Guide to ANZ’s 1% Good Energy Home Loan

Bottom line up front: ANZ's Good Energy Home Loan lets eligible existing ANZ home loan customers borrow up to $80,000 at a fixed 1% p.a. interest rate for three years, with the money ring-fenced for energy-efficient upgrades, including rooftop solar PV, batteries, EV chargers, heat pumps and insulation. You apply through ANZ as a top-up to your existing home loan, supply quotes or invoices from approved suppliers, and the loan is repaid alongside (or in parallel with) your main mortgage. For a typical Kiwi household installing a 6 kW solar + battery system, this can mean repayments that are dramatically lower than the equivalent cash-equivalent finance, and the system effectively pays for itself faster. Below: how to qualify, what counts, how repayments work, and where ANZ's offer sits against BNZ, Westpac, Kiwibank and Co-operative Bank.

This guide is written for ANZ home loan customers who are weighing up whether to use the Good Energy Home Loan to fund a solar installation. We'll walk through eligibility, the application steps, repayment maths, and the small print most installers won't mention. If you bank elsewhere, the same logic broadly applies (most major NZ banks now offer something similar), and we'll point you to our comparison tool at the end.

What the ANZ Good Energy Home Loan Actually Is

The Good Energy Home Loan is a top-up to an existing ANZ home loan, capped at $80,000, at a discounted fixed rate of 1% p.a. for a three-year fixed term. It is not a personal loan and it is not a standalone product. You must already hold (or be in the process of taking out) a home loan with ANZ secured against your property.

The product is designed by ANZ to help homeowners fund energy-efficient and emissions-reducing upgrades. It launched in late 2021 and has been one of the more genuinely consumer-friendly green finance products in the New Zealand market. After the three-year fixed period at 1%, the loan rolls onto ANZ's standard home loan rates.

For full and current product terms (rates and conditions can change), always cross-check with ANZ directly at anz.co.nz/good-energy. The figures in this article reflect ANZ's published terms as at the time of writing.

What you can use it for

• Solar PV systems (panels, inverters, mounting, install labour)
• Home batteries (LiFePO4 residential storage)
• EV chargers (hard-wired home wall units)
• Heat pumps (for space heating, hot water, or ducted systems)
• Double glazing and insulation upgrades
• Ventilation systems (positive-pressure, HRV-style)
• Rainwater tanks and grey-water systems

If your installer's quote bundles several of these (say, solar + battery + EV charger), the whole bundle is generally eligible up to the $80,000 cap. This makes it particularly powerful for households doing a "whole-home electrification" upgrade in one go.

Who Qualifies: The Eligibility Checklist

ANZ's eligibility is pretty straightforward, but there are five hurdles you need to clear before the bank will release funds.

1. You hold an ANZ home loan

This is the dealbreaker. The Good Energy product is a top-up against existing security, meaning your house. If you bank with Kiwibank or BNZ, you can't access this specific product (though you can switch to ANZ, or look at the equivalents we cover further down).

2. You have available equity

ANZ will lend on standard home loan principles. That generally means your total lending (existing mortgage + the top-up) must sit within ANZ's loan-to-value ratio (LVR) limits, typically 80% of your property's current value for owner-occupied homes. If you bought your home five years ago and prices have moved, this is usually not an issue. If you're highly leveraged, ANZ may request a valuation.

3. You meet servicing

The bank still needs to be confident you can service the additional repayments. Servicing is tested at a notional "stressed" interest rate (well above the 1% promotional rate) to make sure you'd cope if rates rose. A typical $40,000 top-up adds a manageable amount to monthly outgoings for most established households, but it's not automatic.

4. The work must be quoted by an appropriate supplier

ANZ will want to see a written quote or invoice from the installer naming the equipment and labour. They are checking that the funds genuinely go toward eligible upgrades and not, say, a new kitchen. For solar, this means a quote from a registered electrical contractor (your installer's electrician must hold a current EWRB practising licence).

5. The drawdown must be for the eligible purpose

ANZ typically releases funds either:

(a) directly to the supplier on production of the final invoice, or

(b) to your ANZ account, with documentation that the funds were spent on the approved project.

You can't just take the $80,000, install $20,000 of solar, and pocket the rest. The bank reconciles drawdowns to invoices.

The Loan Limits and Repayment Structure

Here's where the maths starts to favour the homeowner significantly.

Maximum top-up

The cap is $80,000 per property. This is more than enough to cover a high-end residential solar + battery system. A premium 8 kW solar setup with a 13 kWh battery in 2024-2025 typically lands in the $25,000-$40,000 range installed, leaving plenty of headroom for heat pumps, EV chargers, or insulation in the same package.

