FINANCE
to how much extra to plough into your mortgage bond each month .
Absa offers homeowners a secondary account known as the MultiPlan which allows them to structure a new loan specifically for the solar system , with its own loan term and rate . This means the solar power loan can be paid off over a shorter period .
Another alternative is to take out a personal loan to be repaid over five to seven years . This will come at a higher interest rate , but once the loan is repaid , the solar system is owned free and clear and any savings go straight into the homeowners ’ pockets . Depending on the configuration of the system , monthly savings can range between R1 500 and R4 000 .
Leasing or subscription options
Some banks are exploring leasing or subscription type options such as that offered by Gosolr or Versofy Solar , where you pay a monthly fee . You won ’ t own the system ( unless you choose to buy after three years , in Gosolr or Versofy Solar ’ s case ), which means you are effectively substituting one utility ( like City Power ) for another ( Gosolr or Versofy ).
136 OCT 2022 SA Real Estate Investor Magazine