One of the biggest, if not the biggest hurdle to further solar PV penetration in Barbados is the upfront cost of a system. When you think about the fact that the cost is essentially the prepayment of 25-30 years worth of electricity it makes sense that the price is “high”. If you could purchase a cell phone that would allow you unlimited talk, text and data for the next 25-30 years it would be “expensive” too but it would be worth it in the long run.
The RER program has been up and running for the last 5 years, which has given banks, credit unions and other financial institutions an opportunity to observe the financials. Here is a non-exhaustive list of Barbados solar financing options. If your bank or credit union is not listed here and you know that they offer green loans or renewable energy financing, please email or comment so that this list can be as complete as possible.
Note: All amounts in Barbadian dollars.
|Financing entity||Minimum||Maximum||Interest %||Term (yr)|
|Republic Bank||$35,000||6.5 – 8.5||5 – 15|
|RBC||No Upper Limit||7.25||6|
|BL&P Credit Union||$25,000||11||15|
|COB Credit Union||$30,000||5.75 – 7||7|
|UWI Credit Union|