One of the major barriers to uptake of renewable energy in homes is the high initial cost. To address this, Kiwibank initiated a Sustainable Energy Loan programme, which provides $2,000 towards the cost of a renewable energy system over four years.
Any energy system that is professionally installed and creates energy from renewable resources can qualify, including solar, wind, geothermal and small-scale hydro, providing that extra little bit of help for people to make the shift.
The loan is designed to generate a “win-win-win” situation for householders, the renewable energy industry and Kiwibank. The loan is primarily marketed through the Sustainable Electrical Association New Zealand (SEANZ), providing SEANZ members with new customers, while also providing householders with high quality assurance with regards equipment and installation.
As Kiwibank’s first “green” product, the bank is gaining an increased understanding of the sustainability market, which will help it to design better products and services in the future.
Kiwibank was a finalist in the Renewables Innovation category of the 2013 NZI National Sustainable Business Network Awards.