Standard Bank activates low interest solar loans for homes and businesses

Standard Bank activates low interest solar loans for homes and businesses

Standard Bank announced that it has finalised its participation in government’s Energy Bounce Back Loan Guarantee Scheme, which offers affordable solar loans to both Personal and Business Clients.

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Standard Bank

Standard Bank is now accepting applications from personal and business clients, as well as aspiring Standard Bank clients looking to take up the offering.

The scheme, which is now active, forms part of government’s efforts to curb the impact of persistent energy constraints on economic growth, as well as assisting with the country’s aim to reduce carbon emissions.

Standard Bank has been one of the early movers in offering clients solutions to help make the move to solar, through its LookSee and PowerPulse platforms, easy for retail and commercial interests. The now available solar loans add to that suite and make solar investments more affordable and accessible with low interest rates and flexible repayment periods.

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Support for homes

The attractive terms of the home solar loan provide an affordable alternative to households that are unable or don’t wish to finance a solar installation on their home loan, says Andrew van der Hoven, Head of Digital and eCommerce.

The headline feature of the home solar loan is that it’s designed to make owning your own solar system more affordable. The flexible repayment term of up to five years and discounted interest rate capped at prime plus 2.5% means that families can choose a repayment plan that meets their budget.

Home solar loans can be used to finance new rooftop solar installations up to the value of R300,000. The financing covers the full cost of the system, including solar panels, inverters, batteries, and installation. Residential solar installations that come into use before 29 February 2024 will also be able to benefit from National Treasury’s home solar tax incentive.

Individuals looking for a rooftop solar solution can use the loan to buy a solar system through Standard Bank’s home efficiency platform, LookSee, or their own preferred installer.

LookSee offers a full solar journey from immediate delivery of personalised quotations from solar installers that have been extensively vetted by Standard Bank for products quality and service standards; to a dedicated customer care team to help schedule site visits, apply for finance, such as the solar loan; and ensure all documentation is delivered once installation is complete.

READ: Relationship banking crucial in the digital age

Support for business

Outside of the immediate resilience and business continuity benefits against loadshedding, Renewable Solar Energy provides lower running costs, protection against electricity price hikes and reduced carbon tax liabilities making it a more attractive and sustainable solution for businesses in South Africa.

“The Business solar loan adds to Standard Bank’s existing renewables funding options by providing businesses that bank, as well as those that currently don’t bank with the bank, an affordable solution that will enable them to make their transition to renewable energy with ease”, says Simone Cooper, Head Business and Commercial Banking South Africa.

Catering for clients with a maximum turnover of R300-million, the Business solar loan solution offers loans between R10,000 and R10-million, with personalised interest rates capped at prime plus 2.5%. Flexible repayment periods ranging between 12 to 60 months mean that businesses can choose a term that suits their budget.

Specialised tailored solar loans will also be offered to solar installer and leasing businesses, as well as those in the green energy value chain, subject to the bank and scheme criteria.

Businesses considering solar for their operations can also engage with our PowerPulse platform for a streamlined process that provides access to trusted solution providers. The services include feasibility and comparison reports to help companies make informed decisions in an efficient and competitive manner.

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