‘The cost of embracing solar energy was prohibitive a decade ago, however, the steady drop in solar panel prices has resulted in the current boom in home solar photovoltaic roof installations,’ says Peter Olyott, CEO of financial services provider, Indwe Risk Services.
Additionally, installing solar panels can increase the resale value of a property between 4% and 8%. To further incentivise solar adoption, Finance Minister, Enoch Godongwana, announced a 25% tax rebate on the cost of new PV rooftop solar panels, up to a maximum of R15 000, available for one year from 1 March 2023 to 29 February 2024.
Use licensed/accredited suppliers and contractors for the purchase and installation of solar power systems. Verify that appointed contractors provide proof of contractors’ liability insurance, with a recommended minimum cover limit of R10 million. Understand the maintenance and servicing requirements of your solar system and ensure that these are accounted for in the pricing.