Well, it doesn’t seem like load-shedding is going anywhere, anytime soon in South Africa. Which is why it’s important to search for solar loans in South Africa.
Sometimes, electricity is only available for 8 hours a day, making daily life challenging. It gets even worse after work when people don’t have the power to prepare food and take care of other essentials.
The current immediate solution for load-shedding is the installation of residential solar systems for backup. Unfortunately, these systems don’t come cheap, especially when many people didn’t plan financially for this crisis – AND they are still burdened with paying electricity bills every month.
In this article, we’ll explore the available Solar Loans in South Africa, specifically designed to finance solar panel systems for homes.
Let’s get started.
Banks Offering Solar Loans in South Africa
Solar loan financing is becoming more popular in South Africa, especially with the increasing need for reliable power due to persistent load-shedding. Fortunately, there are now more solutions available for solar loans in South Africa compared to previous years.
Don’t miss out on the opportunity to embrace renewable energy and secure a brighter future with accessible solar loans for your home’s solar panel system.
1. Nedbank Solar Finance
- Amount: More than R50,000
- Term: 72 months
- Interest: Personalized
2. GoSolr
Contract-based that gives you all the unlimited energy you want to use, including all the monitoring, optimization, and maintenance.
- Setup fee: R1,740
- Monthly Premium: R1,740
3. Absa Loadshedding Solutions
A solution for backup power of outages (UPS), Grid-tie systems, and Hybrid and Off-grid systems.
- Amount: More than R50,000
- Term: 72 months
- Interest: Personalized
Looking for the best solar loans in South Africa?
With solar loans, you won’t receive the loan amount in cash, but it can be used to finance your home solar energy systems.
For example, the funds will be directly paid to the company responsible for installing the solar panels at your residence. This hassle-free financing option makes it easier for you to harness solar energy and save on electricity bills. Find the perfect solar loan solution today!
How to Qualify for Solar Financing
To qualify for a solar loan, there are a few criteria that you may need to meet, depending on the lender you choose.
Here are some common factors that lenders may consider when evaluating your eligibility for a solar loan:
Own a house: You need to own the property installations are going to happen. If you’re renting, the lender will send you documents for the property owner to sign.
Solar installation quote: Get the installation quote from a qualified supplier. Some lenders work only with their preferred installers, so it’s important to check with them first.
Permanently employed: You will need to pay back the solar loan, so you must definitely have a monthly income. The lender will also look at your spend-to-income ratio before granting the amount you want.
Credit history: Your credit history will also be assessed by the lender. A good credit score may increase your chances of approval and help you secure better terms for the solar loan.
Get pre-approved for a solar finance loan with straightforward requirements! We understand the importance of renewable energy and its positive impact on the environment. By choosing solar, you not only reduce your carbon footprint but also take control of rising energy costs. To qualify, there will be initial requirements to fulfill, ensuring a smooth application process.
Maintaining an excellent credit score will play a key role in increasing your chances of securing a solar loan with a favorable and affordable interest rate.
Take the first step towards renewable energy and secure a brighter future for yourself and the planet. By switching to solar energy, you not only save on electricity bills but also contribute to a sustainable future for generations to come.