Your bank can help you improve your hot water.
All major banks offer cheap Green Home Mortgage top ups. These loans can help you purchase energy efficient home improvements from heating to insulation, electric vehicles and solar PV. Westpac offers 0% over 5 years, most offer 1% over 3 years and most have no application fees. At the end of the term the balance normally reverts to a floating rate, so the key is to get it paid off before that happens.
Why do they offer this?
They want to help their customers save money long term by becoming more efficient. The benefit for both homeowners and the banks is that their biggest asset is being invested in and maintained.
Why should you consider?
This is a great way for homeowners on low pressure to upgrade to mains pressure hot water, improving their hot water, and energy efficiency. Options available are:
- Replacing gas hot water
- Installing a hot water heat pumps
- Adding solar direct hot water
These loans mean upgrading from low pressure to mains pressure hot water has never been easier.
I’ve already got mains pressure hot water – does this suit me?
Absolutely, if you already have mains pressure hot water (cylinder or gas) you can still benefit from these finance options. You might want to move your hot water cylinder outside, make that a heat pump cylinder or solar hot water and your bank is likely to help.
What makes it energy efficient or green?
On average a standard hot water cylinder can account for 35% (or more!) of your home’s power consumption. Hot water heat pumps on average draw 1kW of power and create 3.5kW of power. This means you spend less on getting the same amount of hot water. As a result your energy demands are lower. If you consume less energy your carbon footprint is lower, making your home greener and your monthly power bill cheaper.
How do you apply?
For more information, start with this article – https://www.banked.co.nz/green-energy-loans-and-grants-guide.
Then talk to your bank to confirm eligibility (e.g. you must have more than 20% equity in your home). Most of our customers seem to find the process easy and receive approval within 5 days of quote and application submission.
Book a free consultation
We work alongside you to understand what you want and need from a hot water system. That can include your usage, the size of your household, your budget, and your future plans.
BOOK YOUR HOT WATER CONSULT NOW