In the second quarter of 2024, South African homeowners exhibited a notable decline in interest in investing in alternative power solutions, according to a study released by Absa bank on Thursday.
The findings were presented as part of Absa’s Homeowner Sentiment Index for the second quarter of 2024 by Kamini Ramsamy, the Head of Credit Risk Home Loans.
According to a Reuters report, the findings reveal a noticeable reduction in homeowners’ interest in completely going off-grid.
While reducing electricity costs remains a significant factor driving investment in alternative power solutions, its importance has diminished slightly compared to the first quarter of 2024.
The report indicates that affordability is the main reason homeowners are not considering installing alternative power solutions.
Additionally, some homeowners believe that the power supply will continue to improve, reducing the urgency to invest in off-grid solutions.
Ramsamy noted that going off-grid completely is less of a driver for consumers in the current moment, likely as a result of the recent energy supply recovery.
Eskom, South Africa’s state-owned power utility, recently celebrated 100 consecutive days without implementing rolling power cuts. This milestone is a record achievement in years of struggling with blackouts.
Eskom attributes this success to a significant decrease in the usage of open-cycle gas turbines to supplement generation capacity.
Eskom’s consistent power supply has played a crucial role in reducing economic damage and social disruption in Africa’s most industrialized country.
Despite this progress, many South Africans have opted for small-scale solar installations to mitigate power supply issues.
However, these installations are expensive and mainly accessible to the relatively well-off.
