Which Green Energy Loan Is Right for You? Compare NZ Bank Offers for 2025

Green loans help households and businesses, fund energy-efficient projects such as solar panels, home upgrades, or electric vehicles. In New Zealand, Westpac leads for short-term, no-cost borrowing; ANZ, ASB, and BNZ suit larger flexible upgrades; Kiwibank focuses on solar quality and installer standards; Heartland stands out for EV finance; and BNZ & ANZ support business scale sustainability.

Home & Personal Green Loans at A Glance

Every bank in New Zealand has its own branded version of a green loan, but they all follow the same broad process: prove your project is genuinely eco-friendly, meet normal credit checks, show evidence of purchase, and receive a discounted rate. The government doesn’t fund these loans directly but supports them through energy-efficiency programmes and policy incentives.

Which Green Loan Is Right for You in 2025 ?

Home energy upgrade
If you’re planning to retrofit your home with solar panels, a heat pump, or an EV charger, ANZ, ASB, or BNZ are your strongest choices because they offer 1% fixed-rate top-ups for up to $80,000 over three years, combining affordability with broad coverage for most household energy projects.

Zero-interest financing
If your priority is to borrow at absolutely no cost, Westpac’s Greater Choices Loan is unmatched, offering 0% interest for up to five years, ideal for moderate projects where you can repay quickly and benefit from a truly interest-free period.

High-quality solar installations
If you want to install a solar system and ensure top workmanship, Kiwibank’s Sustainable Energy Loan stands out, it rewards you with a $2,000 cashback when using certified SEANZ installers, which guarantees long-term reliability even though the rate isn’t discounted.

Electric vehicle purchase
If your goal is to finance an EV or hybrid without tying it to your mortgage, Heartland Bank’s EV Loan is the most practical option, it’s fast, flexible, and tailored for electric vehicles, offering good variable rates for borrowers without property security.

Simple home top-up
If you already have a mortgage and simply want to fund an energy upgrade without extra paperwork, it’s most efficient to top up with your current bank (ANZ, ASB, BNZ, or Westpac), as all of them allow streamlined applications and maintain your existing home loan structure.

Small business sustainability
If you operate a small or medium enterprise investing in energy efficiency or fleet electrification, BNZ or ANZ’s business green loans are best, providing discounted margins on large credit lines (often $1–3 million) with clear sustainability reporting requirements that enhance your environmental credentials.

Green Loan Options in New Zealand: A Comparison of Bank Offers

Although each bank has its own version of a green loan, they all share the same goal, to make sustainable choices more affordable and accessible for households and businesses. The following overview outlines the key features, eligibility criteria, and benefits offered by major New Zealand banks, helping you compare which option best suits your environmental and financial goals.

BNZ Green Loan

 

• Type: Home-loan top-up for sustainable upgrades; business green/low-cost loans.
• Max Borrow: Up to $80,000 (home); business loans up to $500k.
• Interest Rate: 3-year fixed 1% p.a. (home); business rates vary.
• Term: 3-year fixed; longer term follows bank options.
• Key Conditions:
  • Standard lending criteria
  • Proof of eligible projects
  • Business offers sometimes time-limited

Coverage:

Better Future		I want to know more
Green Business loan		I want to know more

ANZ Green Loan

• Type:Home-loan top-up for energy & clean transport upgrades, business version also available.
• Max Borrow: $3,000 – $80,000 (top-up).
• Interest Rate: Special 3-year fixed rate.
• Term: Max 30 years; special rate applies first 3 years.
• Key Conditions:
  • Existing ANZ home-loan customer
  • 20% minimum equity for EVs
  • Invoices/quotes required
  • Works not started before application.

ASB Green Loan

• Type:Home energy efficiency & electric transport.
• Max Borrow: Up to $80,000 per property.
• Interest Rate: Special 3-year fixed rate.
• Term: Max 30 years; 3-year fixed period.
• Key Conditions:
  • Existing ASB home-loan customers
  • 20% equity for owner-occupiers (30% investors)
  • Invoices/quotes ≤60 days
  • Works not done prior

Coverage:

ASB Better Homes Top-Up		I want to know more
ASB Business Sustainability Loan		I want to know more

Heartland Bank Green Loan - EV Loans

• Type:Vehicle finance with EV-specific product(s) (new EVs often eligible for preferential promotional rates).
• Max Borrow:Standard vehicle finance limits apply (term typically 1–7 years depending on product). Minimum/maximum depend on the specific product and application.
• Interest Rate: Interest rates between 8.45% and 12.45% p.a., fixed for the term.
• Term: 5 years.
• Key Conditions:
  • 6 months no repayments on EV finance
  • Promotional rates typically apply to new EVs
  • Used EV finance available but may not get promotional pricing

KiwiBank Green Loan

• Type:Renewable energy, energy efficiency, low-carbon transport, green buildings.
• Max Borrow: Based on existing home-loan capacity (no fixed cap).
• Interest Rate: Variable home-loan rate. p to $2,000 cash contribution over 4 years for loans ≥ $5,000.
• Term: 7–10 years for the sustainable energy portion.
• Key Conditions:
  • Must apply at installation or as a home-loan top-up.
  • Solar PV, small hydro, wind, or geothermal systems (10-year warranty, SEANZ-certified installer).
  • Must meet installer, warranty, and Kiwibank lending criteria.

Coverage:

KiwiBank Sustainable energy loan		I want to know more
KiwiBank Sustainable business loans	I want to know more

Westpack Green Loan

• Type:Home energy efficiency & electric transport.
• Max Borrow: Up to $50,000 interest-free; business products: amounts vary
• Interest Rate: 0% interest on up to $50,000 for five years.
• Term: 5 years for both consumer and business.
• Key Conditions:
  • Available for new or current Westpac Choices home loan customers.
  • Flexibility to make lump sum payments or pay the loan off earlier without prepayment costs.
  • No establishment fee.