How to go off grid: Insights from LookSee’s Marc du Plessis
Living off the grid seems like a dream, but what are the actual realities of leaving Eskom power behind and running solely on your own terms? Marc du Plessis, executive head at LookSee, breaks down the outlay required and the implications going forward.
As load shedding continues to put pressure on South Africans, many are seeing the value of solar power installations to power their homes and businesses. The energy crisis has given way to a renewable energy revolution withfinancial service providers now offering new opportunities to go “off-grid”.
While there are several ways to finance solar power systems – home loan readvances, personal loans, overdrafts, savings – most remain beyond the reach of ordinary South Africans. That all changed with the launch of the Solar Loan, a new product available through Standard Bank’s home efficiency platform.
Marc du Plessis, Executive Head of LookSee.co.za, Standard Bank's home efficiency platform, gave a series of interviews in which he shares details about the Solar Loan and the fundamentals of going off-grid.
With a Solar loan, South Africans can finance the full cost of a solar installation, including solar panels, inverters, batteries, and other essential components. What sets the Solar Loan apart from other loan products is that it offers personalised interest rates capped at a maximum of prime 2.5%.
Those looking to go off-grid and install solar systems in their homes and businesses need to remain mindful of a few things:
- Renting vs owning: While solar power rentals remain a valid alternative, products like the Solar Loan give customers full ownership of their installation, and options when it comes to repayment periods.
- The right system for you, done right: By conducting a power analysis, customers can determine what size system that best meets their power needs.
- An incentive to go solar: Up until 29 February 2024, South Africans that want to invest in solar power can claim 25% of the cost of solar panels, up to a maximum of R15 000, back from the government.
As Du Plessis explains, from an affordability perspective, a cap on interest rates combined with rising utility charges makes the cost benefit of solar installations more appealing than ever.
To find out more about you can go off-grid at an affordable price, click here to listen to the full interview.
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