Partnership gives credit union members opportunity to get renewable energy systems

The drive towards getting the island 100 per cent reliant on renewable energy is getting a boost through a partnership between Williams Solar, one of Barbados’ leading solar photovoltaic (PV) companies, and the Barbados Workers’ Union (BWU) Cooperative Credit Union Limited.

Officials of the two institutions announced on Tuesday that members of the credit union will now be able to access financing of up to $650 000 in the case of business owners, and as much as $40 000 in the case of households, to install photovoltaic (PV) systems on their properties.

The Memorandum of Understanding (MOU) which was signed between the two firms after about two years of discussions will allow individuals to get access to education on PV systems and expertise from Williams Solar in the form of installation, accessing licences and maintenance.

During a press conference at SkyMall to announce the partnership, General Manager of Williams Solar Gleeson Roach said they were initially targeting about 5 000 households by 2030 under the partnership.

“So 5 000 homes is ambitious but we do have a target that we want to reach in terms of as a nation – 100 per cent renewable [energy dependency] – and it requires a lot of effort and it requires that a lot of persons participate. So 5 000 homes is really a drop in the bucket but it actually gives a lot of persons the opportunity to participate,” explained Roach.

Applications for the PV system loans will be open online as early as next week. Individuals must provide collateral and will be able to get financing packages for PV systems up to 10 kilowatts. The interest rate at payback will be four per cent on the reducing balance. 

Chief Executive Officer of the BWU Cooperative Credit Union Zandre Bowen said customers will receive assistance from the start of the project to the end, as he described the partnership as the “creation of a one-stop shop”.

He said the credit union was pleased to partner with Williams Solar to ensure that current and future credit union members have greater access to PV systems.

“Our recent signing of an MOU with Williams Solar for a collaboration on the financing, marketing and distribution of solar photovoltaic systems emerged out of our strategy to focus on becoming a digitally-driven and green-centric credit union,” Bowen said.

“Thanks to this MOU with Williams Solar, the Barbados Workers’ Union Cooperative Credit Union will be able to provide more consumers in Barbados with access to our green financing services and to allow them to outfit their residential and commercial properties with a comprehensive and sustainable energy solution as soon as possible,” he added, pointing out that the partnership was aimed at making the lives of the credit union members “better and easier”.

The credit union’s president Dalton Medford encouraged people to see investment in solar PV systems as a long-term benefit.

“It gives you the opportunity to invest and provide finance for you and your family while at the same time . . . lowering your light bill,” he said.

“We are saying now that with our partnership with Williams Solar, this is an opportunity for our members to come on board. We will provide the financing and Williams Solar will provide the technical expertise that is needed.” (MM)