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There are many factors to consider when it comes to deciding whether to sell your house or hold onto it. These include current real estate market conditions, the costs associated with selling a property, personal financial circumstances, and the physical appeal of the property to prospective buyers, says Paul Stevens, CEO of Just Property. Unpacking …
Introduction Carbon offsetting has emerged as a vital strategy in the global effort to reduce greenhouse gas emissions and mitigate climate change. By definition, carbon offsetting involves compensating for carbon dioxide emissions produced by human activities by funding projects that reduce or remove an equivalent amount of greenhouse gases from the atmosphere. This article delves …
Johannesburg 10th August – Inspired Schools South Africa, a leading educational institution committed to providing uninterrupted learning experiences, is excited to announce its collaboration with a highly reputable and well-known engineering company for a major solar energy project. This initiative aims to mitigate the effects of load shedding and drive the adoption of renewable energy, …
Public opening of Past Disquiet, guest curated by curator-writers Kristine Khouri and Rasha Salti Public opening of Seismography of Struggle: Towards a Global History of Critical and Cultural Journals, guest curated by art historian Zahia Rahmani Symposium titled The Poetics and Politics of Archival Practice Launch of Zeitz MOCAA’s latest publication, Radical Solidarity: A Reader …
Government launches loan to invest in solar equipment
The National Treasury has launched the Energy Bounce Back Loan Guarantee Scheme (EBB) - an initiative aimed at alleviating the impact of continuing difficulties resulting from unreliable power supply for small businesses and households.
This follows President Cyril Ramaphosa’s commitment in his 2023 State of the Nation Address to adjust the bounce-back loan scheme (BBS) to enable small businesses to invest in solar equipment. Minister of Finance Enoch Godongwana has provided detail on the adjustment of the Bounce-Back Loan Scheme.
“The EBB aims to generate 1000MW in additional generation capacity as well as facilitate resilience to loadshedding for micro and informal businesses. Resilience measures include power storage assets without generating capacity, like batteries and inverters. The EBB is a complementary intervention to the tax measures announced in the 2023 Budget Speech. Applicants may therefore apply for both tax and EBB measures,” the National Treasury said on Tuesday.
Pricing of the loans will be capped at the repo rate (at the commencement of the loan) plus a maximum of 6%.
Households and Small and Medium Enterprises (SME’s) will have the option of approaching any participating bank. Participating banks, Development Finance Institutions and non-bank SME finance providers will compete subject to the product terms, conditions, and pricing cap. The EBB will be available until 30 August 2024.
To facilitate investments, government will, through a government guarantee administered by the South African Reserve Bank, assume the initial losses (20%) with finance providers assuming the risk for remaining losses for SME’s and households’ rooftop photovoltaic solar investments (rooftop solar). The EBB will operate through three mechanisms.
The loan guarantee for rooftop solar for SMEs and households’ investment facilitates loans to SMEs and households for investments related to rooftop solar generated energy.
This investment includes solar panels, batteries, inverters, and other installation related costs.
Loan guarantee for rooftop solar for Energy Service Companies (ESCOs) facilitates loans to ESCOs who provide leasing, instalment sale, and power purchase contracts to SMEs and households.
“This mechanism will allow businesses and households to switch to ESCO service providers for more reliable and cleaner energy without the need for loans to finance the full upfront costs of rooftop solar equipment themselves.
Support from the EBB, which will be provided to the ESCOs to enable them to scale up and expand leasing services to households and small businesses, will require ESCOs to assess the individual need of households or businesses, the implementation of a suitable solution, and the conclusion of a leasing, instalment sale, and power purchase contract between the ESCO and applicant,” National Treasury said.
Working capital loans for businesses in rooftop solar supply chain will facilitate working capital loans for those businesses that supply rooftop solar to meet increased demand.
“This mechanism will increase the supply of rooftop solar solutions allowing businesses to source rooftop solar equipment with minimum delays.
“An additional mechanism will be concluded with the Industrial Development Corporation (IDC) to facilitate new ESCO entrants, as well as scale up existing ESCO’s through a mezzanine finance instrument.
“The IDC and National Treasury will provide details of this instrument once concluded. Participation in the EBB will be facilitated through commercial banks on an opt-in basis. Non-bank finance providers, including wholesale retailers who provide lending products to SMEs for EBB eligible related loans, can access the scheme through participating commercial banks,” National Treasury said.
Participation through commercial banks will be subject to basic requirements, such as tax compliance and adherence to other legal and regulatory requirements.
