BusinessTech survey reveals huge demand for solar power in South Africa
A large number of South Africans are looking to install solar power in their homes.
This is a key finding of the LookSee Home Efficiency Survey, which asked South Africans about their views on solar energy and water usage.
The survey was conducted over May and June 2024 with 1,584 respondents, and included South Africans from a broad range of geographical locations and backgrounds.
We highlight the key findings from the survey, below.
Solar installations trends
30.58% of respondents said they have already installed home solar, and the majority of these respondents stated they paid cash for their installation.
This suggests that solar systems have historically been installed by those who can afford to buy them upfront.
However, this trend is changing. 57.2% of respondents said they don’t currently have a home solar system, but are interested in installing one.
Marc du Plessis, executive head of LookSee comments: “The cost of home solar installations have come down considerably in recent years and have therefore become far more accessible to more families.”
“The surge in uptake during 2022 and 2023 has also shown that this is a proven technology that delivers on its promised returns. This insight provides great comfort to households who are considering their own investment options.”
Banks are also more sensitive to the solar interests of their customers, which means that households now have access to a broader range of financing options, says Du Plessis.
“Our Solar Loan was a game changer for households considering an investment in solar power, particularly if they didn’t have access to a lump sum in cash or didn’t want to finance the installation on their home loan.”
LookSee’s Solar Loan offers low interest rates starting at prime plus 1% and capped at a maximum of prime plus 2.5%. This is a significant discount on the average prime plus 7% typically offered on personal loans.
With electricity tariffs continuing to rise, these solutions present an attractive opportunity for South Africans to save money over time while minimising their reliance on the Eskom grid.
Solar returns
Of those who have installed solar, 64.97% indicated they have seen a huge change to their electricity bill.
This is valuable information for those who are considering switching to solar for financial reasons.
LookSee’s survey also revealed that nearly 30% of respondents spend over R2,000 per month on electricity – and with home solar, these respondents can significantly reduce their electricity bill.
One of the best ways to do this is to focus on your geyser, as the average household spends approximately 40% of its electricity bill on heating water.
While 37.87% of respondents have already taken action to address heavy geyser consumption, 48.09% said they are still trying to figure out how to solve this challenge.
When asked what they would most like to do to limit their geyser’s high electricity consumption, over 25% of respondents said they wanted to convert their electric geyser to use power from solar panels.
“Converting existing geysers to solar panels is another game changer for households as it offers all the advantages of solar geysers without the high installation costs and performance problems,” says Du Plessis.
“More importantly, almost all households will save enough on their electricity bill from day one to cover any finance repayments, with a little left over to put back into their pocket.”
This quick process makes no changes to the existing electric geyser, nor does it require moving it to the rooftop. Instead, normal solar panels are installed on the roof and connected to the geyser’s element and thermostat through a controller.
This means that the geyser is not exposed to the elements and does not experience heat loss during winter, like traditional geyser do. What’s more, a connection to the home’s main electrical supply is maintained for backup power during extended periods of cloudy weather or additional night-time heating.
Water usage
In addition to home solar power usage, the survey asked respondents for their views on water availability.
A staggering 92.6% of respondents said that reliable access to household water is a concern for their families.
To make matters worse, nearly 20% of respondents said they have already experienced frequent water interruptions where they live.
All South Africans should be aware of this, as extended water shortages are set to become an issue the country faces in the coming years.
When asked which backup water solutions they were considering, over half of respondents said they are interested in buying a rainwater harvesting tank.
Other popular backup water solutions included boreholes, municipal backup water tanks, and greywater harvesting.
Only 15.03% of respondents are not considering a backup water solution at this time.
Click here to improve your home’s efficiency and save money with LookSee.
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