WesBank has expanded its product portfolio to include residential solar finance, moving beyond vehicle and leisure finance solutions.
This new offering provides personal clients in South Africa with a credit facility to finance the installation of solar solutions in their homes.
Depending on their affordability level and credit score, customers can qualify for WesBank solar finance of between R65 000 and R500 000.
Rooftop solar has surged in recent years due to South Africa's electricity crisis and load shedding, with households and businesses seeking alternative energy sources. It now accounts for 6.52% of South Africa’s energy mix.
"Solar power has become increasingly desirable in South Africa to mitigate the increasing cost of electricity, to embrace sustainable living, and of course to escape the inconvenience caused by prolonged planned and unplanned power outages," said Lebo Gaoaketse, head of marketing and communication at WesBank.
"Affordability is a major barrier for those who cannot afford the financial outlay required for a solar installation. Having offered this solution to business customers for some time now, it made sense for WesBank to extend a solar finance product into the private consumer market," said Gaoaketse.
The application, approval and contracting are all conveniently done digitally, supported by a dedicated team that will walk customers through the end-to-end process.
To qualify, applicants must be listed as the registered owner of the property where the solar power solution will be installed.
A minimum 10% deposit is required, and the loan term can be structured from 12 months to a maximum of 72 months, with competitive fixed or linked interest rates, allowing the client to structure a deal that fits their budget.
"Getting the right advice when choosing a solar solution that suits your home and pocket is a key upfront step," said Gaoaketse.
WesBank recommends the selection of a reputable provider with a proven track record and installing equipment from recognised brands.
While WesBank said it does not dictate which supplier a client may use, the granting of credit is subject to the chosen supplier meeting the bank's minimum criteria and the provision of required certifications post installation.
Applications for WesBank solar finance can be submitted on the WesBank website at https://www.wesbank.co.za/home/solar-finance.
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