Any business borrowing under the EBB will be expected to meet the participating bank’s specific requirements, be registered with the Companies and Intellectual Property Commission or be registered for Value Added Tax in terms of the Value Added Tax Act, 89 of 1991 with the South African Revenue Service.
Eligible businesses must have a maximum turnover of R300 million. DFI’s and non-bank lenders, which include wholesale retailers offering credit products servicing informal traders, can also access the scheme through a commercial bank up to a maximum of R300 million per entity.
The maximum amount a business can borrow is R10 million. Businesses can also borrow a maximum of R30 000 through the scheme, for resilience measures.
This is to enable access for micro, informal businesses that may require portable batteries or similar equipment to these assets.
For households, a maximum loan amount, for the purchasing of rooftop solar, will be R300 000 per household.
For the leasing mechanism, prospective customers would also need to comply with the requirements set out by participating banks and the ESCO providing the leasing service.
Businesses in the rooftop solar supply chain, those importing batteries, investors and panels will be able to borrow up to R100 million for working capital to ensure that wait times are reduced. Installers can borrow a maximum of R100 million. – SAnews.gov.za
nosihle
Thu, 08/10/2023 - 09:51
Introduction: As the world embraces sustainable and renewable energy solutions, solar power has emerged as a game-changer in the quest for clean electricity. With solar panels becoming more accessible and cost-effective, many homeowners and apartment dwellers are exploring the benefits of harnessing the sun’s energy. However, there are distinct differences between implementing solar power on …
KZN investment projects make a difference
The Deputy Ministers in the Presidency on Friday led a media tour to KwaZulu-Natal to showcase the South African investment projects taking place in the province.
The tour was led by Deputy Ministers Kenneth Morolong and Nomasonto Motaung to the Serenity Hills R800 million eco-estate and the R500 million Renishaw Coastal Precinct respectively.
Speaking after the tour at the Renishaw Coastal Precinct in Scottburgh, Morolong said the community programmes that are linked with the two projects are making a significant impact in the lives of those who were unemployed previously.
According to Morolong, the skills and entrepreneurial opportunities that have been created for young people at both projects are very impressive.
“The investments of both Serenity Hills and Renishaw Coastal will make a serious economic transformation for the country. Government is also committed to continue mobilising investment in order to create sustainable jobs for the future of this country,” he said.
The Chief Executive Officer of Trade and Investment KwaZulu-Natal, Neville Matjie said he was pleased with the progress of the projects which are important for the province.
Open for business
“We have worked with both projects, coordinating the unblocking of bottlenecks in municipal processes so that the developments run smoothly and timeously,” Matjie said.
“As the provincial investment promotion agency, we confirm that KwaZulu-Natal is open for business. We will continue to work and showcase the province’s competitive advantage and position as a world-class investment destination,” he said.
The Serenity Hills R800 million eco-estate in Margate, is meant to attract foreign investment while uplifting local communities in the mid-South Coast. It has been included in the South African Economic Reconstruction and Recovery Plan after being honoured by President Cyril Ramaphosa at the 5th South African Investment Conference in April this year.
The second project visited was the Renishaw Coastal Precinct, the 1 300 hectares mixed-use development on the KwaZulu-Natal mid-South Coast, is considered as one of the country’s biggest developments.
The projects have employed local communities who have benefited through skills development.
South Africa hosted its fifth South Africa Investment Conference (SAIC) in April 2023 in Johannesburg. The conference was the final leg of the drive to attract R1.2 trillion into the country over a period of five years.
The target of reaching R1.2 trillion worth of investments was successfully reached.
These investments have resulted in new factories, call centres, solar power plants, undersea fibre optic cables, expansion of production lines and the adoption of new technologies.
Serenity Hills was selected for attracting both national and international interest, contributing significantly towards the country’s socio-economic goals of creating sustainable jobs, driving back inequality, and positioning the region as a key investment destination.
Serenity Hills launched Phase 1 in the second half of last year and has already sold 50% of its units, with national and international buyers also coming from Canada, the United Kingdom, Switzerland, and Germany.
Community development
Through the Sweetdale Skills Centre, the development committed to investing in local communities to revitalise the area.
There are several community-driven projects already underway, with 100 jobs already created.
Forming part of the Centre is the Sweetbike Community Project, a non-profit organisation that provides vulnerable schoolchildren with bicycles.
Mxolisi Mthwana who fixes bicycles at the centre, told SAnews that his happy with what he is doing.
