Solar just became a 2026 election issue

Labour and National have both promised to help New Zealanders pay for solar without the big upfront bill. Here's exactly what each is offering, how they differ — and whether it changes anything if you're thinking about solar right now.

Should you wait to go solar? Quick answer

Neither policy exists yet — you can't apply for either one today. Both SolarSaver and the Home Energy Fund are election promises, not current law or funded programmes. Whether either happens at all depends on who wins on 7 November 2026, and even then both would need legislation and set-up time before a single loan or subsidy is paid out.

Finance you can access today

You don't have to wait for either party's scheme to exist. Several NZ banks already offer dedicated solar loans, and on interest rate alone, they currently beat what either party is proposing. Full details and links: mysolarquotes.co.nz/about-solar-power/residential/financing-solar

Current low- and zero-interest bank loans for solar power in New Zealand (updated July 2026)

Most of these are mortgage top-ups, so you'll typically need an existing mortgage and 20%+ equity. Personal loans and “interest-free” finance from providers like Q Card also exist, but rates typically jump to around 26% p.a. after the first year, so these are best avoided unless you can clear the balance within the interest-free period.

So is a bank loan really cheaper than National's proposal? We checked.

Short answer: on interest rate, yes — by a wide margin, though it's not a perfect apples-to-apples comparison. Here's what we found:

• National hasn't announced a rate: The Home Energy Fund policy says loans would be offered at “low-interest” or “competitive” rates because they'd be secured against the property and backed by Crown and council balance sheets — but no actual percentage has been published.
• Its own model gives a clue: National's fund is explicitly based on the Ratepayer Assistance Scheme (RAS) designed by Local Government NZ and Rewiring Aotearoa. LGNZ describes RAS rates as roughly 1–2.5 percentage points below the average floating mortgage rate, and Rewiring Aotearoa's own published modelling used an illustrative example of about 4–4.5%, based on a 5.5% mortgage rate at the time — useful as a ballpark, not a confirmed figure.
• Labour has given a firmer number: Energy spokesperson Megan Woods told interest.co.nz that Labour's lines company loan would be capped at the lines company's “regulated cost of capital,” currently around 6.5%, with the Ratepayer Assistance Scheme option intended to sit below floating mortgage rates.
• Today's bank rates are lower either way: At 0–1% p.a., ANZ, ASB, BNZ, Westpac and Kiwibank's existing solar loans undercut both the ~6.5% Labour figure and the ~4–4.5%+ RAS estimate that National's scheme would likely land near.
• National's own counter-argument: Prime Minister Christopher Luxon has acknowledged banks already offer zero or low-interest solar loans, but described them as “limited and patchy” — short terms (typically about 3 years) and a high rejection rate — which is why National argues a longer-term, property-secured scheme is still needed despite the rate difference.

Bottom line: your instinct is right — if you can get one of the current bank loans, the interest rate is very likely to beat whatever National's scheme ends up offering, and it's already available rather than dependent on winning an election and passing legislation. The trade-off is term length and eligibility (mortgage + 20% equity), not rate.

What each party is actually promising
Both plans borrow the same basic idea — a low-interest, long-term loan so you don't pay for solar upfront — from the Ratepayer Assistance Scheme model designed by Local Government NZ and Rewiring Aotearoa. From there, they diverge.

Full Comparison

Should you wait, or get solar now?

Nothing about either announcement stops you getting solar today, and nothing guarantees a scheme will exist to help you if you wait. Treat both policies as things to watch, not things to plan your household budget around.

1. You can't apply for either scheme yet. There is no government solar subsidy or rebate in New Zealand today. Both SolarSaver and the Home Energy Fund are proposals for after the 7 November 2026 election, and would still need legislation and set-up time even if their party wins.
2. Waiting has a real cost. Power bills are already up around 20% over the past two years. Every month you delay is a month of full-price power instead of savings from your own generation — and that gap doesn't get refunded later.
3. Finance already exists — and it's likely cheaper than either party's proposed scheme. NZ banks currently offer solar loans at 0–1% interest (see the table above), against an estimated ~4–6.5%+ for the rates-linked schemes both parties are proposing. Falling system costs plus today's low-rate finance mean solar can already stack up financially without waiting on an election result.
4. If you might qualify for Labour's $3,000 kickstart subsidy as a low- or middle-income renter wanting a small plug-in kit specifically, it may be worth knowing the timeline before you buy — but for a full rooftop system, typical payback periods (a few years) usually mean starting now still comes out ahead of waiting on an unconfirmed subsidy.
5. Quotes cost nothing and lock in today's price. Getting multiple quotes now means you know your real numbers, can compare them to whatever eventuates after the election, and avoid any demand surge on installers as the campaign heats up.
6. Property-linked loans need new legislation either way. Even a re-elected National government would need to amend the Local Government Act, and Labour's Ratepayer Assistance Scheme loan needs councils on board too — so realistic availability for either sits more in 2027–28 than immediately after the election.

FAQ's

Can I apply for SolarSaver or the Home Energy Fund right now?

No. Neither scheme is law. They are election policies that would only proceed if that party forms the next government after 7 November 2026, and each would still need to be legislated and set up afterwards.

Will getting solar now stop me from getting a future subsidy or loan?

Neither party has said existing systems would be excluded, but neither has confirmed they'd be included either. Both schemes appear aimed at households without solar yet who need help with the upfront cost.

Which policy is “better”?

It depends what you need. Labour's plan is larger, includes cash subsidies, and is the only one that directly helps renters. National's plan covers a wider range of home electrification (insulation, heat pumps) and removes consent requirements, but is loan-only and requires home equity. Neither is guaranteed to become policy.

Is there anything both parties agree on?

Yes — both want to make it easier to install “plug-in” balcony solar, and both are using a property-linked, rates-repaid loan model based on the Ratepayer Assistance Scheme designed by Local Government NZ and Rewiring Aotearoa.

What about other parties?

ACT's energy spokesperson has said the party won't support solar subsidies, arguing people who value solar should pay for it themselves. New Zealand First hadn't stated a clear position on solar policy as of this article. The Opportunity Party are in support of solar, but are yet to release their policy.

This document is an independent explainer, not affiliated with or endorsed by the Labour Party or the National Party. Policy details are based on public announcements as at 14 July 2026 and may change before the 7 November 2026 election. Figures, eligibility and timelines described are policy promises, not confirmed government programmes. For financial decisions about your own home, get independent advice suited to your circumstances.