Business Solar Loan FAQs
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About our Business Solar Loan
Who can apply for a Business Solar Loan?
Our Business Solar Loan is available to:
- New and existing Standard Bank clients
- Businesses which are: companies, close corporations, sole proprietorships, partnerships, incorporated joint ventures that are registered for VAT or with CIPC. *T&Cs apply
- Businesses with a maximum turnover R300 million
How much can I borrow with a Business Solar Loan?
These loans range from a minimum amount R10000 up to a maximum amount R10 million
*T&Cs apply
What is the repayment term?
It's a flexible structure between 12 to 60 months. The terms and conditions of the Business Solar Loan will be tailored to your business needs and subject to the necessary credit and compliance checks.
What can I finance with a Business Solar Loan?
Our Business Solar Loan offering is limited to the financing of green energy solutions such as:
- Rooftop/ground mounted solar system which includes the installation of solar panels up to R10 million. You can use your Business Solar Loan to cover the costs of the system as well as installation fees, and/or
- Uninterrupted power supply systems and battery backup systems - including invertors and sundries - can be financed up to R30 000; this is a portion of the maximum loan amount.
What are green energy solutions?
This is any energy system, machinery, plant, implement, utensil or article required to deliver, generate and store electricity generated from renewable resources but only in respect of rooftop/ground mounted solar solutions and resilience-targeted solutions, including uninterrupted power supply systems and battery back systems, including invertors and sundries (excluding generation capacity).
Can my business apply for more than one Business Solar Loan under the Government Bounce- Back Energy Loan Scheme?
No, One Loan is permitted under this product.
If I have a Covid loan, can I apply for a Business Solar Loan?
Yes, provided you meet the loan assessment criteria.
Does Standard Bank offer insurance to cover solar panels?
We have a comprehensive insurance solution through our Standard Bank Insurance Brokers.
Call 0860 123 999 for more information or speak to your Relationship Manager.
How do you choose the right alternative energy supplier?
Standard Bank has a unique platform called PowerPulse where you can connect with our preferred and accredited suppliers. Visit PowerPulse to learn more.
How long does the loan application process take?
The application process can take between 24 to 72 hours from receipt of the application and all supporting documentation.
Is there a deposit required with this loan?
A 20% deposit is required for Business Solar Loans over R500 000 subject to credit assessment, the deposit is calculated on the approved loan amount.
*T&Cs apply
How would the renewable energy tax incentives announced in the 2023 Budget affect a Business Solar Loan taken up under the Government Bounce- Back Energy loan Scheme?
Businesses that invest in eligible new and unused renewable energy generation assets may qualify for an upfront 125% deduction of the cost of these assets if certain requirements are met. The assets must be brought into use for the purpose of your business’ trade on/after 1 March 2023 and before 28 February 2025 (i.e. available for two years only).
You will still qualify for the tax incentive announced, even if you have a Business Solar Loan under the Government Bounce- Back Energy Loan Scheme or any other loan funding to purchase your renewable energy generation assets.
DISCLAIMER: The FAQs are provided for information purposes only and is not intended to or should be construed as tax advice. If you are uncertain of your tax position, you should seek tax advice from a suitably qualified tax advisor.