Business Culture Economy

Let the sun shine – the latest homeowners need to know before going solar

 

 

As S Africans contend with the likelihood of advanced stages of loadshedding for the foreseeable future, more homeowners are looking at ways to mitigate the impact of prolonged power outages on their daily lives. In response, Finance Minister Enoch Godongwana informed citizens during his budget speech that they can receive up to R15 000 tax rebates for installation costs of rooftop solar panels starting from March 1st – leaving many considering sun-based energy sources as their pathway towards uninterrupted power supply.

 

But having the latest information about where and how to start the process is a crucial first step,” says Andrea Tucker, Director of MortgageMe.

 

While solar provides the single, most cost-effective solution for homeowners, cost-effective doesn’t necessarily mean easily affordable. “In the same way that we always advise prospective homeowners to have a budget in mind and finance in place, we also recommend that solar shoppers do a needs assessment, cost it and then research the options for financing their solar installation,” says Tucker.

 

With such a high demand for solar in South Africa, banks and finance companies are starting to offer more innovative and affordable solutions, including adding the cost of solar to a home loan on registration of the bond, extending home loans to cover the cost of installation, or financing solar as a rent to buy option or even on a subscription basis.

 

“Given that Eskom’s problems are unlikely to be resolved any time soon, the installation of solar will almost certainly enhance the resale value of a property or attractiveness to potential renters – it is therefore seen as a good investment by finance houses,” says Tucker.  “This is, of course, based on the installation being professional, compliant and adequate for the needs of the house and its occupants,” she adds.

 

Leading residential solar energy company, Versofy SOLAR, connected around 900 homes in 2022, and is looking at a bumper 2023. Owner-managed, Versofy SOLAR is a homegrown South African business, making its contribution to reducing high levels of unemployment while helping address the country’s energy crisis.

 

Versofy SOLAR co-founder and CEO Ross Mains-Sheard has advised hundreds of homeowners on their solar installations and gives his top tips to consider before making the decision to go solar:

  • Talk to friends, neighbours and your community for recommendations of companies that they have used.
  • Assess your home’s energy needs based on historical usage patterns.
  • Assess your home’s capacity to support solar panels, taking into consideration surface area of the roof, orientation, pitch, and exposure to the sun.
  • When you have completed these two exercises, you will be able to determine – in conjunction with a reputable solar installation company – the capacity of the solar panel and storage system you need to install.
  • Ensure that your installer is accredited and uses only the best-quality materials.
  • Get the necessary approvals including from the municipality, homeowners’ association, body corporate etc.
  • Versofy SOLAR uses only the most trusted components and verified installers and can advise on issues around compliance.
  • Ensure your solar system is maintained regularly and that it is insured the same as any other household asset.
  • Versofy SOLAR’s systems come with generous warranties, but basic ongoing maintenance such as keeping panels free of dust and debris, and monitoring and inspection of the system via Versofy’s app will ensure the system functions optimally at all times.

 

“We always advise getting a few quotes before making a decision on solar installation, but we are confident that our customer satisfaction rating, high-quality equipment and standard of workmanship speak for themselves,” notes Mains-Sheard.

 

Solar installation is not only about the number of panels but also of the storage capacity of the captured solar energy based on the size of the home and appliances that people wish to keep on during a power outage. There is also the possibility that in the future, surplus energy generated may be sold back into the grid, which may provide a modest return on your investment. The Western Cape is certainly moving forward with this and it is hoped that the rest of the country will follow suit.

 

“With the added burden of increased electricity tariffs on top of loadshedding, solar provides a reliable, safe and sustainable energy alternative to the national grid – and it only makes sense in a country with as many sunlight hours as we experience. There are many options that make it cost-effective depending on your immediate needs and ability to outlay a large amount upfront or pay it off over time. It is certainly looked upon favourably by banks and finance houses who are making it easier for homeowners to choose solar,” adds Tucker.

