Rent-to-own
Rent-to-Own
Rent-to-own makes solar an affordable (and reliable) energy solution
With no end in sight for load shedding, homeowners and businesses have to consider solar solutions to keep the lights on and reduce their dependence on the electricity grid. Eskom has warned that more frequent power disruptions are likely as its aging generation units continue to shut down. As a result, those who can afford it have made the switch to solar in a bid to lower their electricity costs and reduce the load on the grid. In fact, according to a Reuters analysis of customs daya, South Africa imported solar panels worth nearly R2.2 million in the first months of this year alone.
Craig Lewis, of SunLogic, says cost need not be a barrier when it comes to considering alternative power solutions. “There’s a perception that solar power is too expensive for the average homeowner or business owner. Many people still believe they need to invest in a full system with multiple components to enjoy the benefits of having access to renewable energy.” However, there are various payment options which make solar broadly accessible.
“SunLogic offers rent-to-own and rented systems that can be tailored to your home or business’s needs,” explains Lewis. “Rented systems are useful for tenants who don’t own their home, consumers who would like an immediate solution and may not be able to buy a full system.” They enjoy the benefits of a solar system without having to take out a loan or pay upfront. Maintenance and repairs can also be included in the rental package, adds Lewis.
There are a couple of options and you can choose to rent over 36, 48 or 60 months – or longer as needed. If your monthly electricity usage stays below 900kWh, the medium grid-tied solution should produce around 15-20KW of power a day, depending on installation and other factors. It is possible to rent this system for upwards of R2 349 a month. For a home that uses more electricity, the large grid-tied solution that produces around 20-35KW of power a day would cost upwards R3 875 a month.
For those wanting to own their solar solution but who can’t pay the full amount upfront, it is also possible to finance it through a home loan. There are financial institutions that also offer homeowners an asset-backed solar finance solution, even if they don’t have a bond.
“Regardless of which payment option you choose, a solar system offering some alternative power will add considerable value to your home while helping to reduce electricity costs and your dependence on the grid,” concludes Lewis.