Solar finance solutions and property professionals

Solar finance solutions and property professionals

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SA homeowners need reliable, accessible financing solutions for solar installations.

Property professionals will know that the most likely time a homeowner will be keen to renovate a property is just before they sell it or just after buying it. In either scenario, making your clients aware of financing options for these property improvements is useful. In South Africa, off-grid electricity provision is probably the most pressing home improvement on many homeowners’ minds.

Load-shedding is likely to continue for several years, so many homeowners see these renovations as a priority. Whether they’re improving a property to sell at a better price or want to make a new home more convenient and comfortable after buying it, they’re exploring solar photovoltaic (PV) installations to power their home when the grid is not supplying electricity. It makes practical and financial sense. Depending on the size of the solar PV installation, it could cost anything from R100,000 to over R300,000, so financing is also a priority.

Being able to refer prospective buyers to a reliable, competitive lender who can finance a solar conversion on their new property gives you another incentive to list when selling. It’s also valuable advice to give prospective sellers if they’re considering renovations to increase their home’s value in what is currently a buyer’s market.

Solar finance solutions for property experts

Nedbank has made accessible, hassle-free finance for solar installations much easier with an innovative new add-on to home loans. The bank has aggregated several solar PV installation and financing solutions under the Avo Solar banner to offer affordable, top-quality solar packages at competitive prices. Suppose your client is looking around in the market. In that case, Nedbank’s offering includes access to quotes from preapproved solar suppliers who are all vetted, accredited and recognised by the South African Photovoltaic Industry Association (SAPVIA).

Both solutions will assist your clients with accessible, affordable solar renovations that will help them get the most out of their important asset.

Applying for finance from the bank requires your client to have an installation quote from a Nedbank-approved supplier. Then there’s an easy multi-step process:

  • Needs analysis – The Avo Solar-approved service providers will arrange for a needs-based analysis and engineering proposal built into a quote on the energy solution that will suit your client’s lifestyle and pocket.
  • Applying for finance – This can be done through an existing Nedbank home loan, which has several advantages. The resulting minimal increase on your client’s home loan instalment will be offset by a decrease in their monthly electricity bill. They can use the available money in their NedRevolve facility or apply for a readvance or a further loan.
  • Insurance: Nedbank offers your client an innovative alternative-energy insurance policy from as little as R99 a month for every R100,000 insured, which covers panels, batteries, inverters and all other accessories in the event of the following:
  • Theft or burglary.
  • Malicious damage.
  • Fire, lightning or explosions.
  • Floods, storms, wind, water or hail.
  • Earthquakes.
  • Subsidence and landslip impact.
  • Installation and activation: The Nedbank offering, once financed, will be immediately installed. The approved suppliers will manage the entire process, from finding and installing the right solution to ongoing operations and maintenance. You can reassure your homeowner client that the renewable energy renovation will take only 2 to 4 weeks from the first contact with the service provider to activation.

An alternative solar finance solution

If your client doesn’t have an existing Nedbank home loan, the bank also offers financing for solar installations by approved providers through a separate division, MFC Asset Finance. MFC provides stand-alone asset finance and does not require your client’s home loan to be with Nedbank. Clients can apply for finance over a period of up to 72 months at a competitive interest rate through an easy online application process.

Both solutions will assist your clients with accessible, affordable solar renovations that will help them get the most out of their important asset. Property professionals can alert them to a vital value-add to their investment in property.

Find out more about various Avo Solar financing options.

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