How to finance solar on a Standard Bank home loan

Standard Bank’s Head of Home Services, Toni Anderson explains: “The importance of solar power for the stability of the grid, economic recovery and combatting climate change cannot be understated.”

Home loan solar financing

Standard Bank offers several ways for customers to finance solar power on their home loan. Anderson notes that these options can be used on their own or in combination, provided the homeowner qualifies for the additional financing and there is sufficient equity in the property.

• Access Bond: An access bond links your transactional or savings account with your Standard Bank home loan and allows you to pay extra money into your account for use at a later stage or to reduce your home loan repayments. If you have enough available funds in your access bond then financing your solar installation is as easy as doing an EFT to your solar provider once the installation has been completed.

• Re-advance Loan: If you have a regular home loan you can apply for a re-advance loan. This option enables homeowners to apply for access to the capital payments that have already been taken off the bond. To understand how much you could potentially apply for, simply calculate the difference between the registered amount of the bond and your outstanding balance. 

• Further Loan: Another option is to have your home loan amount increased. This will, however, depend on whether there is sufficient equity on the property to cover an increased amount. With this option, there will be registration costs and you may see changes to your interest rates depending on your credit profile. 

Solar solutions you can trust

Anderson points out that it’s important to make sure you choose a quality solar system and reliable service provider.

“With the increase in demand for solar solutions, the Consumer Goods and Services Ombud has started seeing complaints of sub-standard solar systems and unqualified installers. This is something that customers need to keep in mind as inadequate installations could damage the home and impact on homeowners’ insurance policies,” she says.

LookSee’s end-to-end solar service helps homeowners make educated decisions on their solar journey. This starts with the country’s first automated Solar Score for South African residential properties that reveals what homeowners can expect from a solar installation on their roof. Homeowners can then complete the Home Power Analysis which will help them understand their household requirements and the different sizes of solar solutions that would meet their needs.

The LookSee Solar Concierge Team guides homeowners through their discussions with its panel of solar providers all the way through to applying for financing, installation and settling down in their renewable energy powered home.

Importantly, choosing LookSee for their solar journey means that homeowners have the security of knowing that the service providers have been extensively vetted by Standard Bank, ensuring best quality components and reliable service levels.

“Home solar is a journey that should be embarked on with partners you can trust. From valuable insights specific to your home to a full service which includes financing options and access to trustworthy installers, Standard Bank is tailoring our offerings to help homeowners realise their solar dreams,” says Anderson. 

For more information on how to finance your solar installation off your existing home loan, visit your nearest Standard Bank branch, speak to your relationship manager or call the Standard Bank Home Loans call centre on 0860 123 001.