PHOTO: At its peak, SolarZero employed over 160 staff and served around 15,000 customers, holding about 40% of NZ’s residential solar subscription market. FILE
🚨 What Actually Happened
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In November 2024, SolarZero Limited — once one of Aotearoa’s largest solar subscription providers — was placed into liquidation by directors after funding was pulled by BlackRock and losses mounted.
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Grant Thornton’s Russell Moore and Stephen Keen were appointed liquidators on 26 November, with the company immediately ceasing operations and staff being let go.
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At its peak, SolarZero employed over 160 staff and served around 15,000 customers, holding about 40% of NZ’s residential solar subscription market.
🤝 Verofi Steps In — What That Means
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Verofi Limited, through its subsidiary SZ Servicing, has taken over as standby-servicer, ensuring continued monitoring, repairs, battery replacements, and assistance when customers move.
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Services under subscription contracts remain uninterrupted, and Verofi is honouring all obligations. They are maintaining all customer support contacts via 0800 11 66 55 or.
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Customers cannot terminate contracts simply due to the liquidation. Any changes to terms must be agreed to by the customer first .
😠 Customer Concerns and Confusion
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Many homeowners now feel trapped in lengthy 20–25-year contracts, unsure of what flexibility they have.
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Some report receiving repeated invoices or are unclear about system ownership and future buy-out options.
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A common sentiment: “Feels like a liability on the roof now.” Those looking to cancel face uncertainty — not higher rates, but complexity and long terms.
💰 Where Government Money Went — And Who’s Holding the Bag
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The New Zealand Green Investment Finance (NZGIF) provided $145 million in loans to SolarZero; $115 million was drawn before collapse.
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A review concluded NZGIF was underperforming and it is now being disestablished by government ministers amid scrutiny over its lending to SolarZero.
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Solid questions remain for BlackRock and NZGIF on why funding halted so abruptly, even after recent loan support and assurances .
🛠️ What Customers Can Do Now
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Reach out to Verofi/SZ Servicing — continue using existing support for wide-ranging solar system needs.
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Honour the subscription — unless you meet the contract’s specific exit criteria, cancellation isn’t an option.
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Seek legal advice if you’re uncertain about any terms or want to negotiate modifications. Consumer NZ offers helpful guidance.
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Creditors (staff/suppliers) have until 15 January 2025 to file claims with Grant Thornton.
🔍 Final Word
SolarZero’s downfall illustrates the fragility of large-scale, subscription-based services in the net-zero transition — but it doesn’t mean every homeowner is left powerless.
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Services continue uninterrupted, albeit through a new provider.
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Contracts remain binding, with rights and obligations transferable but intact.
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Customer clarity and communication is key — and if terms must change, you get a say.
This is a tricky transition, but survival is possible. For now, compliance, ongoing support, and clear avenues for help remain critical for anyone affected.