Absa’s Homeowners Sentiment Index (HSI) for the second quarter of 2024 shows that South African homeowners are less interested in alternative power solutions than before, correlating with stable electricity supply since March.

While interest in alternative power solutions (APS) is levelling out, reducing electricity costs continues to be a driver for those still looking to invest in these technologies – 69% of homeowners cite it as a crucial factor. The majority of homeowners are relying on personal savings (83%) or personal loans (75%) to fund APS with their preferences leaning towards hybrid systems (47%), going off-grid (37%) and using generators (30%) for energy independence.

Homeowners and buyers are becoming increasingly eco-conscious with sustainability now identified as a key driver in homeownership decisions, the index shows.

“The shifting appetite for APS aligns with broader trends we’ve observed where most homeowners renovate primarily to add value to their properties and make living spaces more enjoyable. However, affordability remains a key consideration as consumers indicate they need to spend sparingly until the economy stabilises,” says Nondumiso Ncapai, Absa Home Loans Managing Executive.