Rate and term

• Rate: 1.00% p.a. fixed
• Fixed term: 3 years
• After fixed term: rolls onto ANZ's standard variable or available fixed home loan rates
• Repayment style: table loan (principal + interest), same as a standard home loan

How repayments actually work

The Good Energy top-up sits alongside your existing home loan as a separate "split" on your loan account. You'll see it on your ANZ statement as its own line. Repayments are typically calculated over a term that you nominate (often matched to your remaining mortgage term, but you can elect a shorter payback period to clear it faster).

Let's run a realistic example. Say you borrow $35,000 for a 6.6 kW solar system with a 10 kWh LiFePO4 battery in Hamilton. At 1% p.a. over a 10-year repayment schedule, the monthly repayment is approximately $307 per month. Total interest paid over the 3-year fixed period: roughly $920.

Compare that to the same $35,000 borrowed on an unsecured personal loan at, say, 12% p.a. over 10 years: monthly repayments balloon to around $502, and the interest cost over three years alone is closer to $9,800. That's a real, measurable difference of about $2,300 per year in your back pocket. To model your specific scenario, run the figures through our Green Finance Qualifier Tool.

After the three years: what happens?

This is the bit that doesn't get talked about enough. After the 1% fixed period ends, the loan rolls onto ANZ's standard home loan rates, which are typically the same rates as the rest of your mortgage. You can refix, float, or restructure as you wish.

If you've used the three years of low rates wisely to make extra repayments, you can clear a meaningful chunk of the principal before the rate normalises. We'd strongly suggest treating the 1% period as a window to over-pay, not under-pay.

Step-by-Step: How to Apply

Step 1: Get your solar quotes first

Before you talk to the bank, you need a written quote. The bank can pre-approve you in principle, but the formal drawdown is tied to the invoice. We recommend getting at least three quotes from vetted installers, which is the whole reason our free quote-matching service exists. Quotes should itemise panels, inverter, battery (if applicable), mounting, labour and warranties.

Step 2: Talk to your ANZ Mobile Mortgage Manager or branch

Phone ANZ or book an appointment online. Tell them you want to apply for a Good Energy Home Loan top-up on your existing mortgage. They'll typically ask for:

• Recent payslips or business income evidence
• A copy of the installer's quote
• Confirmation of any other debts (credit cards, car loans)
• Your current home loan account number

Step 3: Servicing and approval

ANZ runs the servicing test. If you sit comfortably, approval typically comes back within a week or two. They may, in some cases, request a registered valuation if your LVR is tight, but in most established mortgages this is skipped.

Step 4: Sign the loan variation

You'll sign a loan variation document that adds the top-up split to your existing loan. The 1% fixed rate locks in from the drawdown date, not the approval date.

Step 5: Drawdown on installation

Once your installer completes the work and issues a final invoice, ANZ pays out the funds, either directly to the installer (cleanest option) or into your account for you to settle. The 3-year fixed clock starts ticking from this drawdown date.

What This Means for You (By Persona)

The ROI Pragmatist

The maths here is genuinely strong. The interest saving over three years on a $35,000 system versus market personal-loan rates is roughly $6,000-$8,000. Combined with the lifetime energy savings from solar (typically $1,800-$2,800 per year for a well-sized system in most NZ regions, per EECA's solar guidance), payback periods that previously looked marginal can become comfortably attractive. For the full picture on whether the numbers stack up, see our analysis on whether solar panels are worth it in NZ.

The Tech-Savvy Optimiser

The $80,000 cap is the key here. It allows you to fund a properly engineered system the first time: a hybrid inverter (Sungrow, Fronius Gen24, or Goodwe), a decent battery (BYD Premium, Tesla Powerwall, or a Sungrow SBR), an EV charger, and even a smart energy management system, all in one package. The bank doesn't care how you split the spend within the eligible categories.

The Eco-Conscious Family

The 1% rate makes the morally satisfying choice also the financially sensible one. A solar + battery + heat pump package, funded at near-zero real cost (1% is below the rate of inflation in most economic scenarios), genuinely locks in lower living costs for your family for 25 years while removing meaningful emissions. The current cost-of-living squeeze is real, and this is one of the few products that addresses it without trade-offs.

Common Pitfalls: What Installers and Brokers Won't Tell You

The Good Energy Home Loan is a strong product, but there are some traps to watch for.

Installers who quote high. Some installers know which banks offer green finance and quietly inflate quotes because they assume you're not paying out of pocket. Always benchmark the quote against current cost-per-watt figures for NZ solar installations before signing. If your quote is significantly above $2.20-$2.80 per watt installed for a standard residential job, ask why.

