New Zealand households could save up to $3,000 a year by switching to electric power

A report by the independent charity Rewiring Aotearoa finds that an average New Zealand home that replaces fossil‑fuel appliances, switches to an electric vehicle and adds rooftop solar plus battery storage would still be about $3,000 a year better off after financing the upfront investment. Over a 15‑year period the net saving would total roughly $45,000 per household.

When scaled nationally, the modelling shows annual savings of $9 billion by 2040 – $12 billion in total energy‑cost reductions before financing, and $9 billion after financing. Cumulative net savings are estimated at $61 billion over 15 years, alongside a cut of about 8.7 million tonnes of CO₂‑equivalent emissions. The analysis also projects up to 58 000 jobs from installation work.

“​This is not just a climate argument anymore, this is actually an economic prosperity argument and it’s a cost of living argument,” said Rewiring chief executive Mike Casey. Shaun Hendy, a physicist involved in the peer review, added that “the economics of electrification have reached a tipping point.” The report stresses that access to finance remains the biggest barrier for many households.

The study’s authors argue that broad household electrification would improve New Zealand’s balance of trade, reduce exposure to global fuel price shocks and support long‑term productivity growth.