LookSee’s low-interest rate loan to solar offerings
Thinking of making the move to solar? LookSee’s low-interest Solar Loan could be just what you need.
Solar power is accessible to more households thanks to the game changing Solar Loan from Standard Bank’s home efficiency platform, LookSee.co.za.
The recently launched LookSee Solar Loan offers low interest rates and flexible repayment terms, enabling more families to afford a reliable solar system, says LookSee executive head, Marc du Plessis. What’s more, you don’t need to be a Standard Bank customer, or use one of LookSee’s own installers, to qualify.
What’s so special about the Solar Loan?
If you don’t want to use your home loan to finance a solar installation, the LookSee Solar Loan offers several benefits that would not be available under normal circumstances.
- · Full system financing: With loans ranging from R3,000 to R300,000, households can cover the costs of a full installation or use the Solar Loan to upgrade or add to their current system.
- Low interest rate: The Solar Loan offers personalised interest rates capped at a maximum of Prime plus 2.5%, a significant discount on the average Prime plus 7% normally offered on personal loans and the maximum of Prime plus 17.5% stipulated by the National Credit Act.
- Flexible term: Customers can select a repayment term between 12 months to 5 years to suit their budget with the added benefit that they will not be penalised for early settlement.
The interest rate is the standout feature, as it is much lower than what has been available in the industry to date. We shouldn’t overlook the value range, however, as this is large enough to cover a full solar system with installation costs, but also allows for smaller loans for families looking to add solar panels to their existing installation. And, of course, our customers have the assurance that they won’t be penalised for paying off their loans earlier. - Marc du Plessis, Executive Head - LookSee
The introduction of the Solar Loan has been welcomed by solar installers, says Pierre Pretorius, a member of the Association for Renewable Energy Practitioners.
“With the high demand for solar solutions, we’ve seen a rush of unqualified and inexperienced installers entering the market with offerings of cheap, often unsafe, equipment. This has resulted in many reports of failed or inadequate solar installations and even scams. We believe the Solar Loan will help households to avoid these problems a by making a quality solar installation more affordable,” he explains.
Households can use the Solar Loan to finance an installation from their preferred installer or make use of LookSee’s selection of top-quality solar systems and bank-vetted installers backed by personalised support from the platform’s Customer Care Team.
Standard Bank provides the LookSee Solar Loan and forms part of government’s Energy Bounce Back Loan Guarantee Scheme (EBB). It should be noted, however, that individuals may only have 1 EBB-based loan. The government has stated that the EBB loan will run until 30 August 2024.