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“We cannot ignore the fact that, pre-COVID, the import bill for oil and other fuels exceeded $700 million. Volatile oil prices can destabilise the balance of payments and erode our foreign exchange reserves. Significant investment in renewables will therefore enable us to reduce our import bill and save valuable foreign exchange." – Central Bank of Barbados Governor Cleviston Haynes.
Representatives from Government and Barbados’ financial sector recently took part in an online discussion entitled “Increasing Household Investment in Renewable Energy: How the Financial Sector Can Help”.
During the 90-minute discussion, William Hinds, Head of the Energy Conservation and Renewable Energy Unit in the Ministry of Energy, Small Business, and Entrepreneurship; Aidan Rogers, 2nd Vice President of the Barbados Sustainable Energy Cooperative Society; Stacey Hem Lee, Manager, Retail Services (Broad Street) Republic Bank; and Randy Graham, CEO of Massy United Insurance discussed the level of interest in household renewable energy systems, the opportunities for investment, and the potential returns on those investments, as well as the challenges that could prevent homeowners from installing systems. Eric Smith, a homeowner with a photovoltaic (PV) system shared his experience, and Cori King, Manager of the Barbados’ Light and Power Company Limited’s Resource Centre also shared his organisation’s perspective.
Watch the discussion below: