Representative example: a R50 000 loan at an interest rate of 24.5% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 103 155.57.
The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months.
MyLoan is an online loan broker and not a lender. Our service is free and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants’ credit score and other factors at the lenders’ discretion.
Benefits of Solar Power
- Enjoy reliable and uninterrupted power, even during load shedding
- Lower your energy bills and save money in the long run
- Reduce your carbon footprint and help the environment
- Increase the value of your home and property
- We will compare the market for solar financing
- Get loan quotes from market leading credit providers
- No upfront costs or hidden fees
- Quick and easy application process, with no commitment to take up the loan
Solar Power in South Africa
South Africa is one of the most promising markets for renewable energy, and solar energy, in particular, is gaining momentum. With abundant sunshine and rising electricity costs, solar power is becoming an increasingly popular option for households and businesses in the country. However, the high upfront costs of installing solar panels can be a barrier for many people. This is where lending comes in - by offering financing for solar panels, lenders can help to make renewable energy accessible and affordable for more South Africans.
Who Offers Solar Financing in South Africa?
There are several lenders in South Africa that offer financing for solar panels. One of the leading players in this space is ABSA Bank, which has launched a range of solar financing products aimed at homeowners, small and medium-sized enterprises (SMEs), and commercial customers. ABSA's solar loans allow customers to finance the full cost of solar panel installations, including equipment, installation, and maintenance, over a period of up to ten years. The bank also offers a solar leasing option, where customers can rent the solar panels and pay a monthly fee instead of buying them outright.
Another lender that has entered the solar financing market in South Africa is African Bank. The bank's Green Loan product provides financing for renewable energy projects, including solar panel installations, with loan amounts ranging from R5000 to R250,000. Customers can choose repayment terms of between six and 72 months, depending on their needs and affordability.
One of the advantages of solar financing is that it allows customers to save money on their electricity bills from day one. By generating their own electricity, customers can reduce their reliance on the national grid and avoid the ever-increasing electricity tariffs. In some cases, customers can even sell excess electricity back to the grid and earn a return on their investment.
Moreover, financing solar panels is also an investment in the environment. By reducing the reliance on fossil fuels and decreasing carbon emissions, solar power can help to mitigate the impact of climate change. In a country like South Africa, where energy demand is growing rapidly and the majority of electricity is still generated from coal-fired power plants, the switch to solar energy is crucial for a sustainable future.
However, there are also some risks associated with solar financing. The installation of solar panels requires a certain level of technical expertise, and customers need to ensure that they are working with reputable installers who use high-quality equipment. In addition, as with any loan, customers need to make sure that they can afford the monthly repayments and that the loan terms are suitable for their financial situation.
In conclusion, lending to solar panels in South Africa is an exciting development that has the potential to accelerate the country's transition to renewable energy. By offering financing options that make solar power more accessible and affordable, lenders can help to create a brighter future for South Africa and its people.