WesBank introduces residential solar finance of up to R500 000
WesBank has added residential solar finance to its portfolio, extending its product mix beyond vehicle and leisure finance products.
The new addition gives personal clients in South Africa access to credit to finance the installation of home solar solutions.
Depending on affordability levels and credit scores, customers can qualify for WesBank solar finance of between R65 000 and R500 000.
“Solar power has become increasingly desirable in South Africa to mitigate the increasing cost of electricity, to embrace sustainable living and, of course, to escape the inconvenience caused by prolonged planned and unplanned power outages,” says WesBank marketing and communication head Lebo Gaoaketse.
“Affordability is a major barrier for those who cannot afford the financial outlay required for a solar installation,” he adds.
“Having offered this solution to business customers for some time now, it made sense for WesBank to extend a solar finance product into the private consumer market.”
The application, approval and contracting are done digitally, supported by a team that will walk customers through the end-to-end process, promises WesBank.
To qualify, applicants must be listed as the registered owner of the property where the solar power solution will be installed.
A minimum 10% deposit is required, and the loan term can be structured from 12 months to a maximum of 72 months, with fixed or linked interest rates.
WesBank says it recommends the selection of a reputable provider with a proven track record, as well as installing equipment from recognised brands.
While the finance house does not dictate which supplier a client may use, the granting of credit is subject to the chosen supplier meeting WesBank’s minimum criteria, and the provision of the required certification after installation.
Applications for WesBank solar finance can be submitted on the WesBank website.
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