 

Leave a Comment

Your email address will not be published.

You may also like

Business Culture Economy International Interviews

FX Volatility Risk: Why Nigerian Businesses Must Be Cautious When Borrowing in Foreign Currency

post-image

By Anayo Nwosu

In a rapidly evolving economic landscape where currency fluctuations have become the norm, Nigerian businesses are constantly weighing their financing options. One of the biggest dilemmas faced by companies is whether to borrow in foreign currency or stick to naira-denominated loans. While foreign currency loans often come with significantly lower interest rates, they carry a hidden danger—FX Volatility Risk—which has led to the downfall of many companies.

The Temptation of Foreign Currency Loans

Imagine a manufacturing company in Nigeria that wants to expand by acquiring new machinery from an overseas supplier. The cost of this machinery is $1,000,000, and the foreign supplier agrees to ship the equipment with a one-year payment plan, provided a Nigerian bank issues a confirmed letter of credit as a guarantee. The loan comes with an attractive 7% annual interest rate, much lower than naira-denominated loans, which range from 19% to 32% per annum.

At first…

Read More
Business Culture Economy Government International

Peter Obi Engages Indonesian Leaders on Governance and Economic Transformation

post-image

Nigerian public figure and presidential hopeful Peter Obi has continued his engagements in Indonesia, holding high-level discussions with key political and economic leaders to gain insights into the country’s development strategies. His visit on February 3rd and 4th included meetings with top government officials who played significant roles in Indonesia’s economic transformation under Presidents Susilo Bambang Yudhoyono and Joko Widodo.

Obi’s discussions began with Agung Laksono, a former Minister, former Coordinating Minister of the Economy, and a former member of Indonesia’s Presidential Advisory Board. Laksono provided Obi with valuable insights into the governance strategies that shaped Indonesia’s rapid development, emphasizing the importance of strategic planning, disciplined execution, and a focus on measurable progress across key sectors.No alt text provided for this image

Read More
Business Economy Government

NDPC Marks 3rd Anniversary with Team Bonding Event to Strengthen Workplace Unity

post-image

The Nigeria Data Protection Commission (NDPC) recently celebrated its third anniversary with a specially organized team bonding event aimed at fostering stronger connections among its workforce. The event, which brought together staff members in a relaxed and engaging environment, provided an opportunity for them to reflect on their collective achievements, strengthen team spirit, and reinforce the Commission’s commitment to its mandate.

Held in a lively atmosphere, the event featured a mix of recreational activities, including friendly competitions, interactive games, and team-building exercises designed to enhance collaboration. Staff members also enjoyed a variety of food, drinks, music, and dance, creating a festive mood that encouraged camaraderie and networking beyond the usual work setting.

Speaking at the event, senior officials of the NDPC highlighted the significance of teamwork in achieving the Commission’s objectives. They emphasized that fostering a strong internal culture of cooperation and mutual support is essential to maintaining efficiency in regulatory…

Read More
Business Culture Economy Society Travels Trends

Lagos Governor Speaks on Expansion of Red Line Rail Service, Receives Mixed Public Reactions

post-image

 

By ANTHONY EMEKA NWOSU

The Governor of Lagos State, Babajide Sanwo-Olu, has unveiled a significant enhancement to the Lagos Rail Mass Transit (LRMT) Red Line as part of the state’s ongoing efforts to revolutionize urban mobility. Effective from tomorrow, the Red Line will expand its service schedule, now offering five morning trips and four evening trips daily, an increase from the previous two morning trips. This step is aimed at improving the daily commute for residents traveling along the high-demand route from Agbado to Oyingbo.

