WesBank has introduced residential solar finance to its suite of offerings, expanding its product range beyond vehicle and leisure finance. This new credit facility allows personal clients in South Africa to finance the installation of solar solutions at their homes.
Customers can qualify for solar finance amounts ranging from R65,000 to R500,000, depending on their affordability level and credit score. This initiative aims to help South Africans manage rising electricity costs, embrace sustainable living, and cope with frequent power outages.
“Solar power has become increasingly desirable in South Africa due to the rising cost of electricity and the need for sustainable living,” said Lebo Gaoaketse, Head of Marketing and Communication at WesBank. “As a key supporter of green mobility through electric vehicle financing, WesBank is now offering solutions that help our clients reduce their carbon footprint and make economically sensible choices.”
Affordability remains a significant barrier for many individuals considering solar installations. Gaoaketse noted, “Having provided this solution to business customers, it was logical for WesBank to extend solar finance to private consumers.”
The entire application, approval, and contracting process is conducted digitally, supported by a dedicated team guiding customers through each step. To qualify, applicants must be registered owners of the property where the solar solution will be installed. A minimum 10% deposit is required, with loan terms ranging from 12 to 72 months. Customers can choose between competitive fixed or linked interest rates, allowing for flexible financing options.
“Selecting the right solar solution for your home and budget is crucial,” emphasized Gaoaketse. WesBank advises customers to choose reputable providers with proven track records and use equipment from recognized brands. While WesBank does not dictate which supplier clients may use, credit approval is contingent upon the chosen supplier meeting the bank’s criteria and providing necessary certifications post-installation.
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