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ASB general manager rural, Aidan Gent.
As electricity prices soar, farmers appear to be looking for alternative energy sources.
According to a recent report from ASB Bank and energy transition charity Rewiring Aotearoa, 66% of farmers surveyed said they wished to make the transition to solar power but were unable to.
The report states that the key barrier to the adoption of solar for many farmers is its cost, with 60% of those surveyed saying they had land that could be used without reducing production.
Now, ASB is launching a new loan product specifically targeted at those farmers wanting to make the switch.
The ASB SMART Solar Loan launched last week, with five years’ interest free on up to $150,000 for solar and battery systems.
ASB general manager rural, Aidan Gent says there are multiple reasons why the bank believes now is the right time to launch the loan product.
“The energy sector in terms of solar and batteries has probably reached a tipping point around the cost of panels and cost of batteries,” Gent told Rural News.
“It’s far more affordable to put them on farm than it was a year or two ago.”
Gent says the rise in electricity prices and a lack of energy resilience have also influenced the decision to launch the loan.
“We think it’s the right thing for our farmers in terms of their own on-farm costs and their own energy resilience, but it’s also a great story for regional New Zealand as well if we can accelerate the electrification,” he says.
Gent says the hope is that the 0% interest rate on the loan will help to remove the capital issue as a barrier to accessing solar energy for farmers.
The bank has worked with Prism Earth to develop a series of online interactive tools to assist farmers in seeing the benefits of solar power for their farm business. The ASB SMART Solar Loan is available to farmers now and the interest free offer will be available for new and existing ASB customers until 15 December 2025.
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