milec solar finance

Solar Financing

Residiential

Acquiring finance is simple and fast. Our finance options help clients switch to green and eco-friendly lifestyle with all the flexibility they need for them not to feel the financial pinch. Our well known and established residential finance provider offers loans up to R150 000, if any more is required, it will be from your own pocket.

  • 1 We put you in contact with our relevant registered services provider to collect the following from you
    Our quotation for your solar system, a copy of your RSA ID, proof of residence, proof of income (your most recent salary payslip) and a bank statement reflecting the salary deposits for the last 3 months.

  • 2Your application gets assessed
    Once they’ve assessed your application, they’ll let you know what interest rates and repayment terms they can offer you.

  • 3 Agreement Acceptance & Pay-out
    Upon acceptance of your finance agreement, they pay us within 24 hours a set percentage of the solar system’s quote, after the installation is done and you as the client is happy with the installation they will pay us the outstanding amount.

Business and Commercial

With more power consumption comes a need for bigger installations, this might seem to be way over your budget but where there’s a will there’s always a way right?

Firstly, take note of the Income Tax Act Section 12b here
Secondly, two of our major four banks in SA offer mid-large scale financing for solar assets quite easily.
Thirdly, not everyone has the capital to take the section 12b route, or the bank interest rate doesn’t make it worthwhile to invest in PV solar, in which case our commercial funding supplier steps in.

If the project is larger than 30kW peak, we do an analysis of your site, we then do a quote as like any other project and after a tailor made design and once costing has been made, we contact the commercial funding provider.

    The offer they have on the table is:
  • They purchase and own the asset (Solar system);
  • It will be fully funded,100% (no up-front capital expenditure requirement);
  • Insuring the infrastructure over the period of the contract;
  • Maintaining the infrastructure;
  • Real time monitoring of the performance, to ensure full benefit passes to the client; and
  • Carport structures may be included depending on feasibility of the project.

The tariff charged to clients is lower than the client’s current council tariff, meaning that our clients benefit from energy savings from day 1. Lower than council annual escalations are guaranteed.
They effectively fund, insure, maintain and monitor the solar infrastructure and provide our clients with the opportunity to purchase cheaper, cleaner energy from the solar installation.
Most clients fund their projects from 15 to 20 years but the funding provider offers a buyout option from year 5 onwards, where the client has the option of purchasing the asset and take over the responsibilities associated with it.


Additional solar PV incentives

There are a number of incentives associated with solar PV that make them an attractive option especially for businesses but also residential properties. Here are some of them summarized:

  • Feed-in tariffs
    Customers are ‘paid’ for any electricity they feed onto the grid (if your local municipality permits it), through reductions in their energy bills.
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  • Tax benefit (12i):
    Tax allowance incentive designed to support greenfield and brownfield investments through support for both capital investment and training.
  •  
  • Pay less carbon tax
    As a low carbon energy source, solar PV will reduce the impact of the impending national carbon tax on businesses.
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  • Tax benefit (12b)
    100% accelerated depreciation in the first financial year. In effect, it equates to a 28% discount on the price of the solar system.
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  • Solar PV is VAT deductible
    VAT registered entities can deduct the VAT portion of the solar PV system.
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  • Green Tourism Incentive Programme
    Small and micro tourism businesses can qualify for up to R1m in grants when they switch to renewable energy sources.
SolarEdge victron energy PV Green Card

Certified with SolarEdge and Victron, and PVGreencard accredited installers

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UPS System