Solar Energy Loan Go green with FNB.

Beat the load-shedding blues and apply for a solar energy loan with your new or existing
home loan, and get a loan of up to 15% of your property value to fund the installation
of a renewable energy system!

Renewable energy solutions are efficient options for many homes across South Africa to help them reduce their carbon footprint. Not only do they make homes more sustainable but also provide access to uninterrupted power in addition to lowering energy costs and increasing the resale value of your property.
Beat the load-shedding blues and apply for a solar energy loan with your new or existing home loan, and get a loan of up to 15% of your property value to fund the installation of a renewable energy system.

How does it work?
• When applying for a new home loan, readvance, or further loan on an existing home loan or when you are switching your home loan from another institution, you can also apply for a solar energy loan to be added to your home loan application
• FNB will value your property at a higher amount to cater to the future installation of a solar energy system and will register a higher mortgage bond
• If you have an existing home loan and have equity in your property or access to a future use bond, then no new bond will need to be registered, however, you will need to undergo a credit assessment process. You can access these options by applying for a solar energy loan readvance, further loan, or future use!
• You must provide a quotation from an accredited solar installer.

Payment of solar energy loan:
1. Once your application has been finalized and your bond registered (if required), you will be able to request payment of the deposit to your selected renewable energy supplier
2. This request for payment of a deposit to your selected supplier must be accompanied by a completed solar energy loan progress payment request form and a valid supplier quote/invoice. A letter from your body corporate
or managing agents outlining approval for installation of the solar energy system, if your property is in a sectional title scheme, will also be required.
3. When your solar energy solution is installed, the final payment to the supplier will be made upon receipt of a completed solar energy loan final payment request form and an updated supplier invoice reflecting the final
balance due accompanied by an electrical certificate of compliance to confirm the successful installation of your solar solution.
Note: The installation of your solar solution must be completed within 6 months of the loan being made available for use post-bond registration (if applicable). Should the solar energy loan amount not be utilized in full or not be utilized within 6 months of the loan being made available for use, the solar energy loan portion will be held as a retention amount and inaccessible to you. Access to the funds thereafter will be subject to a full
credit assessment and valuation of the property.
 

Rules:
1. The solar energy loan is limited to 15% of the value of your property subject to a minimum loan amount of R50 000
2. Use an accredited renewable energy provider. 
3. You can apply for a solar energy loan with any of the following home loan applications
• New home loan
• Switch
• Readvance
• Further Loan
• Future Use
4. Loan amount requested must cover at least 50% of the cost of the selected renewable energy solution
5. Installation must be done within 6 months of the solar energy loan being made available for use
6. The loan term for the solar energy loan will align with the term of your home loan that it has been added onto
7. In line with the National Credit Act 34 of 2005, the normal credit assessment criteria will apply