New Energy Loan targets home efficiency

The launch of the Energy Loan follows the success of the bank’s Solar Loan, which is a product of its participation in government’s Energy Bounce Back Loan Guarantee Scheme. 

Marc du Plessis, executive head of LookSee, explains: “The Solar Loan has been very well received, however its limitation to solar-based installations highlighted the demand for a loan offering that could assist the household secure energy solutions which do not include solar power.”

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, points out Du Plessis.

“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 backup power supply or other electricity-saving solutions.”

Attractive finance terms for energy solutions

The Energy Loan addresses these needs by offering families low interest rates and flexible repayment terms on a selection of vetted products for the home. Importantly, customers do not need to have an account with Standard Bank to qualify.

“This means that our customers can access personalised interest rates, which are lower than our unsecured loan options, on amounts up to R300 000. Clients can also choose a repayment term from 1 and 6 years, with no penalties for early settlement,” says Du Plessis.

The Energy Loan is also an option for households that want to enhance or add to their solar installations but have already taken out a Solar Loan.

“In line with government’s determination, customers are only allowed to take out 1 loan based on the Energy Bounce Back scheme with any of the participating banks. For customers who have already taken out one of these loans, the Energy Loan acts as a backup finance option for future needs.”

Qualifying solutions

To ensure the Energy Loan meets its aim of helping customers secure backup power and energy-efficient home upgrades, Standard Bank is limiting the Energy Loan to a variety of solutions from its LookSee home efficiency platform and selected service providers.

Solutions that qualify for an Energy Loan include installed battery backup systems, solar systems and energy-efficient water heating solutions such as heat pumps, smart geyser devices and gas geysers. The Energy Loan cannot be used to finance the installation of new kitchens or home appliance, gas stoves or ovens, or pool heating equipment.

In order to qualify for the Energy Loan, customers will be required to submit a quote or invoice from LookSee or one of Standard Bank’s approved partners. If you want to enquire about the Bank’s approved partners, click HERE. The value of the loan application must match the amount on the quote or invoice.