https://www.engineeringnews.co.za
Africa|Energy|Financial|generation|Installation|Power|Renewable Energy|Renewable-Energy|Services|Solar|Systems|Products|Solutions
Africa|Energy|Financial|generation|Installation|Power|Renewable Energy|Renewable-Energy|Services|Solar|Systems|Products|Solutions
africa|energy|financial|generation|installation|power|renewable-energy|renewable-energy-company|services|solar|systems|products|solutions

Standard Bank sees rapid growth in solar finance offering

18th January 2024

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Financial services provider Standard Bank foresees continued massive demand for solar and energy-related products this year, after seeing a 400% growth in demand for LookSee’s solar installation offering last year.

LookSee is the bank’s purpose-built solar loan, which it launched in 2023 as part of the government’s Energy Bounce-Back Loan Scheme.

For households, loan amounts range from R3 000 to R300 000 and, for small businesses, loans of between R10 000 and R10-million are available.

Standard Bank explains that solar systems and the cost of installation can be financed with a 60-month payback period at interest rates between prime +1% and prime +2.5%.

“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 grew by 26% last year to R2.9-billion.

LookSee head Marc du Plessis explains that Standard Bank is participating in the Energy Bounce-Back Loan Scheme alongside the National Treasury and the South African Reserve Bank, offering financing to qualifying businesses who meet eligibility criteria in efforts to manage current power interruptions.

The loan scheme aims to incentivise the generation of an additional 1 GW of power through renewable energy sources.

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

 

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 10 May 2024
Magazine round up | 17 May 2024
17th May 2024
Photo of Martin Creamer
On-The-Air (10/05/2024)
10th May 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.342 0.401s - 139pq - 2rq
Subscribe Now