Standard Bank and LookSee Empower South African Solar Energy Entrepreneurs

South Africa is experiencing a remarkable surge in demand for rooftop solar installations as homeowners and businesses alike seek alternatives to alleviate the effects of load shedding—which has intensified again recently. LookSee, under the broad umbrella of the Standard Bank Group, is playing its part in addressing the energy crisis and climate change through the Green Solar Academy by providing specialized upskilling for local solar system installers.

The initiative, according to Naledzani Mosomane, head of Enterprise Development at Standard Bank, was born out of a necessity for a higher standard of solar system installers in the country. The Green Solar Academy has become pivotal in this regard, with a significant number of new installers trained and ready to bring efficient renewable energy solutions to the market.

In collaboration with LookSee and insurance technology company 4-Sure, Standard Bank has meticulously chosen 12 majority black-owned businesses for comprehensive training, aiming to enhance their technical skills and ensure they meet top-tier industry standards. These selected businesses are distinguished by their BEE credentials, track record, and operational successes. The program focuses on areas where these promising entrepreneurs often need assistance, such as accreditation, financial management, and marketing acumen.

Once these entrepreneurs complete their training and gain accreditation, Standard Bank's substantial network will provide them with opportunities to thrive in the burgeoning renewable energy market. These businesses will receive ongoing support in aspects like financial statement preparation, bank account management, and drafting robust business and marketing strategies.

Adding to the suite of supportive measures, LookSee has launched an innovative Solar Loan scheme. It offers financing options for solar installations that range from R3,000 to R300,000 at interest rates substantially lower than the norm, peaking at only prime plus 2.5%. This scheme also enables South Africans to take advantage of the home solar tax incentive announced in the 2023 Budget speech, offering a tax rebate for 25% of the cost of solar panels, up to R15,000, seizable until 29 February 2024.

This measure specifically addresses the affordability challenges and paves the way for many homeowners to invest in solar technology. It further ensures that the individuals who install these systems are trained professionals who can provide quality and reliable services. The goal is to create a sustainable impact, not just by providing temporary solutions, but by establishing a skilled workforce capable of addressing South Africa's energy needs long into the future.

Standard Bank’s initiative reflects a broader push towards sustainability and provides a template for other businesses in Africa and globally to follow—a move that could significantly alter the energy landscape and pave the way for a greener economy.