Nedbank, a leading bank in South Africa, is dedicated to promoting renewable energy and supporting its clients in financing sustainable energy projects.
To achieve this, it has introduced the Solar Loan option, which offers financing solutions to customers who are interested in installing renewable energy systems such as solar panels in their homes or businesses.
Nedbank has partnered with Hohm Energy, South Africa’s solar rooftop marketplace that connects individuals with accredited solar installers within their vicinity.
The great news is that the Solar Finance loan is not restricted to only those who have a home loan with Nedbank; anyone can apply for solar-energy finance and enjoy flexible repayment plans of up to 72 months.
With MFC’s competitive interest rates, you can make your investment in clean energy more affordable and accessible than ever before. Take advantage of this opportunity today and transition to clean, sustainable energy with MFC’s reliable financing solutions.
Here’s everything you need to know about the Nedbank Solar Finance product.
What is Nedbank Solar Loan/Finance?
It is a loan product designed explicitly for funding renewable energy systems such as solar panels and heat pumps for both residential and commercial properties. Nedbank offers various financing options ranging from secured to unsecured loans tailored towards meeting the unique needs of its customers.
Why Should You Choose Solar Finance?
Are you considering financing a solar system? If so, Nedbank Solar Finance has several compelling reasons why you should choose them. Firstly, solar panels can significantly reduce your energy bills by generating your own electricity. This saves you money on your monthly electricity bill. Secondly, installing a solar system can boost the value of your property.
Studies have shown that homes with solar systems sell for more than homes without them. Finally, choosing to install a solar system helps reduce your carbon footprint and contributes to a more sustainable future.
What Are the Benefits of Nedbank Solar Finance?
Investing in solar power offers several advantages that have long-term impacts. For instance, the initial upfront investment in solar power yields significant long-term savings by generating your own electricity and reducing or eliminating monthly utility bills. Over time, these savings outweigh the initial cost and provide considerable financial benefits.
Furthermore, utilizing solar energy provides protection against tariff hikes as electricity prices continue to rise since relying on solar power reduces vulnerability to these increases. This ensures stable energy costs and greater control over expenses.
In addition to financial benefits, investing in a Nedbank Solar Finance system also provides reliable backup power during blackouts since it continues to generate electricity when the grid experiences outages.
Perhaps most importantly, opting for clean and renewable energy sources like Nedbank Solar Finance contributes significantly towards environmental sustainability by reducing carbon footprints as it produces electricity without emitting harmful greenhouse gases, unlike traditional fossil fuel-based sources.
By harnessing the sun’s power with Nedbank Solar Finance’s solutions, you can enjoy financial benefits while contributing positively towards environmental sustainability for generations to come- all while enjoying reliable backup power and insulation from rising tariffs!
Getting Started…
Getting started with your solar energy journey is easy. Follow these simple steps:
- Locate an Approved Solar-Energy Expert: Find a trusted and approved solar-energy expert in your area. They will have the expertise and experience to guide you through the process.
- Conduct a Needs Analysis and Obtain a Quote: Work with the solar-energy expert to conduct a thorough needs analysis. They will assess your energy requirements, evaluate your property, and provide you with a tailored solar solution. Based on this analysis, you will receive a detailed quote outlining the costs and specifications of the system.
- Apply for Finance: Once you have the quote in hand, you can explore various financing options. Whether it’s through a specialized solar-energy finance provider or incorporating it into your existing financing arrangements, such as a home loan, choose the option that best suits your needs. Applying for finance is a straightforward process, and your solar-energy expert or financial institution can assist you throughout.
- Install Your New Energy Solution: With financing in place, your solar-energy expert will proceed with the installation. Their team will handle the setup of solar panels, inverters, and other necessary equipment. They will ensure that the installation meets industry standards and safety requirements.
- Enjoy Your New Energy Solution: Once your solar energy system is installed and connected, you can start enjoying the benefits of clean and renewable energy. You’ll experience reduced reliance on traditional grid power, lower energy bills, and the satisfaction of reducing your carbon footprint.
By following these steps, you’ll be on your way to a more sustainable energy future. Embrace solar energy and take control of your energy needs while contributing to a cleaner environment.
Applying for Nedbank Solar Loan
Before proceeding with your finance application, it is important to obtain an installation quote from a supplier approved by Nedbank that is near you (Hohm Energy or LTM Energy).
Once you have the necessary quote, you can explore the following finance options that Nedbank has available:
Option 1: MFC’s Asset Finance
Apply for finance through MFC, a division of Nedbank, with flexible repayment terms of up to 72 months and competitive interest rates. Applying for finance is quick and convenient, as you can easily complete the process online.
For assistance with solar-energy finance applications, please reach out to them at 0860 111 159 or via email at PVSolar@mfc.co.za.
Click here to start your application now.
Option 2: Nedbank Home Loan
Finance your solar-energy solution through your existing Nedbank home loan. The slight increase in your home loan installment will be offset by a reduction in your monthly electricity bill, ensuring that your overall expenses remain manageable.
You can utilize the funds available in your NedRevolve facility or apply for a readvance or further loan on your current Nedbank home loan.
Requirements for applying for Nedbank Solar Finance
- To qualify for a Nedbank solar loan, you must be a South African citizen and have a valid ID card or document.
- The solution you want to finance must be new. Used, demo, or second-hand solutions are not eligible for financing.
- The amount you wish to finance must be more than R50,000.
- If you are not the registered owner of the property or if the property is a sectional title, Nedbank will provide you with a consent waiver document. This document must be approved by the registered owner and/or trustees, and you need to send it back to them to proceed with the application.
- If the property where the goods will be installed is rented, a minimum deposit of 50% will be required. Depending on additional risk considerations, this percentage may be increased.
- The bank will inquire about your credit record with a credit agency.
Conclusion
Are you looking for a way to reduce your dependence on non-renewable energy sources and switch to sustainable power? Nedbank Solar Finance might just be the solution you need.
With their flexible financing plans, competitive interest rates, and convenient repayment terms, customers can easily access the funds they require to make their homes or businesses more eco-friendly.
To learn more about this fantastic option, visit Nedbank Solar Finance’s website or get in touch with one of their consultants today: 084 196 4473.