FNB launches solar funding solutions

First National Bank has introduced a range of new credit options to allow its clients to install solar energy solutions, with homeowners able to borrow up to 15% of the value of their homes.

The bank is introducing a new “Nav Energy” feature in its smartphone app to help clients with information and a selection of pre-vetted alternative solutions.

“Customers can now apply for a solar energy loan financed through a new or existing home loan. This allows customers to apply for a loan starting at R50 000 and going up to 15% of their home’s value to finance the installation of a solar energy system from a pre-screened list of reputable renewable energy providers,” FNB said.

The amount of the solar energy loan will be added to the customer’s bond and recorded as a single loan at interest rates that align with their credit profile, it added.

“FNB will pay the deposit directly to the supplier upfront, so the customer will not be out of pocket unless there is a difference between the approved loan amount and the cost of the renewable energy solution selected by the customer, in which case the customer pays the difference or selects a more affordable solution.”

Those not looking to deploy solar can also borrow money to buy UPS and inverter solutions, starting at R149/month over 24 months for a basic solution.

Energy partners have been vetted by the bank to ensure no “fly by night” operators.

Clients don’t have to attach borrowing for solar installations to their home loans – homeowners can also borrow the money needed in the form of secured or unsecured loans.  – © 2023 NewsCentral Media

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