Boosting solar adoption: Standard Bank and ooba Solar partner for affordable financing

Standard Bank has teamed up with ooba Solar, a subsidiary of the ooba Group, to facilitate easier and more affordable solar financing solutions for South African households.

The collaboration aims to create finance options tailored to assist both new and existing homeowners in transitioning to solar energy.

For new home loan applicants, there’s now an automatic assessment process allowing access to an additional 20% of the registration amount for approved home improvement projects like solar installations. Existing home loan customers can also take advantage of various financing options, including access bonds, re-advances, and further loans, to support their switch to solar.

Standard Bank’s Solar Loan offers competitive financing terms, featuring personalized interest rates starting as low as Prime +1% and capping at Prime +2.5% – a considerable reduction compared to the typical Prime + 7% rates offered on personal loans. Importantly, this Solar Loan product is available to all consumers, regardless of whether they are Standard Bank customers.

Recognizing the diverse needs of households, the Solar Loan accommodates values ranging from R3,000 to R300,000.

Additionally, the Solar Loan provides flexible repayment periods spanning from 12 months to 5 years, with no penalties for early settlement. This flexibility enables families to leverage their solar energy savings to expedite the repayment process.