News

Standard Bank Group helps homeowners move toward solar
4 January 2012

Replacing that insured faulty or burst electric geyser could put many South Africans on the path to solar power and considerable household savings if they happen to be insured with Standard Bank Group. 

Standard Bank Group recognises that traditional electric geysers are responsible for up to 50% of monthly household electricity bills. Standard Bank Group's South African insurance division, offers customers holding homeowners' policies with the bank, the opportunity to emerge from an 'electric geyser crisis' and enter the solar era, says Denise Shaw, managing director of Standard Bank Insurance Services. 

"We understand that many of our customers are cautious about moving from traditional electric water heating to solar energy because of the cost involved. At Standard Bank Insurance Services we understand this hesitation, but also wish to support the drive towards using the nation's sunshine to reduce demands on our power stations," says Ms Shaw. 

"To assist customers, Standard Bank Insurance Services has therefore decided to offer an additional service to our homeowner policy holders. In the event that they have to claim for a burst or faulty electric geyser, they may be offered the opportunity to use the claim payment to make an initial payment on a solar system instead of getting a new electric geyser." 

The first step in the process would be contacting a supplier registered with the Sustainable Energy Society of Southern Africa, who would examine what the policy owner requires and then suggest a suitable solar solution. Each insurance company will specify its own technical specifications, for the solar solution to adhere to. 

"The claim payment that would have been used to source and install a new electric geyser will act as a deposit on the system and the homeowner will thereafter be able to use the savings accrued on water heating to help pay off the balance on a monthly basis. On an R800 per month electricity bill, these savings could be up to R 4 320 a year. 

"We feel that by offering this option we will be making a contribution to reducing electricity demand, contributing towards combating climate change and help alleviate the greenhouse gas emissions that are generated by coal burning power stations," says Ms Shaw. 

She further added that the new solar installation would be added to the homeowner's policy. Full coverage on the solar panels and other apparatus involved would then be in place. –

More recent news

  • News Article 18 Feruary 2015

    Standard Bank Group facilitation of Woolworths' ground-breaking acquisition wins Deal of the Year ....


    News Article 12 February 2015

    Standard Bank Arranges USD 1.25 Billion Eskom Bond Sale to International Investors

Careers @ Standard Bank

Join our international team and you could move your career forward from the start.

© 2015 Standard Bank is a licensed financial services provider.

Disclaimer || Privacy and Security || USA Patriot Act Certification || Report Corrupt Behaviour || Wolfsberg Questionnaire || FATCA || Sitemap