How to get solar financing on a new home loan

Standard Bank’s Head of Home Services, Toni Anderson explains: “Solar power is critical for South Africa: it provides protection from power unavailability, relieves the pressure on the grid, improves economic conditions and helps us to combat climate change.”

Room to make improvements

Customers who apply to Standard Bank for a home loan will be automatically assessed to see if they qualify for an additional 20% registration amount to be used for acceptable home improvements such as solar power installations.

This additional amount does not attract registration costs and successful customers will also receive a 25% discount on the registration costs of the original loan amount.

“Homeowners can use a maximum of R250 000 of the additional registration amount to finance a solar installation at their new home,” says Anderson. “When you’re ready to access the additional amount, all you need to do is submit a copy of the solar system quotation with your application.”

Understanding that solar installers often require a deposit before they’ll begin installation, Standard Bank has allowed customers to apply for up to 70% of the quoted amount through a Progress Payment, for this purpose.

In order to protect customers, the balance of the funds is only released on the presentation of an electrical certificate of compliance and, if necessary, an engineers’ certificate.

Solar solutions you can depend on

Finding the right solar installer for your needs can be tricky, especially as the increase in demand for solar solutions has seen a rise in unscrupulous suppliers. This has led to the Ombud for Consumer Goods and Services issuing a warning on unqualified installers and sub-standard solar systems.

“This is a significant concern for homeowners as inadequate installations could impact on return on investment, damage the structure of the home and invalidate homeowners’ insurance policies. We advise our customers to choose properly qualified and experienced solar providers like those that can be accessed through LookSee,” says Anderson.

LookSee offers an end-to-end solar journey for homeowners, empowering them with valuable insights into how a solar solution will perform on their roof and guidance on the best system size for their requirements and budget. The LookSee Solar Concierge Team steps in to assist customers in finding the best installer for their needs, applying for financing, installation planning and settling down in their new solar powered home.

Importantly, LookSee’s solar providers have been extensively vetted by Standard Bank ensuring homeowners have the security of knowing their installers provide top-quality solar systems, are experienced and qualified, and have a healthy track record of reliable service levels.

“At Standard Bank we are focused on tailoring our offerings to meet our customer’s needs. When it comes to solar, this means empowering our customers with relevant information, access to reliable installers and flexible financing options,” says Anderson. 

For more information on how to register an additional amount on your new home loan for a solar installation, visit your nearest Standard Bank branch, speak to your relationship manager or call the Standard Bank Home Loans call centre on 0860 123 001.