Investec to help its banking clients ditch Eskom

Investec plans to offer its private banking clients funding to install solar panels and battery storage systems in their homes, bolstering its own green credentials and providing a power solution in a country regularly hit by electricity outages.

The offering, which follows a pilot programme for a thousand customers in South Africa, will allow clients to tap unutilised home loan facilities or have money re-advanced to them to put in place the systems that can cost about R150 000, or significantly more depending on the size of the property.

“We are planning on giving our clients access to multiple providers and exclusive solutions,” the Johannesburg-based bank said in response to questions. “We can help clients with a range of needs” for personal and business, it said.

While Investec says the programme is in line with its strategy of committing to “net zero direct carbon emissions”, it may also appeal to people in a country that’s had to deal with rolling blackouts for more than a decade and surging tariffs as the power utility struggles to meet demand.

State-owned Eskom is seeking permission to boost the cost of its electricity, produced mostly from coal, by 20.5% this year.  — (c) 2022 Bloomberg LP