This upgrade promises to ease the stress of navigating the city’s notorious traffic jams by reducing overall travel times. With a journey time of just 50 minutes between Agbado and Oyingbo, commuters will benefit from the convenience of waiting times as brief as two minutes at each station. The increased frequency of train services is expected to significantly enhance the efficiency and reliability of the Red…

Read More
Business Culture Economy Tourism Travels Trends

Radisson Hotel Group concludes record-breaking year with over 300 new signings and openings in 2024

post-image

Radisson Hotel Group (www.RadissonHotels.com) reported a record-breaking year in 2024 after adding almost 40,000 keys to its global brand portfolio, thereby achieving significant milestones and further strengthening its footprint around the world. Radisson Blu remained the leading upper upscale brand in Europe for the 13th consecutive year and the Group is now leading the upscale resort segment in EMEA.

VIDEO
Elie Younes, EVP & Global Chief Development Officer, walks you through Radisson Hotel Group’s 2024 Business Development highlights

 

Elie Younes, Executive Vice President and Global Chief Development Officer at Radisson Hotel Group, comments: “Despite global geopolitical…

Read More
Business Economy Gadgets News Security Society Software Technology Technology Trends

Zoracom Announces Strategic Collaboration with Exeon Analytics AG to Enhance Cybersecurity Resilience and Next-Gen NDR Solutions

post-image

 

Zoracom, Nigeria’s foremost Network Security Operations Center (NSOC) and leading cybersecurity firm, has unveiled a groundbreaking initiative aimed at advancing Next-Generation Network Detection & Response (NDR) capabilities and bolstering cybersecurity operational resilience. The company revealed plans for a strategic visit to its partner, Exeon Analytics AG, in Zürich, Switzerland, scheduled for 2025, as part of its commitment to innovation and excellence in the cybersecurity landscape.

In an official statement, Zoracom emphasized that this collaboration underscores its dedication to addressing the evolving challenges of cybersecurity in an increasingly digital world. The initiative is designed to not only enhance Zoracom’s service offerings but also to provide cutting-edge solutions to its growing customer base, which includes enterprises, government agencies, and organizations across various sectors.

Key Objectives of the Initiative

The strategic partnership with Exeon Analytics AG, a renowned Swiss-based leader in cybersecurity analytics, is expected to deliver significant benefits, including:

  1. Support for a Growing…
Read More
Business News

Why Every Business Needs a Website and Social Media Management – Menxtt Technology NG is the Digital Partner You Can Rely On

post-image

 

 

Imagine a customer hears about your business and wants to learn more. The first thing they do? Search for you online. If they find nothing—no website, no social media page—chances are they’ll move on to your competitor. In today’s fast-paced digital world, businesses that lack an online presence are practically invisible.

That’s why Menxtt Technology NG, a trusted IT solutions provider based in Ikeja, Lagos, is helping businesses of all sizes build strong digital footprints. From creating professional websites to managing social media pages and deploying smart business software, Menxtt ensures businesses don’t just exist online but thrive in the digital space.

According to Anthony Nwosu, a marketing consultant at Menxtt Technology NG, going digital is no longer an option—it’s a necessity.

“Think about it—when was the last time you tried a new restaurant, salon, or service without first checking them out online? Today’s customers do their research before making a decision….

Read More
Agriculture Business

John Dumelo: “Agriculture Has Given Me More Than I Ever Dreamed Of”

post-image

Acclaimed Ghanaian actor and entrepreneur John Dumelo has shed light on his decision to step away from acting, citing agriculture as a more rewarding and impactful pursuit. Dumelo, who once graced the screens in some of Ghana’s most popular films, revealed that he left the entertainment industry to focus on farming, a venture that has transformed his life in ways he never imagined.

In a candid statement, Dumelo expressed that the film industry was financially unsustainable for him, prompting him to seek a more stable and fulfilling career path. His passion for agriculture, coupled with a strong desire to fight hunger in his community, led him to invest in large-scale farming.

“The film industry was not enough to sustain me. Besides, I had a deep passion for agriculture and a desire to eliminate hunger in my community and beyond through my products. This passion led me to venture into poultry farming,…

Read More