Massmart enters the solar funding fray

Retail and wholesale group Massmart has begun offering its customers access to solar energy funding solutions through a partnership with credit provider Retail Credit Solutions (RCS).

In an announcement issued on Wednesday, the once JSE-listed Massmart said customers can get access to a loan of up to R250 000 from the retailer to help lower their dependence on the failing national grid.

Massmart which owns Makro, Builders Warehouse and Game stores added that the funding will be made available at all three stores, and repayments in the form of fixed monthly instalments can be made over a one to five-year period.

“We, in partnership with RCS, place a very high emphasis on developing funding solutions to meet the needs of our customers and we have noted a significant increase in the number of people who want to fund solar energy projects for their homes,” Massmart’s senior president for financial services Varsha Dayaram said.

Walmart-owned Massmart’s announcement comes almost a month after the Minister of Finance, Enoch Godongwana, announced tax rebates for individuals who install rooftop solar panels in his 2023 Budget speech.

The incentive, which came into effect on 1 March, will see taxpayers being able to claim 25% of the cost of their panels, to a maximum of R15 000.

RCS’s chief commercial officer Gavin Lomberg adds: “With the current energy crisis that we find ourselves in, we want to offer our customers the opportunity to meet their energy needs and achieve their desired lifestyles in a cost-effective way.

“Through this financing solution, we can offer much-needed assistance to cash-strapped South Africans by providing them with funding for their preferred, more sustainable energy requirements.”

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