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Solar Financing Options

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Solar Finance Options

Solar financingIn South Africa Solar systems are generally financed in the following different ways.

Access equity in your home loan

Customers can pay utilising the equity in their property or home loan either by applying for a re-advance to access funds they have already paid off, or by using their available FlexiReserve facility.

Your House Bond

The most cost effective way of raising finances will be through your current bondholder of your home. If you have had your current bond for a few years, most likely the balance owing is less than the original registered bond amount.

Second Bond

Apply for a second bond from your current bondholder. Applying for a second bond is primarily intended for home improvements and not to be confused with accessing equity available in your bond for other reasons like dealing with debt or purchasing other assets.

The process of applying for a second bond is exactly the same as applying for a first bond where the bank assesses your ability to make the repayments, the value of the property before the alterations or additions and the value after the improvements. They will then lend a portion of the increase in value to embark on the project subject to certain terms and conditions.

Credit Card Payment

The purchase of renewable energy products can be made with your credit card. Most credit card providers offer a budget account facility. This allows purchases to be made with extended payment duration of 24/36 month.

Apply for a personal loan

Personal loans up to R250,000, with repayment periods from 12 to 72 months are available from most banks.

PV Renting

PV renting is an innovative financing option which allows schools, guest houses, public bodies, small and medium sized companies and many others to benefit from cheap and green solar power.

PV renting is a great concept to purchase photovoltaic systems without a big initial investment. PV renting means that one entity invests in a PV system (system owner) and rents the system to a second entity (system operator). The system operator uses the electricity and pays a monthly rent to the system owner. Furthermore, the system operator gets the option to buy the system after seven to twelfe years (similar to car leasing).

 

  
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