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Energy to create wealth

Chances to earn from greener sources growing

More opportunities are opening up for ordinary Barbadians to make money from generating renewable energy.

This is the view of President of the Barbados Renewable Energy Association (BREA) Aidan Rogers.

BREA President Aidan Rogers

BREA President Aidan Rogers

In an interview with Barbados TODAY, he said a decision by the Fair Trading Commission (FTC) earlier this year has created a new window of opportunity for citizens to become small, independent power providers to the national grid.

The July 13 decision to review the previous Renewable Energy Rider (RER), which had governed the setting of rates for renewable energy since 2014, included major shifts in the rate structure and amount of energy that Barbadians and foreigners could invest in. Fixed rates were determined for energy generated by the sun and wind. Those rates were de-linked from the volatility of crude oil prices and Barbadians were allowed to invest in larger electricity-generating systems.

“We are talking about empowering the ordinary citizen to create wealth, literally in their own backyard. So the grandson of the little old lady who has a half acre of land may go to granny and strike up a deal to utilize that land as a revenue-earning source, providing monthly income,” Rogers explained, adding that finance institutions, community-based organizations and businesses, large and small, also had the opportunity to generate revenue.

“The scene has changed. Yes, investment in a renewable energy system that reduces or eliminates your monthly electricity bills remains absolutely critical to economic development as it reduces dependence on imported crude oil. And yes, businesses will lower their operating cost and be more competitive. But added to these options now is another to facilitate wealth creation at the lowest income level,” the BREA head pointed out.

The FTC set fixed rates of 41.6 cents per kilowatt hour for solar photovoltaic systems which feed power to the grid and 31.5 cents for wind-generated energy. The ceiling was raised for maximum capacity under the RER, from 150 kilowatts to 500 kilowatts.

The decision provided greater certainty for investors and broadened the capacity and, consequently, earning capability of investors.

Rogers, an attorney-at-law, said BREA would be taking this new investment model to a regional conference and exposition which it is organizing. The event will be held November 10-11 at the Lloyd Erskine Sandiford Centre, and Rogers is urging Barbadians and businesses to register for what he describes as potentially the most influential energy conference of the year.

Source: Hallam Hope

2 Responses to Energy to create wealth

  1. Phil September 21, 2016 at 5:39 am

    When I come to think of it, I agree with Bizzy. Barbados don’t need EMERA. and the need to import all that oil. Japan is turning away from nuclear energy. a researcher there has created ahighly modified wind turbine system that produces 7 times the energy as the most modern conventional system at just the cost of the system with very low maintenance. A study of this system can reduce our water and electricity costs by a whopping 70%. Hotels and manufacturing would prosper greatly. Not to mention all government run operations such as hospitals and street lighting to name a few.

    Reply
  2. F.A.Rudder September 26, 2016 at 11:52 am

    Phil now you’re getting to understand ! We are sitting on our laurels when it comes to our renewable energy solutions!

    Reply

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