Discovery providing discounted financing for solar installs

Discovery Bank will offer interest rates on financing products starting from prime minus 2%. Financing periods will be offered over 72 months.

Rubicon is perhaps best known as the official distributor of the Tesla Powerwall inverter-and-battery system.

It also offers inverters, batteries, and solar panels from major brands like Blue Nova, Deye, Dyness, Ecoflow, Goodwe, Solaredge, Synapse, Vision, and Weco.

I’m unfamiliar with many of the brands listed above, but an interesting development (kinda surprised it’s taken this long)

That’s better than my freakin home loan.

Yeah, that’s the thing. Many people withdraw from their access bond to finance solar, this is a much more attractive option (though a lower payback period)

1 Like

I would say lower payback period is also more attractive. Who wants to pay for their PV panels for 20 years. Eish!

PS. I see that this offer is only for a few trial users. They are not live yet for any banking client to use this.

1 Like

I think if you are to apply for a home loan at the moment, you might get rates around that as well. Prime minus 2-3 was quite common before the repo fell to the floor.

Probably quite clever on the part of the bank. Long term home loans is probably more risky at the moment than shorter term solar. The banks might also find themselves in a position where they can’t give enough home loans because people aren’t looking to buy, but more people might be willing to alleviate loadshedding. If the banks sit on money that they can’t lend out, they lose out.

1 Like

I just saw Investec emailed me yesterday that they are offering up to R500k, up to prime, 60 months repayment, for water or electricity supply installation.

They do say bespoke options over R500k available as well.

The banks can see where people want to spend money at the moment. :sweat_smile:

1 Like

Maybe the tide is turning … society starting to focus on its own power generation as has been branded all over the papers (allow me a lot of author freedom please).

Big business drives that change … SA 1 : ANC 0.

Business and private enterprise (aka us) - SA 1 : ANC -10 (since they spend their moronic hours dreaming up ways to not help…)