Solar Rentals

Solar Rentals​

A solar rental is similar to a solar loan in the sense that both are forms of residential solar financing. However the similarity pretty much stops there. With a solar rental, you are renting your system from a third party owner. You pay the owner a fixed monthly payment for the full term of the rental, which is typically 3-5 years. Instead of paying your utility company for energy, you would now be paying the solar company for using the panels.

Our Plan

At Versofy, we believe that clean, reliable energy should be available to all. Whether you are dipping your toes into the solar market for the first time, or you are a seasoned professional. Versofy is here to help you every step of the way.

Don't Stress

Installing a Solar Solution can be a daunting task. Especially when you look at the capital expense that you need to lay down. This online guide covers how to finance your residential solar system, a crucial step in determining if solar panels are worth it for your home. 

Solar Parity

At Versofy we are committed to getting our clients as close to a level of Solar Parity as possible. What this means is that we will strive to get you to a point where the total cost of the electricity you consume is less or equal to the rate you would purchase from the national electricity grid. Up until recently, the cost of Solar PV equipment prohibited this from being possible. However, with the costs of Solar PV continuously decreasing, coupled with the fact that the price of electricity from Eskom is set to continue to increase, we have finally reached a point where electricity production and electricity security are now available at a price cheaper than the existing alternative.

Versofy vs Bond Funding

On the surface, it may seem that funding your solar solution using an existing bond is a better option. However, it is advised that you first do your own calculations to determine what solution is right for you. The below table indicates the cost of financing through your bond at Prime vs through Versofy at Prime plus.

R100 00 Versofy Funding

1 %
Interest rate
R 1
monthly repayments
R 1
Total payments
R 1
cost to finance

R100 000 Bond Funding

1 %
Interest rate
R 1
monthly repayments
R 1
Total payments
R 1
cost to finance

Getting Your Property Solar Ready

Each property is unique, and therefore each installation is specifically designed. Although installing a Solar System is a great way to reduce your reliance on Eskom, installing a system alone won’t necessarily save you on your electricity bill. In order to get the maximum out of your Solar PV system, one needs to optimise their household consumption as much as possible. This may require additional investment that is not covered in the scope of your proposal. This may include but is not limited to:

This may also require a change in behavior in order to make use of the solar energy produced by your system. Simple things such as only running your pool pump during the day when solar provided energy is at its peak is a simple yet effective way to optimise your return on investment.

Lightbulbs

Switching to low energy lightbulbs

Gas

Utilising Gas HOBs for cooking

Geysers

Placing timers on geysers

System example

Paul has a current electricity bill of R3,500. By installing a system we believe that we can offer him a 50% saving on his bill = R1,750. His rental repayments will be R2,725.39. Paul is therefore paying an additional R975 per month to have a solar system on his roof. After 5 years he is able to own the system or renew the rental. The below graph illustrates his savings over time.

Savings

Client Requirements

  • A design & quote of your system to determine the size of your rental agreement
  • A rental application
  • 3 month bank statements
  • Proof of ID
  • Proof of Residence
  • Min. monthly salary of R40 000

How It Works

Select a Solar Solution

Use all the info we provide on Versofy.com to help find the best solution to fit your needs, budget, and lifestyle. Connect with a verified installer to provide you with a quote to suite your needs and budget.

Get a Quote

Request a solar project on Versofy.com and we will connect you with a verified installer to quote you on your requirements or arrange a site visit to come and look at your needs.

Rental Application

Submit your quote and your rental application form to Versofy in order to receive a rental proposal. In the proposal we will outline the savings and the different options you qualify for.

Get the Installation

Use all the info we provide on Versofy.com to help find the best solution to fit your needs, budget, and lifestyle. Connect with a verified installer to provide you with a quote to suite your needs and budget.

Optimize Output

Our verified installers will work with you over the first couple of weeks in order for you to get the most out of your system. With remote monitoring they will be able to tweak and optimize for the best results.

Own Your Solar

After the period of your rental is up, you are able to pay 2 extra month’s rental and own the system outright or start a new lease agreement with upgraded hardware. Should you choose to end your contract at that point we will remove the system from your property.

Renting vs Owning

Cash is king! If you have enough saved up for this significant upfront purchase, buying solar panels outright with cash will provide you with the best savings and return on investment. It’s the best and only kind of interest-free solar power.Your solar system will be producing “free” energy and saving you money from the day it’s turned on. The typical payback period for rooftop solar in the South Africa is 7-12 years, depending on the size of your system and the kind of solar panels and other equipment you selected.

Why Rent?

  • Low upfront costs
  • Zero maintenance
  • 24/7 support
  • Save up to 50% on your bill
  • Upgrade or buy out anytime

FAQ's

The client is unable to cancel the rental agreement during the agreed term. They are able to elect to not renew the rental after the term whereby the installation will be removed from property subject to a removal fee being paid by the client.

You are able to transfer your rental agreement to your new property. You will be liable to the installer for the cost associated with removal and re-installation process. Your rental terms will remain the same.

Your installer is responsible for the maintenance of the system. They will conduct bi-annual inspections of the system to ensure it is running optimally. If you are not happy with the installer Versofy will provide you with an alternative installer to monitor and maintain your system.

You are able to transfer your rental agreement into the new owners name. There will be an administration fee of 3% and is subject to an escalation of 6.5% per annum. The transfer is further subject to the new owner signing the rental agreement on the same terms and conditions as agreed and concluded with the original client.

Yes, each product will be protected under a performance warranty

Yes, the interest rate is linked to the Prime lending rate. This means that your installment price will reduce/increase depending on the fluctuation of Prime.

Your installer will be your primary source of contact for any system-related issues. However, should the installer not be available you are able to contact the Versofy team who will deploy a team to assist you.

The optimisation and effectiveness of the system comes down to your consumption behavior. The installer will discuss your system requirements with you during the needs analysis phase of the process. One of the main advantages of solar is that it is built in a modular fashion. Meaning that you are able to add both panels and storage (batteries) to your system in order to fit your requirements.