by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – STANDARD Bank has reported a massive demand for solar and energy-related products.
This includes a 400 percent growth in demand for LookSee’s Solar installation offering last year.
Standard Bank Head of LookSee, Marc Du Plessis, said, “From a financing perspective, Standard Bank has seen a big increase in green solution funding. The bank has led a concerted effort to disburse funds to individuals in South Africa for installing solar solutions or purchasing ‘green-aligned’ homes.”
The total green lending book has grown by over 26 percent to R2,9 billion (US$153, 1 million), with over R1,2 billion being added in 2023.
Standard Bank and LookSee launched the purpose-built Solar Loan in 2023.
It forms part of the government’s Energy Bounce Back (EBB) Loan Scheme.
For households, loans are offered from R3 000 up to a maximum of R300 000.
The interest rates for the Solar loan start at Prime +1 percent and capped at Prime +2,5 percent, which further increases affordability, with up to 60 months to pay.
For small businesses, a purpose-built Solar loan is also part of the EBB Loan Scheme and is available for amounts between R10 000 and R10 million.
The EBB aims to incentivise the generation of an additional 1000MW of power through renewable energy sources.
– CAJ News