Standard Bank continues to see massive demand for solar and energy-related products. The bank saw a 400% growth in demand for LookSee’s Solar installation offering last year, and this trend is expected to continue.

Marc Du Plessis, head of LookSee at Standard Bank, says: “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 has grown by over 26% to R2.9 billion, with over R1.2 billion being added in 2023.”

Standard Bank and LookSee launched the purpose-built Solar Loan in 2023, which forms part of the government’s Energy Bounce Back (EBB) Loan Scheme. For households, loans are offered from R3 000 up to a maximum of R300 000.

“This means you can finance your solar system as well as the costs of installation. The interest rates for the Solar loan start at Prime +1% and capped at Prime +2,5%, which further increases affordability, with up to 60 months to pay. For small businesses, a purpose-built Solar loan is also part of the EBB Loan Scheme and is available for amounts between R10 000 and R10-million,” says Du Plessis.

Standard Bank participates in the Energy Bounce-Back Loan Scheme announced by the President, working in conjunction with the National Treasury and the South African Reserve Bank (the Scheme), and is offering finance to qualifying businesses who meet the Scheme eligibility criteria.

The Energy Bounce-Back (EBB) Loan Guarantee Scheme is an initiative in support of the resilience of small businesses and households to effectively manage current power interruptions.

The EBB aims to incentivise the generation of an additional 1000MW of power through renewable energy sources.