With a Westpac Warm Up loan you can now get up to $10,000 interest free for 5 years to invest in solar.
We have teamed up with Westpac as a SEANZ member to help customers make improvements to their home with solar* with an interest free loan. Helping kiwi’s invest in their future energy security.
Lets look at a typical example of how the loan could be used.
A recommended system comprising of 10 Jinko Solar panels, with a 3.0kW high end Fronius inverter.
By absorbing sunlight with photovoltaic cells, these panels will generate direct current (DC) energy and then via the inverter convert it to usable alternating current (AC) energy, this energy then flows through the home’s electrical panel and is distributed accordingly.
So what are the benefits?
- This system should reduce your energy bill by over $1,445 a year. This will only increase as energy prices rise
- This system that should generate up to 4,252kWh a year. That’s equivalent to running an electric oven 24 hours a day for 89 days.
- Using the energy from the sun should save 468Kg/yr of CO2. That’s the equivalent CO2 savings of driving from Wanaka to Auckland 2 time(s).
With savings on your electricity bill you would only need to top up your repayments by $559 for 5 years to pay off the system.
That means a further 20 years for FREE solar generation!
Lets look at the numbers in more detail…
- Electrical output prediction is site dependent – we have based this on array orientation, inclination and shading effects.It should not be considered as a guarantee of performance.
- We have assumed 80% electricity generated is used on the premises, with electricity cost being $0.34kWh and exported power being paid at $0.09kWh.
- Based on standard assumption for electricity displaced from grid of 0.110 kg CO2 per kWh
What you need to know about Westpac Warm Up
- Westpac Warm Up is an interest free loan. The maximum loan amount is $10,000 and the maximum loan term is 5 years.
- You need to have an existing or new Westpac home loan and meet standard lending criteria.
- You require over 20% equity in your owner-occupied home or 30% in your investment property.
- No application or establishment fees apply.
- You can make lump sum payments and pay off earlier without penalties.
- You can only have one Westpac Warm Up loan at any given time.
*other home improvement technologies are available.
Haven’t found the answer to your question? Don’t worry, we have more FAQs available.
If you are interested in installing solar panels and using the Westpac Warm Up Loan then fill out the form below and one of our team will get in touch with you to see how we can help.