“It’s been five years now fixing bicycles, I love what am doing,” he said.
According Mthwana, the centre had already donated 50 bicycles to learners in nearby schools.
“We doing this to assist the learners to get to school on time and to encourage them not to abscond,” he said.
Mlonde High School Principal Linda Mkhize told SAnews that there had been an improvement in school attendance since the school received the bicycles.
“I thank the centre with the bicycle donation because even school attendance has improved a lot, with learners no longer coming late,” she said of the bicycles donated to matric leaners.
Quality bicycles are imported from Europe and refurbished at the Sweetbike Workshop, employing and upskilling people from the local communities.
Once ready, these bicycles are donated to the learners attending rural schools from Umzumbe to Port Edward, with recipients given training in mechanics to maintain and look after the bikes. – SAnews.gov.za
Edwin
Sat, 08/05/2023 - 07:51
Minister reflects on Energy Action Plan implementation
Minister in the Presidency responsible for Electricity, Dr Kgosientsho Ramokgopa, says at least half of the actions set out in the Energy Action Plan (EAP) are either completed or on track.
He was briefing the media on the progress made on the one year implementation of the Energy Action Plan on Sunday.
The EAP was introduced by President Cyril Ramaphosa in July last year and thrashes out work that must be done by both Eskom and government to ensure that load shedding is reduced and eventually eradicated and to ensure energy security for the country in the future.
“About 56% of the work we are doing is either completed or on track. About eight of these actions that the President has set out in the Energy Action Plan we have completed. Twenty of these actions are on track so essentially what that means is that we are in keeping with the timelines that we had set for ourselves.
“Twelve of these actions are delayed but progressing well. Of course that is a dent because what we want to is to be either ahead of time or on time. Eight of those are off-track and intervention is on the way…so we are missing our own targets that we set ourselves,” he said.
All of the actions that government is undertaking are underpinned by five interventions, namely:
According to Ramokgopa, actions that government has taken include:
The Minister said although these interventions are contributing greatly to the reduction of load shedding, South Africans must also contribute by taking actions to reduce demand on the grid.
South Africans can contribute by switching off non-essential appliances, switching off geysers and pool pumps during peak periods and also switching off plugs and lights when not in use.
“Demand management is the fastest and most efficient way to reduce demand particularly during peak hours. There are a few things that we can do and the aggregate of those things is going to lessen the intensity of the demand. It’s quicker because we don’t have to spend money, we don’t have to have new generation capacity [and] we don’t have to improve the energy availability factor.
“It has to do with our own behaviours and how we treat consumption in our own homes. It does not mean we need to deteriorate our quality of life. We can achieve both. Just by switching off lights [you are not using], you are switching on the South African economy.
“By reducing the amount of electricity that we use through simple actions, we can reduce load shedding while saving on energy bills,” he said. – SAnews.gov.za
NeoB
Sun, 08/06/2023 - 11:57
The Electrical Contractors’ Association of South Africa (ECA SA) is warning households and businesses to scrutinise the qualifications of solar system installers. This, as demand for solar systems has risen rapidly in recent years, attracting a flood of solar system installation professionals, some genuine, while others are rogue. The ECA has also labelled the Green …
The Solar Africa Expo 2023 ended perfectly. HINEN (www.Hinen.com) achieved great success at the exhibition with the innovative concept “Bring the Sunshine at Night”, generating the sunshine and storing it in the battery system in the daytime, then outputting solar power at night.
During the exhibition, what drew people's great attention was HINEN's 3000W Portable Power Station PS3000, which could totally replace small diesel generator sets, the savour for home users and small business owners.
As a whole-chain energy storage company, HINEN also showcased its latest solar energy solutions, which included LiFePO4 battery cell production and recycling, small storage systems, home battery systems, and C&I storage systems.
HINEN is actively establishing relationships with distributors and partners in Kenya, South Africa, and Nigeria to expand the practicality and impact of its energy solutions, thus helping to address Africa's energy challenges in areas with power shortages. For more information about HINEN and its solutions, please visit www.Hinen.com.
Distributed by APO Group on behalf of Hinen.
National Treasury will in the coming weeks introduce Bounce Back measures to assist with the rollout of rooftop solar for households to encourage electricity generation and expand the renewable energy tax incentive for business. Finance Minister Enoch Godongwana said this on Tuesday in Parliament where he tabled the department’s Budget Vote for the 2023/24 financial …