FAQs: Energy Bounce Back Loan for homes

If you’re wondering what all the fuss is about, we take a closer look at the details and explain how households considering solar can benefit from the new offering.

What is the Energy Bounce Back Loan Scheme?

Government has reworked the Covid-19 business recovery loan scheme to incentivise the installation of rooftop solar in South Africa. This is part of government’s efforts to encourage electricity generation and reduce the impact of loadshedding on the country.

Can households apply?

Yes. While the initial teaser during the 2023 Budget Speech seemed to focus on assisting small and medium-sized enterprises to get solar for their businesses, government has decided to extend the benefits of the loans to the residential sector.

How long is the Energy Bounce Back Loan available for?

Government has opted to put an expiry date on the availability of the loan scheme. This means that households only have until 30 August 2024 to apply.

However, Standard Bank has received permission to extend applications for the LookSee Solar Loan to February 2025.

Is Standard Bank participating in the Energy Bounce Back Loan Scheme?

Standard Bank is proud to be participating in government’s Energy Bounce Back Loan Scheme enabling it to offer an affordable Solar Loan option to residential customers through its home efficiency platform, LookSee.

What’s more, you do not need to bank with Standard Bank to apply for a LookSee Solar Loan.

What’s special about the Solar Loan?

For households that are unable or simply don’t want to finance a solar installation through their home loan, the LookSee Solar Loan offers several benefits that would not be available under normal circumstances.

• Low interest rate: LookSee’s Solar Loan offers personalised interest rates up to a maximum of Prime plus 2.5%. This is a significant discount on the average of Prime plus 7% that is normally seen on personal loans.

• Flexible term: The repayment term on a LookSee Solar Loan offers flexibility, meaning you can choose a repayment plan that suits your budget ranging from 12 months to 5 years.

• Full system financing: Cover the full cost of a solar installation with Solar Loans starting at R3 000 up to a maximum of R300 000.

What can the Solar Loan be used for?

LookSee’s Solar Loan is specifically for the purchase of a solar system which means it must have solar panels but can include other system components like inverter, batteries and installation costs.

Can I still get a home solar tax rebate if I get a LookSee Solar Loan?

Yes, you’ll still be able to claim a tax rebate of 25% of the cost of qualifying solar panels up to a maximum of R15 000, if the system comes in to use by 29 February 2024. Click here for more information about the home solar rebate.