Survey finds most firms unprepared as ASB launches building efficiency platform
Most New Zealand businesses are worried about energy costs, but 84% have never raised the issue with their bank, according to ASB’s Energy Resilience Business Survey.
The research, based on 406 business leaders surveyed by Talbot Mills Research between 21 August and 6 September, found energy is now the second-biggest concern for firms. Some 73% are worried about current energy costs, just behind the 79% concerned about general economic uncertainty.
A gap between confidence and capability
Rising bills are already shaping decisions. Seven in 10 respondents say their energy costs have increased over the past two years, 31% have raised prices because of energy costs or uncertainty, and one in five have scaled back operations.
Preparedness lags behind that concern. While 64% believe they could trade through an extended outage, only 37% expect to keep operating for more than three days if their main power or fuel source failed. More than a quarter (28%) have identified energy as a risk but have no plan to deal with it.
ASB executive general manager corporate banking Jonathan Oram (pictured) said firms should treat energy as a strategic issue rather than a routine overhead.
“Taking action on energy resilience today can help businesses reduce costs, manage risk, and create a stronger foundation for long-term success,” Oram said.
Cost, not appetite, holds back investment
Upfront cost is the main barrier to investing in energy resilience, cited by 43% of respondents. However, 62% said they would be more willing to invest if they knew the payback period was between one and five years.
Paybacks are shortening. ASB’s July 2026 report, Opportunity in an Era of Energy Shocks, estimated that a food manufacturer switching from gas to heat pumps would have cut its payback period from 14.6 years in 2021 to 6.1 years in 2025, and to 4.3 years if gas prices rose a further 25%.
Banks step into the gap
Few firms are turning to their lender for help: 43% did not know discussing energy with their bank was an option. Low-interest loans were the most valued form of support, chosen by 40% of respondents.
ASB has also partnered with building performance company Tether to launch Better Buildings, a platform aimed at property investors, owner-occupiers, and tenants looking to build the case for efficiency upgrades. About four in 10 firms that own or lease premises spend at least 40% of their energy costs on those buildings.
“Better Buildings brings the process together in one place, helping businesses build stronger investment cases, access funding, and measure results,” said Tether founder and chief executive Brandon van Blerk.
Eligible ASB customers who take up qualifying lending can also be reimbursed up to $50,000 for independent energy consultancy costs.
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