National Treasury urges SMEs, households to apply for solar power loan scheme

As part of government’s plan to mitigate the country’s power crisis, Treasury said the loan covered solar rooftops, batteries, inverters, and other installation-related costs.

FILE: As part of government’s plan to mitigate the country’s power crisis, Treasury said the loan covered solar rooftops, batteries, inverters, and other installation related costs. Picture: Pixabay.com

JOHANNESBURG - National Treasury has urged small businesses and households to apply for a loan scheme to help make the move to solar power easier.

Treasury launched the scheme last week and it is set to last until August 2024.

As part of government’s plan to mitigate the country’s power crisis, Treasury said the loan covered solar rooftops, batteries, inverters, and other installation-related costs.

READ: Renewable energy Eskom’s best shot at ending power cuts - Energy Council of SA

The country's power crisis was declared a national state of disaster in February, as the national grid was under severe pressure.

This compelled Eskom to implement stage six load shedding constantly.

To qualify for the loan, Treasury said small and medium enterprises (SMEs) needed to have a maximum income of R300 million.

Qualifying businesses can get up to R10 million as a loan to install solar panels.

Treasury said households were also encouraged to apply, as they could get up to R300,000 in a loan.