FNB Solar Finance

FNB Solar Finance

Last Updated: January 18, 2024By

Can you apply for FNB solar finance? How does it work? How do you get it? We explore the renewable energy solutions offered by FNB in South Africa.

Please note: this information is correct at this moment and may change. We will endeavour to keep this article updated as things change.

Do you need finance for your solar or back-up energy system?

Solar installations vary greatly in price. As of 2023 you can expect to go 70% off-grid for the price of between R250k and R300k (for an average 3-bedroom house). This greatly depends on your installer and the components you include in your installation.

Most people don’t have this much cash lying around and will need to borrow money to pay for their solar installation. FNB (First National Bank) offers their clients access to a number of financial solutions (loans) that can be used for a solar installation or back-up power systems.

What finance does FNB offer for renewable energy?

Residential solar

If you are a home owner you can extend your bond through FNB to pay for your solar. This option is available for those who have existing home loans through FNB (FNB also makes switching from another bank fairly attractive and may even pay for the transfer costs).

Business ecoEnergy loan

This is a business loan for commercial solar installations or back-up energy systems. The loan value can be between R100,000 and R1,000,000, depending on the client’s affordability.

The loan repayment terms are flexible and can be between 5 and 10 years.

Clients enjoy a 30month capital holiday at the start of the loan (during which interest must be serviced).

The loan amortises capital resulting in lower interest payments over time.

Loan repayments are by automatic debit order from your Business FNB account.

How do you qualify for a Business ecoEnergy loan?

Applicants should meet the following criteria to qualify for the Business ecoEnergy loan:

  • Hold an active FNB Business Account
  • Be in good standing

Applicants will also be subject to additional credit criteria.

Find out more and apply here

Alternative Energy Solutions for Business from FNB

Business owners can access alternative energy sources to avoid the devastating effects of loadshedding in South Africa. It is an imperative for every business to have reliable, affordable electricity.

FNB’s alternative energy solutions for business includes funding options for:

  • Renewable energy
  • Generators
  • Battery backup systems

These options can be either grid-tied, off-grid or a hybrid model.

To qualify:

  • Have an active FNB Business Account in good standing
  • Additional credit criteria will be applied

Loans in this category are flexible (between 5 and 10 years) with a set interest rate and up to a maximum value of up to R50 million (subject to regulations).

Installations must be performed by a reputable, industry-accredited renewable energy company.

FNB’s finance team is flexible and reviews each individual application and recommends the most suitable structure based on your business requirements.

Find out more and apply here

What other renewable energy solutions can you get through FNB?

The LTM Group has partnered with FNB to offer the Green Solutions Solar and Hybrid Storage promotion, which offers 10% off for FNB Clients.

Their portal includes an Energy Calculator you can use to determine your needs, and their site also offers tools for energy and water efficiency.

Find out more about this promotion here

Buy an inverter or solar products with your FNB eBucks

FNB clients can use their eBucks to buy solar hybrid solutions, UPS devices, efficient lighting, water storage, geyser solutions and more.

Visit the Eco-Home Solutions category on the eBucks store

Massive demand for solar finance products

It is clear that banks are helping more and more businesses and homeowners move to renewable energy solutions and back-up power systems. This is unlikely to change since loadshedding and energy problems are a permanent part of life in South Africa.

 

Please note: we do not arrange solar finance. Please arrange this directly from your bank or other financial institution.

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About the Author: Tony Lopes

Tony is the founder and editor of CleanVolts.co.za. He has completed solar certifications and courses through Green Solar Academy. Tony's goal is to see solar panels on every roof-top in South Africa and the adoption of EVs and renewable technology across the African continent.

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