FNB adds solar loan facility to home mortgages

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FNB adds solar loan facility to home mortgages
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.FNBSA introduces home solar loans for customers, as SA continues to suffer electricity shortages. Loadshedding solar SolarLoans FNB

Big-four bank First National Bank today introduced a home solar loan facility for its customers as South Africa continues to suffer electricity shortages.

FNB explains its loan facility enables customers to apply for a loan starting at R50 000 and going up to 15% of their home’s value, to finance the installation of a solar energy system from a pre-screened list of reputable renewable energy providers. FNB will pay the deposit directly to the supplier up-front, so the customer will not be out of pocket unless there is a difference between the approved loan amount and the cost of the renewable energy solution selected by the client, in which case the customer pays the difference or selects a more affordable solution.

Delivering the 2023 National Budget Speech, Godongwana said individuals who install rooftop solar panels will be able to claim a rebate of 25% of the cost of the panels, up to a maximum of R15 000, from 1 March.

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