Loan term mismatch. ANZ defaults the repayment term to match your existing home loan term, sometimes 25 or 30 years. At 1%, that's fine, but at post-fixed rates it could mean you're paying off solar panels long after they're due for replacement. We recommend a 10-15 year term, which still keeps repayments very manageable.

Drawdown timing. The 1% fixed rate locks in from drawdown, not from approval. If your installer is six months out, that's six months of your three-year window evaporated. Time your application close to installation.

Subscription "alternatives". Some households are pitched solar "subscription" models as an alternative to financing. After the SolarZero collapse, these need extra scrutiny. We've covered what happened and what the safer alternatives look like in our piece on zero-upfront-cost solar after SolarZero. With access to 1% finance, there's almost no reason to subscribe, just buy.

The product can be withdrawn. Bank green-loan products are commercial and can be paused, repriced, or withdrawn with notice. If you're seriously considering this route, don't dawdle.

How ANZ's Offer Stacks Up Against Other Banks

ANZ isn't alone here. Most major NZ banks now offer green finance for energy upgrades, though terms differ:

• Westpac Greater Choices Home Loan: up to $50,000 at a 1% rate for 5 years (longer term, lower cap)
• BNZ Green Home Loan top-up: up to $80,000 at 1% for 3 years (similar to ANZ)
• Kiwibank Sustainable Energy Loan: up to $80,000 at 1% for 5 years (matched cap, longer term)
• Co-operative Bank Sustainable Home Loan: variable terms depending on customer profile

If you're not already with ANZ, Kiwibank's 5-year fixed at 1% is arguably the most generous in market terms, while Westpac's lower cap suits smaller projects. Rates and limits change; always confirm with the bank directly. To see which products fit your situation, run our Green Finance Qualifier Tool.

Frequently Asked Questions

Can I get the ANZ Good Energy Home Loan if I'm a first home buyer?

Yes, provided you're taking out an ANZ home loan as part of your purchase, you can request the Good Energy top-up at the same time. Many first-home buyers package solar into their initial mortgage this way, which means they own their solar system from day one with very low borrowing cost.

What if I want to borrow less than $80,000?

That's fine. The $80,000 is a cap, not a minimum. Most solar-only top-ups land between $15,000 and $30,000. There's no penalty for borrowing less.

Do I need a specific installer or supplier?

ANZ does not maintain an "approved installer" list. Any reputable, properly licensed installer is fine, provided their quote clearly identifies eligible equipment and labour. We always recommend choosing from vetted installers to avoid quality and warranty headaches.

Can I include a battery or just panels?

Batteries are explicitly eligible. So are inverters, mounting, EV chargers, and most energy-efficiency upgrades. The product is designed to fund the whole electrification of a home, not just one component.

What happens if I sell my house during the 3-year fixed period?

The Good Energy Home Loan is treated like any other home loan split. If you sell, the loan is repaid from settlement proceeds. Standard ANZ break fees may apply if interest rates have moved (though break fees on a 1% loan are usually small or zero, since the bank is unlikely to be out of pocket).

Is the 1% rate guaranteed for the full three years?

Yes, once you've drawn down, the 1% rate is fixed for three years. ANZ cannot increase it mid-term. After three years, it reverts to standard rates.

Can I use the Good Energy Loan and an EECA grant or programme together?

Generally yes, though EECA's main residential programmes (Warmer Kiwi Homes for insulation, for example) are means-tested and target lower-income households. If you qualify for both, you can stack them. Confirm with EECA at eeca.govt.nz and ANZ separately.

What if my installer's quote comes in higher after the work starts?

If costs blow out, you may need to top up further (subject to LVR and servicing) or fund the overrun from savings. We'd suggest building a 5-10% contingency into your planning, and choosing installers who quote properly the first time.

Can a self-employed person get this loan?

Yes, but ANZ will want to see two years of financial statements and tax returns to verify income. The servicing test is the same as for any home loan top-up.

Where to Go From Here

The ANZ Good Energy Home Loan is genuinely one of the best green finance products in the New Zealand market right now, and for an existing ANZ home loan customer, it can transform the affordability of a solar installation. The three things to do next: confirm your eligibility with ANZ directly, get three benchmarked quotes from vetted installers so you know the system price is fair, and model the repayments against your expected energy savings so you can see the picture clearly.

For broader context on how this fits into the total cost of going solar, head back to our complete guide to the true cost of going solar in NZ. If you bank elsewhere, our Green Finance Qualifier Tool will surface the right product for you.