Nedbank Introduces Affordable Solar Financing Packages for Homes and Businesses

Nedbank Introduces Affordable Solar Financing Packages for Homes and Businesses

Nedbank has launched a set of solar financing packages on its Avo Solar website, with monthly repayments from R1,666 to R4,382.

The bank said the packages aimed to make greener energy supply accessible to households and businesses of all sizes through competitive prices.

Nedbank said that cost remained a barrier to greater adoption. “Solar panels and batteries are still not easily accessible to most South Africans,” the bank said.

“Nedbank’s ability to provide speedy access to finance, with up to 84 months to pay, has a major role to play in driving inclusivity.”

Nedbank said the average household could save around R26,000 per year by living off the grid.

A fully off-grid system is too expensive for most households, however.

But self-generating some electricity with solar reduces the bill on grid-supplied electricity. At the same time, backup batteries can eliminate much of the inconvenience of blackouts when the sun is not out.

Nedbank group managing executive of retail and business banking, Ciko Thomas, said that reducing one’s exposure to Eskom increases quality of life and can keep a business firing on all cylinders.

Ciko said the five pre-configured packages — ranging from “Green” to “Premium” — were designed to meet most households’ and small businesses’ requirements.

The table and images below summarise the five pre-configured solar financing packages available from Nedbank through the Avo Solar website.

Nedbank Avo Solar packages
PackageSolar panels
Peak generation
Total capacity
Monthly repayment
(or once-off  castprice)
GreenNone 1 × 5.5kW 1-phase1 × 5kWh
Silver6 × 550W
1 × 5.5kW 1-phase1 × 5kWh
Gold8 × 550W
1 × 5.5kW 1-phase2 × 5kWh
Platinum10 × 550W
1 × 8.8kW 1-phase2 × 5kWh
Premium14 × 550W
1 × 12kW 3-phase3 × 5kWh
*Based on 72-month (6-year) repayment term at Prime + 3% interest rate. Excludes a once-off initiation fee of R1,207.50 and monthly admin fee of R69. 

The entry-level Green option features no solar panels, meaning you won’t be reducing expenditure on grid power.

However, its inverter-and-battery combo will comfortably carry the average household through a 2.5-hour load-shedding outage.

At the other end of the range, the Premium package is aimed at large households or small businesses looking for a reliable source of alternative energy.

If none of the five options address a customer’s needs, Ciko said they can contact Nedbank’s team to configure a different system.

All the packages include installation by certified and Nedbank-approved solar suppliers and installers, complete with a certificate of compliance.

In addition, all systems boast a 10-year warranty.


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