All main trading banks have agreed to join the government’s insulation and heating scheme, and all have agreed to waive their fees for top-up loans homeowners get as part of insulation retrofits.

Prime Minister John Key launched the scheme in Christchurch today along with Energy and Resources Minister, Gerry Brownlee, and Green Party Energy spokesperson, Jeanette Fitzsimons.

The scheme will officially be called “Warm Up New Zealand: Heat Smart”.

The government announced in the budget it was spending $323 million over four years to retrofit 180,000 homes with insulation and clean-heating devices.

The scheme provides government grants of $1300 towards a third of the cost of insulation and a $500 grant for clean heaters.

It starts on July 1 and will be run by the Energy Efficiency and Conservation Authority (EECA).

“Half a million New Zealanders will benefit from the scheme, and there has already been a great response.

“New Zealanders like the look of it and want to take advantage of it – we will be doing all we can to make sure they know how they can do that.”

Thirty providers are already on board and, from today, EECA will begin to take registrations of new providers, who are expected to be operational within three months.

In the first year, 27,000 homes are to be retrofitted, building to more than 60,000 in the fourth year.