Barbadians will now get an ease in their pockets when shopping for a wide range of energy-efficient appliances — at least from DaCosta Mannings Retail Limited.
Yesterday that company signed an agreement with the Government-operated Energy Smart Fund, administered by the Enterprise Growth Fund, that will see consumers getting a rebate of 20 per cent of the value up to a maximum of $500 on more than 30 different energy-efficient appliances.
The agreement meant that DaCosta has become the first retailer approved under the Government Energy Smart Fund for establishment of its own Energy Smart Fund, with an allocation of $1 million.
“So in essence, if a customer purchases a 14 cubit foot fridge for $1,499, the rebate will be $299.80, reducing the cash price to $1,199.20. If the retail price is $2,500 the customer will get a rebate of $500, reducing the retail price to $2,000. So imagine if you are purchasing two appliances at $2,500 each, the discount will be $1,000 and of course, this can be purchased on Max Credit which will afford the customer one easy payment per month,” pointed out Executive Director of DaCosta Manning Retail, Paul Rowe.
Rowe said that apart from items such as televisions, washers, fridges and air conditioning units, the scheme also covers solar water heaters.
In further explaining the initiative, Chief Executive Officer of the Enterprise Growth Fund, Timothy Symmonds, said this consumer finance facility was a sub-component of the Energy Smart Fund which is being administered by the EGF. Symmonds said the Smart Fund was financed by the Inter-American Development Bank to the tune of $20 million.
“Of this $20 million, $1 million is being allocated to this consumer finance facility. It’s objective is to increase energy efficiency and the use of renewable energy technology in order to enhance our energy security, save foreign exchange and contribute to a cleaner and greener environment,” the CEO asserted.
“Under this facility, consumers will benefit from cash rebates from selected retailers when they purchase approved energy-efficient appliances. Rebates will not exceed a low of 20 per cent of the purchase price of the appliance or the household device up to a maximum of $500,” he continued.
“DaCosta Mannings is the first retailer to qualify to participate in this sub-component; and they will be eligible for reinbursements of $400,000 that they provide to their customers.
“This is a pilot project and at its conclusion, an assessment will be done, and hopefully it will be able to demonstrate the energy efficiency at the level of the household can lead to a significant reduction in energy consumption and increase in foreign exchange savings and an enhancement in our natural environment.” (EJ)