Solar home installations have proven to be invaluable cost-saving investments
Committing to a bond on a dream home is both the most exciting and daunting event in any family’s long journey.
Many unforeseen expenditures lurk around every corner on the calendar but a firm grip on electricity costs can be secured from the moment the home loan is signed, thanks to a new Solar Home Loan offering from Standard Bank Home Services and LookSee.
Ensuring electricity savings for the duration of that commitment not only guards against inevitable above-inflation electricity costs, but frees up cash every month that can be used to pay off the home loan faster or spent elsewhere.
Long term savings with solar
Solar home installations have proven to be invaluable cost-saving investments, with homeowners reaping the benefits of early planning.
High-end solar installations have become increasingly more affordable and this visionary new offering is changing the way home purchases are perceived.
ALSO READ: The hidden cost of staying on the grid as electricity price increases continue
LookSee Executive Head Marc du Plessis explains the new Solar Home Loan offering allows new home buyers to incorporate the price of a new solar installation into their bonds.
“We know that household interest in solar solutions remains high, but the cost tends to be an inhibiting factor. But if you bring that cost into your new home loan right from the get-go, it’s not intimidating at all,” said LookSee Executive Director Marc du Plessis.
“In fact, the addition of the solar solution almost always pays for itself through the savings the homeowner gets going forward,” he advised.
LookSee’s assurance is backed by data compiled over the last few years that shows households who spent R5 000 or more on their electricity every month would have saved over R300 000 by 2027 if they had installed a solar system that met 60% of their electricity needs in 2022.
Endless benefits for homeowners
The durability of solar installation components has advanced faster than public perceptions have evolved, illustrated by LookSee’s confidence in its guarantees.
Each top-tier solar installation will be backed by 20-year warranties on all physical components for the duration of the 20-year home loan.
“This solution is configured with products that give you 20 years across all major components, including the battery.
“This means the installation will be warrantied for the life of the home loan. The fact that the homeowner is using the lowest interest rate available to them and spreading this payment, means they can supercharge their repayments to save on interest by using the electricity savings to reduce their debt burden,” explained Du Plessis.
Incorporating the cost of the solar installation into the home loan also guards against above-inflation electricity tariff increases and immediately elevates the property’s resale value.
As a sweetener, Standard Bank and LookSee will give the homeowners a R10 000 cash bonus at the conclusion of the installation — a gift to be deposited into an account of their choosing.
Seamless guidance by LookSee
A recent survey conducted by LookSee showed a great interest in solar installations but a persistent apprehension towards possible expenditure.
“This is a mechanism to reduce that anxiety of a big monthly outlay that some might not be prepared for by absorbing the cost into a long-term investment of running a home.”
LookSee’s team will help tailor the solar system to suit prospective homeowners and monitor the savings performance for the duration of the loan, all backed by LookSee’s savings guarantee.
“The inclusion of the solar installation from day one will make a homeowner’s new property future-ready without additional loans or credit.
“This also means that homebuyers can benefit financially by taking advantage of their home loan’s lower interest rate for their solar investment,” Du Plessis concluded.
Click here for more information on the Solar Home Loan.
NOW READ: Electricity tariff fears cutting across all income groups: One key area needs to be addressed
