Raffle tickets for the painting, called Fireworks Above the Sea, were sold for £10.
Nick Cottam, chair of the Friends of St Mary’s Church, previously said the church wanted to install a low-carbon heating pump, which would also help toward the Church of England’s net zero target.
Aside from the raffle, the church has already set aside £100,000 and raised another £30,000 in donations.
Rector of St Mary’s, the Reverend Nigel Prior, said the raffle fundraising was a “fantastic result”.
“The prize draw has been our best fundraiser to date and we are so grateful that over 1,000 people have supported us – not only from Woodbridge – but every other part of the country,” he added.
“We are particularly grateful to Maggi Hambling for donating this wonderful painting.
“She generously supports so many charities in this way, and if they are local to Suffolk, even more so.”