Solar Loans are available to make the transition. Pictures: iStock
Homeowners have another chance to plug into the sun as LookSee’s low-interest rate Solar Loan will remain available until February 2025.
The loan offering is based on government’s Energy Bounce Back Loan Guarantee Scheme which was launched by National Treasury last year to address the country’s ongoing energy crisis, by empowering households and businesses to implement solar power .
Speaking to The Citizen, LookSee’s executive head Marc Du Plessis hailed the loan, calling it a ‘game-changer’.
“This loan has given households access to low-cost finance for solar installations without having to turn to their home loan. The interest rates are the standout feature starting at Prime plus 1% and capped at a maximum of Prime plus 2.5%. This is a significant discount on the maximum Prime plus 17.5% stipulated by the National Credit Act.”
With values ranging from R3 000 to R300 000, and flexible repayment terms from 1 to 5 years, the Solar Loan can be used to finance a wide variety of installations. However, solutions need to include at least one solar PV panel, says Du Plessis.
“This means that the Solar Loan can also be used to finance one of our conversions of electric geysers to solar power. Traditional solar geyser installations or conversions are not eligible for this finance as they make use of evacuated tube or flat plate collectors, rather than solar panels.”
Eligible homeowners wanting to switch to solar can make the most of LookSee’s Solar Loan to fund their transition to renewable energy.
Standard Bank’s LookSee has also launched a new Energy Loan offering to provide households with affordable financing for select backup power and energy-efficient solutions.
Du Plessis noted that while the Solar Loan has been well received, its limitation to solar panel-based installations did not cater to the demand for energy solutions outside of this.
“Many South African families are unable to invest in solar-powered solutions because they simply don’t have access to optimal roof space for the installation of panels.
“If you live in an apartment, sectional title complex, heavily shaded area or a home with a thatch roof, you may not have the space or permission to install solar panels. However, this doesn’t mean you should have to sacrifice your family’s need for a backup power supply or other electricity-saving solutions.”
The new loan extends to installed battery backup systems and energy-efficient water-heating solutions such as heat pumps, smart-geyser devices, and gas geysers.
To qualify for the Energy Loan, homeowners will be required to submit a qualifying quote or invoice from LookSee or one of Standard Bank’s approved partners.
Eligible homeowners can access up to R300,000 to fund the installation process, which can be repaid over six years or earlier, with personalised interest rates capped at Prime plus 6.5%.
This article is brought to you by LookSee.
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