Financing the problem – Clean Energy Loans – Part 3

Written By Kim Manunui

So you’ve had enough of fuel prices and decided to go electric, but need funding.

The good news is most banks provide Clean Energy Loans at 1% interest up to $80k for up to 3 years or some at 0% up to $50k for 5 years ( T’s and C’s apply ) normal home loans rates apply after that.

This applies to new and used vehicles that are either electric or hybrid, plus extends to home loans for things like insulation, double glazing, solar panels, heat pumps and more, anything that is energy efficient related. Available for personal use, standard facilities available for business and non-home owners.

So you’ll need to own a property with room on the mortgage and serviceability to allow for the additional lending as a separate loan at mortgage rates.

As a comparison let’s say you buy a $50k vehicle with a $20k trade in and need to finance $30k. Taken over 3 years at 1% your payments would be $846 mth. The same at normal car finance rates around 9.95% (TAP) would be $987 mth ( essentially saving $140 mth in interest ) but it you stretched it over 5 years would be $650 mth. If you took a separate mortgage top up loan for 5 years fixed for 2 years currently at 4.49% would be $560 mth, or a revolving credit facility currently at 5.89% floating would be $580 mth but of course you can smash that out soon as you want and are only charged interest on the outstanding monthly balance.

The great news is you no longer need to be at the mercy of fuel supply or price volatilities, or let’s say you need to keep that diesel ute because it suits your lifestyle and are considering buying an EV as a runabout to cut back on fuel usage, It’s important to ensure the cost of an additional vehicle warrants the expense to buy, insure, run, maintain and take depreciation on is worth it to save a few quid on fuel comparably.

Want the best of both worlds, take out a clean energy loan for for solar panels and fit an electric car in there as well and you’re charging free, plus get credits for supplying the grid … bada boom!

Do the math, run the exercise, see what works for you then get in touch on the link below to sort out the best available options for funding.

Click here for the link to the EECA website for comparisons.

For more on the above, click on the link below.

Contact us
Kim Manunui

Hi, I’m Kim and I work with a great team to help individuals, as well as small and not so small businesses get their message, product and services to the world using digital media and creating wonderful websites that don’t cost the earth.

I was born in Canada, and grew up around Vancouver and the mountains of British Columbia. My love of pristine environments led me to New Zealand and eventually to the mountains, lakes and rivers of the central North Island which is home. My family’s heritage is here, and it’s from here that Korio traverses the planet.

The digital world is never static and neither are we.

And I say ‘we’ because I work with an awesome group of talented people who I gather together as required to complete a project.  Whatever your business, not-for-profit or individual needs are we gather the best team to get the job done.

Collaboratively we are creative, share sustainable values and work hard for great outcomes because that’s the buzz of satisfaction that drives us.

If you have an audience and market to reach, we can make that happen. Creative design, words that work and smart behind the scenes stuff that cuts through the online noise. We’ll design your website and then build it. We’ll manage the content as well as all your hosting needs. We can handle your online advertising so you get noticed,
and we’ll manage your social media presence so you get the clicks, likes and engagement to grow your business. All within the budget you set, because none of this needs to cost the earth.  And the job doesn’t stop when your website goes live. We are your virtual business partner.

https://www.korio.co.nz
Next

Electrifying the problem – part 2