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Investec Finances its Private Bank Clients to Go Off-Grid with Solar Power

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Anglo-South African Financial Services company Investec has planned to offer its private banking clients in South Africa the funding to install solar panels and battery energy storage systems in homes.  

The offering will follow a pilot program for 1,000 customers in South Africa. This program intends to provide Investec’s clients to tap unutilized home-loan facilities or have money re-advanced to them for investing in the solar home systems that can cost about $10,000 (~155,000) or more, subject to the size of the property.

According to a statement from Investec, “We are planning on giving our clients access to multiple providers and exclusive solutions. We can help clients with a range of needs for personal and business.”

The program is in line with Investec’s vision of committing to “net-zero direct carbon emissions”. This strategy of the company will strengthen its own green credentials and provide a greener and off-grid power solution for South Africa.

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South Africa is regularly facing power outages for more than a decade, with surging tariffs as the power utility Eskom struggles to meet demand. The state-owned power utility is seeking permission to boost its electricity cost, which is produced mostly from coal, by 20.5% this year.

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