Financing A Solar Power System Purchase
In the long-term, solar power systems will save any home in New Zealand considerable amounts of money, financing is one way that might help the burden of the up front cost of the system and its installation.
Most solar power installation companies offer financing arrangements through third parties such as Q Card. Always be sure to do your own calculations to make sure it’s worthwhile. Companies like Q Card often have deals where you don’t have to pay interest on your first year, but from the second year onwards interest creeps up to around 25%. And…don’t forget the annual fees. Read more here on our opinion of financing a solar power system with Q Card.
Most people will find that financing will work as long as you can pay off the system within a few years, if left much longer the benefit of lower power bills might be outweighed by the cost of interest.
Kiwibank have a ‘Sutainable Energy Loan’ program whereby you can add a loan for a solar power system on your mortgage and Kiwibank will contribute $2,000 over 4 years towards the cost of the system. This program is limited, as you must get your solar power system installed by a company that is a SEANZ member.