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Investec will help clients go off-grid with solar power

Johannesburg | In an era when going green is a top priority around the world, Investec intends to strengthen its own green credentials by providing private banking clients with funding to use solar power for energy in their businesses and homes. This initiative is also intended to address the country’s widespread electricity shortage. 

  • This initiative is also intended to address the country’s widespread electricity shortage.
  • Following a 1,000-customer pilot program, Investec says it will provide funds for its private bank clients to install solar panels and battery storage systems in their homes.
  • Clients will be given home-loan facilities or money will be re-advanced to them in order to install the systems, which can cost around $10,000 (about R155 000) or much more depending on the size of the property.
  • Investec believes that this program will not only help them achieve their goal of “net-zero direct carbon emissions,” but will also appeal to their South Africans clients who have been affected by the country’s electricity shortage for over a decade.
  • Eskom, the electric service provider, has recently requested permission to raise the cost of its electricity, which is primarily produced from coal, by 20.5 percent this year.

Following a 1,000-customer pilot program, Investec says it will provide funds for its private bank clients to install solar panels and battery storage systems in their homes. Clients will be given home-loan facilities or money will be re-advanced to them in order to install the systems, which can cost around $10,000 (about R155 000) or much more depending on the size of the property.

According to the Anglo-South African international banking group, it will ensure that its clients have access to several service providers and obtain exclusive solutions for both personal and business use. 

“We are planning on giving our clients access to multiple providers and exclusive solutions,” stated the Johannesburg-based lender in a response to questions. “We can help clients with a range of needs” for personal and business,” it said. 

Investec believes that this program will not only help them achieve their goal of “net-zero direct carbon emissions,” but will also appeal to their South Africans clients who have been affected by the country’s electricity shortage for over a decade. Eskom, the electric service provider, has recently requested permission to raise the cost of its electricity, which is primarily produced from coal, by 20.5 percent this year. This will raise electricity tariffs in the country, which Investec believes will encourage many of their clients to switch to solar energy, which is less expensive, more efficient, and easier to manage.

Investec is a South African-based Anglo-South African international banking and wealth management group. It offers a variety of financial products and services to customers in Europe, Southern Africa, and Asia. The financial group became the first South African company to be listed on both the London and Johannesburg stock exchanges.

Staff Writer

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