News Residential

Standard Bank partners with ooba Solar to enhance access to home solar systems

Dominique dHotman, Head of ooba Solar.

Standard Bank and ooba Solar (a subsidiary of ooba Group) have partnered to make solar financing more accessible and affordable to South African households.

The initiative is focused on developing finance options to assist new and existing homeowners with the move to solar.

New home loan customers can now benefit from an automatic assessment on new loan applications that allows homeowners to access an additional 20% registration amount for use on acknowledged home improvement projects such as solar installations while existing home loan customers also benefit with financing options to fund the move to solar through access bonds, re-advances, and further loans.

Standard Bank’s Solar Loan offers attractive financing terms to households with special mention going to the personalised interest rates that start at a low of Prime +1% up to a maximum of Prime +2.5% – a significant discount on the average Prime + 7% offered on personal loans. Crucially, their Solar Loan offering is available to the general market, without the need to be a Standard Bank customer to be eligible to apply.

Understanding that households have different needs and applications, the Solar Loan provides for values ranging from R3 000 to R300 000.

As a bonus, the Solar Loan offers flexible repayment terms from 12 months to 5 years, with no penalties for early settlement. Through this, families that optimise their use of solar power can use the savings on their electricity bills to pay off their loans sooner.