The chronic load shedding is now pushing people to turn to solar energy as a alternative means to power up their homes on a daily basis. With that in mind, BancABC has struck a deal with Distributed Power Africa (DPA) to provide loans to people who want to go off-the-grid with home solar solutions.
DPA is part of the Econet Group of Companies that supplies commercial and industrial customers. Arguably, the most well known industrial project in Zimbabwe by DPA is Econet’s 466KW Power Plant in Willowvale.
The financing plan offered by Bancabc, dubbed Solar Financing is available to any of Bancabc’s customers according to the bank’s Managing Director Dr. Lance Mambondiani. Unfortunately, we don’t yet have the full details of how one can actually apply for the home solar solution loan, as well as the terms and conditions.
Despite July’s duty waiver for solar products, home solar solutions are still beyond the means of the average Zimbabwean. So financing plans like that of BancABC will make it possible for more people to afford to go off-the-grid. As the household solar sector is still young in Zimbabwe, there’s a need for more of these types of financing plans by banks to spark the interest of residential energy consumers and accelerate the demand for renewable energy in the country.