Can you apply for FNB solar finance? How does it work? How do you get it? We explore the renewable energy solutions offered by FNB in South Africa.
Please note: this information is correct at this moment and may change. We will endeavour to keep this article updated as things change.
Solar installations vary greatly in price. As of 2023 you can expect to go 70% off-grid for the price of between R250k and R300k (for an average 3-bedroom house). This greatly depends on your installer and the components you include in your installation.
Most people don’t have this much cash lying around and will need to borrow money to pay for their solar installation. FNB (First National Bank) offers their clients access to a number of financial solutions (loans) that can be used for a solar installation or back-up power systems.
If you are a home owner you can extend your bond through FNB to pay for your solar. This option is available for those who have existing home loans through FNB (FNB also makes switching from another bank fairly attractive and may even pay for the transfer costs).
This is a business loan for commercial solar installations or back-up energy systems. The loan value can be between R100,000 and R1,000,000, depending on the client’s affordability.
The loan repayment terms are flexible and can be between 5 and 10 years.
Clients enjoy a 30month capital holiday at the start of the loan (during which interest must be serviced).
The loan amortises capital resulting in lower interest payments over time.
Loan repayments are by automatic debit order from your Business FNB account.
Applicants should meet the following criteria to qualify for the Business ecoEnergy loan:
Applicants will also be subject to additional credit criteria.
Business owners can access alternative energy sources to avoid the devastating effects of loadshedding in South Africa. It is an imperative for every business to have reliable, affordable electricity.
FNB’s alternative energy solutions for business includes funding options for:
These options can be either grid-tied, off-grid or a hybrid model.
To qualify:
Loans in this category are flexible (between 5 and 10 years) with a set interest rate and up to a maximum value of up to R50 million (subject to regulations).
Installations must be performed by a reputable, industry-accredited renewable energy company.
FNB’s finance team is flexible and reviews each individual application and recommends the most suitable structure based on your business requirements.
The LTM Group has partnered with FNB to offer the Green Solutions Solar and Hybrid Storage promotion, which offers 10% off for FNB Clients.
Their portal includes an Energy Calculator you can use to determine your needs, and their site also offers tools for energy and water efficiency.
Find out more about this promotion here
FNB clients can use their eBucks to buy solar hybrid solutions, UPS devices, efficient lighting, water storage, geyser solutions and more.
Visit the Eco-Home Solutions category on the eBucks store
It is clear that banks are helping more and more businesses and homeowners move to renewable energy solutions and back-up power systems. This is unlikely to change since loadshedding and energy problems are a permanent part of life in South Africa.
We will endeavour to keep our readers updated with any news about new solar finance products from FNB and other banks.