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Solar panel finance

Get the funds you need to finance a new solar system for your home.

The Lending People - Personal Loan

The Lending People - Personal Loan logo

From 6.95% p.a.

Secured and Unsecured loans

  • Borrow up to $75,000
  • Min. loan amount: $2,000
  • Loan term: 1 to 7 years
  • Broker fee of $195 - $995 depending on size and type of loan.
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Solar power systems harness clean energy from the sun to power your home. Installing solar panels is an admirable way to help the environment and save money on your power bills, but at the same time they don’t come cheap.

This guide takes you through the solar panel finance options available to help you get the renewable energy you want at home.

Loans you can use to fund solar panels

Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Establishment Fee
Kiwibank Unsecured Personal Loan
9.95% - 18.95%
$2,000
$70,000
6 months to 7 years
$0
$240
Eligibility: Be 18+, an NZ citizen/permanent resident, and have a stable income. Ts&Cs apply.
Unsecured personal loans from $2,000
100% ONLINE
The Lending People Personal Loan
6.95% - 26.95%
$2,000
$75,000
1 to 7 years
$0 - $10 depending on lender
$50 to $695 depending on lender
Eligibility: Be 18+, an NZ citizen or permanent resident, in employment and earning at least $500 per week.
Secured and unsecured loans of up to $75,000 from a variety of reputable lenders.
Harmoney Unsecured Personal Loan
6.99% - 19.99%
$2,000
$70,000
3 or 5 years
$0
$150
Eligibility: Be a NZ resident/citizen and have a good credit score.
Apply for an unsecured personal loan up to $70,000 with no early repayment fees.
FROM 6.99%
The Co-operative Bank Unsecured Personal Loan
6.99% - 19.99%
$3,000
$50,000
6 months to 5 years
$0
$200
Eligibility: Be 18+, an NZ citizen/permanent resident, or have a valid work visa.
Floating-rate, unsecured personal loans from $3,000.
Lending Crowd Personal Loan
5.03% -19.30%
$2,000
$200,000
2, 3 or 5 years
$0
$200 - $500 depending on the amount borrowed
Eligibility: Be a NZ resident/citizen and have a good credit score.
Secured and unsecured personal loans from $2,000 to $200,000. 100% online with no paperwork or early repayment fees.
Nectar Unsecured Personal Loan
8.95% - 29.95%
$1,000
$25,000
6 months to 4 years
$0
$240
Eligibility: Must be 18+, an NZ citizen or permanent resident, have an income of $400 per week or more (after tax) and a stable credit history.
Unsecured loans from $1,000 with payouts made within one day of approval. Applications entirely online.
Save My Bacon Unsecured Flex Loan
49.95%
$1,000
$5,000
8 - 52 weeks
$4
$50
Eligibility: Be 18 or over, have an income of at least $400 per week and be a NZ citizen, permanent resident or have a valid work visa.
Medium-term unsecured loans from $1,000 to $5,000 with no hidden fees.
Gem Secured Personal Loan
6.99% -18.99%
$2,000
$70,000
6 months to 7 years
$0
$240
Eligibility: Be 18+, a permanent NZ resident and earning a stable income.
Secured personal loans with weekly, fortnightly or monthly repayment schedules and no fees for early repayment.
Max Loans Secured Personal Loan
6.99% - 29.95%
$1,000
$100,000
1 - 7 years
$0 to $10 depending on lender
$195 to $1,500 depending on lender
Eligibility: Be 18+, an NZ citizen/permanent resident, and have an income of least $400 per week.
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Compare up to 4 providers

What’s the best way to finance solar panels?

There are several options available to help you finance solar panels, but the best one for you depends on your financial situation. You can choose from the following finance arrangements:

How much do solar panels cost?

A few main factors influence the cost of installing a solar power system:

  • The size of the system
  • The solar power rebate that applies
  • The quality of the solar panels you choose
  • Installation costs (these can vary based on any constraints or restrictions at your property)

Solar power installation costs have dropped dramatically in New Zealand in the last decade. A standard-sized solar system of 3kW, which includes Ten 300W panels, will set you back approximately $9,000 fully installed.

How can I compare my solar panel finance options?

Make sure to consider the following factors when comparing your finance options:

  • Fees. Remember to check the fine print for upfront fees, such as establishment and application fees, as well as any ongoing costs that apply. These can have a significant impact on the total cost of finance.
  • Interest. Compare the interest rates available from different finance providers to find the lowest one available. Remember to make sure you compare variable rates with variable rates and fixed rates with other fixed rates.
  • Repayment schedule and amount. How much is the regular repayment amount and how often do you need to make repayments? What is the total cost over the life of the loan or lease?
  • Repayment flexibility. If you come into extra cash, can you make additional repayments without incurring fees? Can you pay the loan off early without penalty?
  • Loan amount. Check the minimum and maximum limits that apply to be sure you can borrow as little, or as much, as you need.
  • Security. Do you need to offer an asset as security for the loan, or does the provider offer the finance on an unsecured basis?

A quick guide to choosing a solar panel system

There are three types of solar system available:

  • Grid-connected solar systems. Grid-connected systems allow you to avoid energy storage costs by letting you feed unused energy from your home solar system directly into the power grid. You then receive a feed-in tariff from your electricity retailer, which also means you have the flexibility to access traditional power from the grid whenever you need.
  • Off-grid solar systems. Ideal in remote areas where there is only limited (or even no) utilities available, off-grid systems mean you can completely generate power and don’t have to rely on an outside utility provider. However, you need to cover the extra cost of batteries and/or other energy storage devices, and as storage space is limited, you may waste unused energy.
  • Hybrid solar systems. These systems allow you to store the excess energy you create yourself, rather than feeding it into the power grid. However, they also allow you to access power from the network in periods of high energy use or when there is limited sunlight available.

To find the best system for you, you need to consider a range of factors. These include: Where you live; the size of your home; your energy requirements; the tilt of your roof and even the shade around your property.

Once you know the type of system you want or need, it’s essential to compare your options to find the best deal.

Am I eligible for finance?

Eligibility criteria differ depending on the type of finance you choose. To qualify for finance to use for solar power, you will need to meet the following requirements:

  • Be 18 years or older
  • Be a New Zealand citizen or permanent New Zealand resident

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