Save on electricity costs with solar finance solutions
We've all experienced that exasperating feeling when the costs escalate in excess of inflation, but as a business owner, it's more than just a fleeting frustration. A volatile economy with unpredictable price hikes and fluctuating energy costs can throw a wrench into your operations. These uncertainties can impact everything from planning and production to supply chains and, most importantly, your bottom line and the health of your business.
Although the upfront intense capex cost of investing in an uninterrupted power supply has been prohibitive for many businesses, the good news is that solar loans have recently become more affordable. With the help of a Standard Bank Business Solar Loan, it’s now possible to obtain a reliable and cost-effective source of power.
What are my solar financing options?
Launched in September 2023, our business solar loan is making a difference for businesses across various sectors, including hotels, agriculture, and retail and wholesale trade. We've empowered nearly 200 businesses to embrace the benefits of solar energy by providing them with accessible credit to kickstart their solar journey.
We are proud participants in the Energy Bounce-back Loan Scheme announced by the Presidency, working in conjunction with the National Treasury, which offers finance to qualifying businesses who meet the scheme eligibility criteria. The entirety of the scheme will be available until March 2025.
The Standard Bank Business Solar Loan is tailored to the financing of green energy solutions such as the following:
- Grid-tied systems (utility connection + solar) and off-grid systems (solar + battery excluding utility connection), rooftop/ground-mounted solar systems
- Financing available from R 10 000 up to R 10 million (includes battery storage funding up to a maximum of R 30 000)
The benefits of our business solar loan include the following:
- Uninterrupted workdays: Access funds to purchase a solar solution, ensuring your business runs smoothly and continues to grow
- Ease of lending: Increased appetite to fund energy solutions driven by government support
- Swift processing: A seamless application process that results in faster approvals and quicker payouts
- Competitive interest rate: Personalised interest rate below prime
- Repayment term: Flexible term structure of 12 to 60 months
- Funds paid into your account: Funds are paid directly into your Standard Bank Business Current Account for loans less than R 500 000Direct supplier payments: Loans over R 500 000 will be paid directly to the supplier
Who can apply for a business solar loan?
- New and existing Standard Bank clients
- Businesses which are companies, close corporations, sole proprietorships, partnerships and incorporated joint ventures that are registered for VAT or with CIPC Terms and conditions apply.
- Businesses with a maximum turnover of R 300 million
How can you start your solar journey with us?
- Contact your relationship manager or visit our website and fill in the online application form
- Once completed, a confirmation mail will be shared with conditional approval within 3 hours
- After conditional approval, an assigned relationship manager will contact you for verification
- Once approved, contracts are sent electronically, followed by disbursements into either the business account or to the vetted supplier
Investing in a solar solution and leveraging financing options, such as a business solar loan, can help future-proof your business and move you towards energy independence. A consistent power supply and the stability and predictability of energy costs free you from the worries of fluctuating expenses, ultimately facilitating a smooth workflow and a healthier bottom line.
Terms and conditions apply.