Tue | Sep 22, 2020

More renewable energy loan options for Jamaicans

Published:Wednesday | February 29, 2012 | 5:11 PM

Debbie-Ann Wright, Assistant News Editor

The Gleaner Power 106 News Centre

Come tomorrow Jamaican householders will be able to access up to $2 million to install renewable energy solutions in their homes.

The Development Bank of Jamaica (DBJ) says it has launched a new $100 million Line of Credit to facilitate the loans.

The loan can be used to install solar water heaters, photovoltaic panels, bio digesters and wind turbines.

The DBJ says the loan will be at an interest rate of 9.5 per cent with repayment periods of up to five years.

The DBJ’s Managing Director, Milverton Reynolds, says the new loan facility is in response to a growing demand from householders for financing options to reduce their growing electricity bills through the implementation of alternative energy solutions.

He says the facility is also intended to increase the comfort level and confidence of business owners to introduce energy efficiency and renewable energy solutions in their businesses.

A special interest rate of 8 per cent is already in place under the DBJ-PetroCaribe Energy Fund on loans for energy projects for businesses for loans of up to $15 million.

The Bank says to date it has approved energy loans of over $319 million.