Details of a R5,3-billion financial incentive, aimed at promoting energy efficiency among South African electricity consumers, was confirmed by Energy Minister Dipuo Peters on Tuesday.

The scheme, which would be known as the Standard Offer, would enable electricity consumers to claim a rebate in respect of the amount of energy they had saved from the electricity system.

Department of Energy director-general Nelisiwe Magubane told journalists at a media briefing in Cape Town that the incentive was linked to the new electricity tariffs and allowed for a rebate to be paid for every megawatt hour saved.

It was understood that the National Energy Regulator of South Africa would shortly hold public hearings on the Standard Offer initiative and it was anticipated that the standard offer would be operational before the end of May.