Nedbank inks partnership to enable homeowners to leverage loans to install solar PV

Financial services provider Nedbank has partnered with the South African Photovoltaic Industry Association (SAPVIA) through its PV GreenCard accreditation in an effort to increase access to and the affordability of installing renewable energy solutions for homeowners.
Through the partnership, Nedbank will help consumers save money on electricity bills by leveraging their home loan to install solar panels.
The SAPVIA PV GreenCard programme is a quality assurance, industry-led standard and training programme for solar PV installers.
The banks notes that, in the face of increased electricity tariffs and ever-looming load-shedding, many South African consumers are considering the switch to solar energy and that, even though the capital outlay may be perceived as high, there are real savings in the long run.
According to Nedbank Home Loans customer strategy head Bruno Ching’andu, Nedbank realised that, as a result of the Covid-19 national lockdown, consumers are spending more time at home and therefore their household electricity use is increasing.
“When you combine this with the increase in the cost of electricity, it means higher electricity bills.”
He adds that with the current heavy demand for electricity in South Africa, solar photovoltaic (PV) electricity generation is the “go-to alternative” to secure a dependable supply.
The PV GreenCard programme focuses on skills development and training to build installer capacity and works to improve standards development and compliance in line with international best practice. The PV GreenCard accreditation and recommended database offers protection and confidence to affected stakeholders such as solar PV installation companies, solar PV system owners, investors and banks.
SAPVIA COO Niveshen Govender says that, as an organisation, SAPVIA is excited that Nedbank recognises the value of quality solar installations by partnering with the PV GreenCard.
Nedbank states that solar is considered the most feasible and available optional energy supply source as it is sustainable, indefinitely renewable and environment friendly.
In addition, most modules last for 25 years and require little maintenance.
Nedbank states that, through the partnership, one’s home loan instalment increase could still be less than an average monthly electricity bill, especially in a low interest environment.
“By switching to solar, consumers are shielded from future electricity tariff increases.”
SOURCE: Engineering News

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