String Inverters vs Microinverters – what do you need to know?
February 24, 2025
At Garden City Solar, we believe that every Kiwi should have access to clean, renewable energy—without being held back by upfront costs. While solar power systems can deliver serious long-term savings, the initial investment can feel like a hurdle. The good news? Green loans are making it easier than ever for homeowners to make the switch to solar.
Whether you’re considering a full solar installation or just looking to reduce your energy bills and carbon footprint, here’s what you need to know about green loans and how they can help you go solar—sooner.
What is a Green Loan?
A green loan is a type of financing specifically designed to support sustainable upgrades to your home. In the solar space, this often means topping up your existing mortgage with a low or even zero-interest loan to fund the purchase and installation of a solar power system.
Green loans are now widely offered by major NZ banks—including ANZ, ASB, BNZ, Westpac and Kiwibank—each with slightly different terms and benefits. Let’s break down the most common options.
Green Loan Options from NZ Banks
1. ANZ Good Energy Home Loan
Borrow up to: $80,000
Interest rate: 1% p.a. fixed for 3 years
Key conditions: Must use a SEANZ member for your solar quote (good news: Garden City Solar is one!)
Ideal for: Homeowners ready to invest in solar and batteries with maximum support from a major lender.
2. ASB Better Homes Top-Up
Borrow up to: $80,000
Interest rate: 1% p.a. fixed for 3 years
Key conditions: Your quote or invoice must be no more than 60 days old and from a SEANZ member.
Great if: You’re planning your solar upgrade soon and already bank with ASB.
3. Westpac Greater Choices Home Loan
Borrow up to: $50,000
Interest rate: 0% for up to 5 years
Key conditions: Invoice must be under 90 days old; must use a SEANZ member.
Standout feature: No interest at all. A very affordable way to fund your solar journey.
4. BNZ Green Home Loan Top-Up
Borrow up to: $80,000
Interest rate: 1% p.a. fixed for 3 years
Key conditions: Quote must come from a SEANZ member.
Perfect for: BNZ customers wanting to make sustainable upgrades quickly and simply.
5. Kiwibank Sustainable Energy Loan
Interest rate: Variable (standard home loan rate)
Extra benefit: Up to $2,000 contributed by Kiwibank over four years
Key conditions: Must borrow $5,000+ and already have a Kiwibank home loan
Unique angle: A great option if you’re already with Kiwibank and want a longer loan term (7–10 years).
Don’t Have a Mortgage? Here Are Other Options
If you’re not eligible for a green loan top-up, personal loans and retail finance options are also available—but proceed with care.
Some providers like Q Card or Gem Visa offer short-term interest-free deals. These can work if you’re confident you can pay the balance off during the interest-free period. But after that, interest rates can jump to 20–26% p.a.—which could erode your energy savings.
We recommend always reading the fine print and comparing loan structures before committing. If in doubt, talk to us—we’re happy to help you assess your options.
Why Finance Solar at All?
Investing in solar is not just about saving on power bills—it’s about taking control of your energy future. With power prices continuing to rise across New Zealand, installing solar now means locking in long-term savings, gaining energy independence, and reducing your household’s carbon footprint.
Thanks to green loans, you don’t have to wait. You can start benefiting from lower energy bills today, while paying off your system over time—at an interest rate that makes sense.
Work With a Trusted SEANZ-Accredited Installer
To qualify for most green loans, your solar provider must be a SEANZ member. Garden City Solar is proud to be part of this trusted network. It means we meet strict industry standards, back up our work with solid warranties, and can provide the paperwork you need to secure finance.
Ready to Explore Your Solar Finance Options?
At Garden City Solar, we’re more than just installers—we’re here to help you understand the full picture, from product choices to smart financing. Whether you’re considering a green loan, a personal loan, or simply want to explore if solar is right for your home, we’re here to guide you every step of the way.
Get in touch today for a no-obligation quote or a chat about your solar goals. Let’s power a brighter future—together.