Tuesday Dec 06, 2022

What it would cost to get your home ‘off the grid’ | Citypress – News24

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After 14 years of load shedding, most households have found some way to make do with intermittent electricity outages. Photo: Supplied

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Not many people can afford to pay R140 000 for a complete solar and back-up power system. If you have a mortgage, banks are allowing for further financing from your mortgage to pay for energy solutions. Most banks have partnered with renewable/back-up energy providers for discounts to customers.

If your mortgage rate is prime, based on the current prime rate of 8.25%, you would pay about R900 in interest on the loan each month. If you aim to pay off the loan over 10 years, then you would have repayments of about R1 700. The reduction in your electricity bill should offset some of the financing costs.

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Source: https://www.news24.com/citypress/personal-finance/what-it-would-cost-to-get-your-home-off-the-grid-20220710

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