Budget speech: Home solar more affordable than ever

Published Feb 24, 2023


With the increasing frequency of loadshedding and power outages, homeowners are turning to solar solutions to secure their power supply and protect against rising electricity prices.

This trend is gaining momentum as the government seeks to incentivise the adoption of renewable energy.

Get started on your solar journey with LookSee’s free solar score

Standard Bank’s head of digital and eCommerce, Andrew van der Hoven explains: “President Cyril Ramaphosa has spoken a few times about the work that is underway to allow homeowners to sell-back their excess solar power to the grid. And now National Treasury has announced incentives for homeowners.”

In his budget speech to parliament, Finance Minister Enoch Godongwana revealed that individuals who install rooftop solar systems from 1 March will be able to claim a 25% rebate of the cost of the panels, up to a maximum of R15 000. This can be used to reduce their tax liability in the 2023/24 tax year. This means that new solar installations will be more affordable, while homeowners who have already installed solar are incentivised to add to their system.

There is one caveat, points out van der Hoven: “Homeowners only have one year to access this incentive.

Trustworthy solar journey

Reports of subpar equipment, poor installations, and untrustworthy dealers can be disheartening for homeowners who want to pursue their solar goals, especially considering that solar solutions don't work the same for everyone.

Standard Bank’s LookSee.co.za helps homeowners pursue their solar dreams by connecting them with vetted solar providers through their home efficiency platform. The recently launched Solar Score service assesses homes based on various factors, revealing insights such as usable roof space, potential electricity generation, and estimated bill savings for up to 25 years. This service is free and easy to use for South African homeowners, regardless of who they bank with.

Try the LookSee solar score here.

After the solar score assessment, LookSee provides an automated Home Power Analysis, helping homeowners determine the appropriate solar system size based on their requirements and budget. The free service uses location and average electricity bills to calculate various system sizes, displaying the number of backup power hours available without sunlight, the percentage of monthly electricity use that can be replaced by solar power, estimated bill savings, and approximate system costs for both cash and financed basis.

Try the LookSee home power analysis here.

“Once a homeowner has identified the solar system that best suits their needs and pocket, the LookSee Solar Concierge team steps in to guide customers through the process of selecting the right solar partner for their needs,” says van der Hoven.

LookSee’s solar providers have passed Standard Bank's stringent vetting process to ensure they offer reliable technology and services. This enables South African homeowners to access relevant information, specialist services, and government incentives, regardless of the bank they use, as they transition to renewable energy.