particularly power bills) and rising interest rate background, Solar panels are being backed as the smart way to lower your monthly outgoings.

Financing Energy Efficient Projects Continues Mainstream Accessibility

While worth noting that both KiwiBank’s Sustainable Energy Loan and Westpac’s Warm Up Loan have been around for multiple years (each with different customer incentives), ANZ’s entry into modern energy efficient project financing is a welcome addition to the residential market.

Projects to be covered include:

  • Renewable energy upgrades (Solar panels and batteries)
  • Energy efficiency upgrades (Heat pumps, insulation, double glazing, ventilation)
  • Clean transport upgrades (EV’s, hybrids, or EV chargers)
  • Sustainable water upgrades (Rainwater tanks)

ANZ’s commitment to smart energy projects is particularly notable in that it identifies these projects are significant financial undertakings for kiwi homeowners - as demonstrated by the realistic $80,000 limit. 

For Solar panels and solar batteries, a quote is to be provided by a company that’s a member of the Sustainable Electricity Association of New Zealand (SEANZ). Clean Energy Partners are pleased to see that ANZ are committed to the high standards required of SEANZ members when customers are considering a Solar investment.

Clean Energy Partners have long been proponents of adding Solar to your home loan as a pragmatic way to finance Solar energy where cash is not readily to hand. The savings from solar inevitably outweigh the interest cost, plus with the increase in value added to your home makes for a smart way to reduce your overall monthly outgoings.

The quoted fixed rate of 1% interest over three years reflects the reality that banks like Solar as an investment for your home. At the time of launching the Good Energy Home Loan, ANZ’s equivalent 3 year fixed rate mortgage was 5.99%. The 4.99% discount reflects the value banks put on the sound nature of a Solar investment. This makes sense as when your monthly outgoings (electricity bill) is drastically reduced with Solar, the bank’s risk of you defaulting on mortgage repayments is equivalently reduced. With lower risk comes sharper pricing from the bank, which is what we see here. 

The 1% annual rate is also notable in today’s rising interest rate and high inflation environment. Being offered the opportunity to fix for 3 years for up to $80,000 will be a welcome sight to kiwis faced with uncertainty and costs increasing by the day.

With inflation currently at 5.9% annually and rising, this 1% interest rate essentially means you will be paying less for your investments in ‘real’ terms for as long as annual inflation is higher than 1%. 

How does this offer stack up?

When comparing against KiwiBank’s Sustainable Energy Loan and Westpac’s Warm Up Loan, we make the following observations:

Comparison (as at 4 July 2022)

ANZ Good Energy Loan

KiwiBank Sustainable Energy Loan

Westpac Warm Up Loan

Upper Limit


None stated


Lower Limit

None stated


None stated

Interest rate

1% p.a. fixed (3 years)

Floating (currently 5.50% p.a.

Interest free for 5 years

Bank contribution to you


$2,000 over 4 years


Other fees

None stated

None stated

None stated

SEANZ supplier required for Solar?



Not stated

In summary, while KiwiBank’s $2,000 contribution is a difficult sweetener to look past, ANZ’s $80,000 limit and Westpac’s interest free for 5 years offers are also generous.

Ultimately, whether these Solar loans in themselves are enough to sway your preference of bank is down to your individual circumstances. In many cases, they will be considered in light of your overall finance package, which needs to remain competitive.

What does ANZ’s Good Energy Home Loan mean for homeowners considering Solar?

ANZ’s Good Energy Home Loan reduces another barrier to taking the step towards saving with Solar. While many people remain on the fence when it comes to investing in Solar, a 1% interest rate is going to make financial sense for the vast majority of homeowners. Up front costs are no longer a hurdle to slashing your power bill with Solar.

The $80,000 upper limit gives head room for an overhaul of your ‘whole of home energy’ needs. This includes your vehicle fuel, water / home heating and general electric needs.

If your petrol / diesel vehicle is up for replacement soon (or you are baulking at the bowser), Solar is a very cost effective way to take this fuel pump pain away. Between charging from your own generated Solar energy or your power company’s free power deals (we love Contact’s Good Nights plan with 3 hours free from 9pm-midnight), you can drive your EV for free! Coupled with the savvy Catchpower hot water diverter to heat your hot water for free, these battery sources usually do away with the presumption of needing a home battery in your Solar system. 

Excuses are quickly running out for those who think Solar is not feasible. 

As a proud member of SEANZ, Clean Energy Partners are able to help you make the most of your ANZ Good Energy Loan. Get in touch to find out how we can improve your 'whole of home energy' system.

Discover the freedom of generating and consuming your own renewable solar energy