Bridgetown, Barbados, October 7, 2022 - Your “roof is a money-making machine”, and investment in a [solar] system is the route to making even more money. This is the word from Barbados’ Chief Energy Conservation and Renewable Energy Officer, William Hinds.
He was addressing the first in a series of community meetings his Ministry is hosting, to share vital information on renewable energy, including why householders should invest in it.
Mr. Hinds pointed out that some people had already invested in renewable energy and were making money. “When you take that money out of your bank account…and you invest it in a solar system, you are getting a better return on your investment than keeping it in the bank,” he advised.
Minister of Energy and Business, Kerrie Symmonds, is encouraging Barbadians to invest in renewable energy now.
Mr. Symmonds made the call on Wednesday night, at Alexandra School, as he addressed the first in a series of community meetings his Ministry is hosting, to share vital information on renewable energy, including why householders should invest in it.
The Minister told his audience that the Government was losing revenue as it tried to protect the consumer in these difficult times. “We have to urge the consumer now to take those steps to protect yourself, and one of those steps is to invest in this renewable energy process, so that you can not only emancipate yourself from the price surges, but also help carry the country along to the point where we are in a position to defend ourselves from it (the price surges) ….
“This renewable energy step is a step that we must take in order to protect our own destiny and capacity to maintain the standard and quality of living to which we have become accustomed, and which we want to maintain for this Barbados.”
Mr. Symmonds noted that between the start of January and June, Barbados would usually spend, on average, US$220 to US$230 million to import fossil fuels.
“This year, between the start of January, [and] the start of June, Barbados already spent US$460 million. In other words, we have doubled that which we would have normally done as a result of the price surges caused by what is happening in the Ukraine,” he stated.
He told the audience that they must urge their friends and neighbours to start paying close attention to the current situation and invest in renewable energy.
He pointed out that investing in renewable energy would allow them to have some element of control over the amount of money they paid for electricity, and that would go a long way towards them being able to better manage finances and live a more comfortable life.
Mr. Symmonds underscored the importance of the renewable energy sector, saying that as the Government created a new area of economic activity, it was necessary to include the average homeowner.
“This is about opening the avenues of opportunity for people in the country in their individual capacity now to become players and see revenue coming from your house….
“For the first time ever, we are now in a position where we can have a serious housing programme…and we fuel it by way of allowing the mortgage cost to be offset by use of the roof, where the renewable energy panels allow persons to pay the mortgage and at the same time have a little bit of excess for the purpose of disposable income,” Minister Symmonds stated.