In a significant move towards renewable energy adoption, Joburg’s City Power has announced its plans to implement solar feed-in tariffs, allowing customers with PV solar systems to feed excess power back to the grid and reduce their monthly electricity bills.
This exciting development not only promotes sustainable energy practices but also presents an invaluable opportunity for both residents and businesses in Johannesburg to embrace solar power and contribute to a greener future whilst saving money.
Together with the recent hike in electricity tariffs it is now an absolute no-brainer to install solar – where you can now generate your own power, reduce your carbon footprint, and substantially save on your monthly electricity bills.
The Feed-in Tariff Program
City Power’s introduction of feed-in tariffs is a major milestone for Joburg’s energy landscape. Under this program, customers who have installed photovoltaic (PV) solar systems can sell their excess power back to the grid from September, effectively becoming independent power producers (IPP’s).
By feeding surplus energy into the grid, customers can offset their monthly electricity consumption, resulting in reduced electricity bills.
The approved feed-in tariff for residential embedded generators is set at an encouraging rate of 85.50 c/kWh for homeowners and businesses 70.85 c/kWh, making it an attractive incentive for individuals and businesses to invest in solar energy systems.
This initiative not only empowers customers to generate their own clean energy but also promotes the growth of renewable energy sources in the city.
Rising Electricity Tariffs
The recent 14.97% increase in electricity tariffs has amplified the financial appeal of solar solutions now bringing into sharp focus the feasibility of going solar.
With the City Power price of electricity rising from an average of R2.41 per kWh when purchasing 600 kWh units, to R2.77 per kWh from the beginning of this month, many consumers are searching for viable alternatives to mitigate their escalating costs – this on top of rising interest rate, and food and fuel costs.
Solar power presents a compelling alternative, as it allows individuals and businesses to generate their electricity independently, reducing reliance on the grid and mitigating the impact of increasing electricity rates.
The combination of the feed-in tariff program and the rising electricity tariffs creates a compelling case for Joburg residents and businesses to explore solar solutions as a sustainable and cost-effective energy alternative.
Hohm Energy’s solar finance options
Hohm Energy is revolutionising the solar energy market in South Africa with its comprehensive range of solar financing options. Recognizing that one-size-doesn’t-fit-all, Hohm Energy offers a variety of solar financing solutions tailored to the unique needs and financial capacities of its customers.
For homeowners with existing bonds, there’s the option of a home loan, further advance or a re-advance. This integrates the investment into the existing loan structure, providing a convenient and streamlined solution for solar financing.
For those seeking asset-backed financing, Hohm Energy has partnered with Nedbank MFC to offer bespoke solutions exclusively for solar projects.
This financing is very similar to vehicle financing, where the solar system is “paid off” over 6 years, and then ownership is transferred from the bank to you.
And, soon to be launched, is Hohm Energy’s innovative partnership with GLINT, which introduces an innovative solar subscription model.
For a fixed monthly fee, customers gain access to the immense power of solar energy from a system tailored to their needs without any of the encumbrances of owning a solar solution outright.
The GLINT solar subscription includes all installation costs, maintenance, and monitoring, simplifying the switch to solar.
Joburg’s City Power’s implementation of the feed-in tariff program marks a significant step towards embracing renewable energy sources and reducing reliance on traditional electricity generation.
This move, coupled with the recent electricity tariff increase, has created a no-brainer for the adoption of solar solutions.
Individuals and businesses in Johannesburg now have the opportunity to generate their own electricity, reduce their carbon footprint, and substantially save on monthly electricity bills.
The introduction of the GLINT solar subscription finance option by Hohm Energy further simplifies the transition to solar energy by providing an accessible subscription service.
As Joburg embraces these initiatives, it paves the way for a cleaner, greener, and more sustainable future for the city and its residents.