The bank says consumers typically extend their home loans to fund 80% of the cost of installing solar power but it warns this is not fiscally prudent
Standard Bank says the average cost of installing a solar power system in one’s home is about R170,000, highlighting the financial impact of Eskom’s inability to provide a stable electricity supply is having on consumer’s pockets.
The figure is based on the spending patterns of at least 250 consumers who used Standard Bank’s LookSee platform to buy solar power systems. However, the bank says the true number of customers opting for solar installations to cope with ongoing power cuts is probably far higher as not all of them use the online homeowner’s tool, which it launched in August 2021...
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