SA's electricity crisis | Financing options for solar power

JOHANNESBURG - Most South Africans installing solar panels are funding them with home loan extensions.

This is according to Standard Bank, which examined the spending patterns of clients using the bank's LookSee platform.

READ: SA’s electricity crisis | Cheaper solar light at end of tunnel

Stage 6 power cuts hit South Africans again earlier this week, leaving many without electricity for more than four hours at a time.

"A lot of people are looking at solar and one of the key decision points that people are battling with is how long and what is the life of this particular system," said Steven Barker from Standard Bank.

READ: Govt to assist SMMEs install solar power

"I think the home loan makes it affordable but what people should keep in the back of their mind is that you are only getting an eight to 10-year warranty confidently in the life of that system at this particular point."

Earlier this year, Finance Minister Enoch Godongwana announced plans to incentivise the adoption of renewable energy.