BL&P customers to soon have access to financing

The Fair Trading Commission (FTC) has accepted an application from the Barbados Light & Power Company (BL&P) for a Customer Energy Savings Financing Programme.

Under this programme, householders and business operators seeking to implement major renewable energy and energy efficiency initiatives would do so through a loan facility from the utility company.

The BL&P announced the programme last October, noting that once accepted by the utility regulator, it would be done on a first-come-first-serve basis during a 12-month pilot in the first instance.

The programme would take place through the company’s planned Integrated Utility Service model (IUS) or on-bill financing programme.

On Tuesday, the FTC announced that it was in possession of the application that anyone desirous of “intervening” had until 4 p.m. on April 12, 2021 to do so only by way of letter.

Director of Customer Solutions at the BL&P Kim Griffith-Tang How said the BL&P was pleased that the FTC had accepted the application.

“The fact that the review has begun means that money may soon be available to our customers to purchase energy efficient equipment and renewable energy systems,” said Griffith-Tang How.

Once approved by the FTC, the programme will provide financing for the replacement of lighting to energy efficient LED lighting, energy efficient air conditioner units, and Uninterruptible Power Supply (UPS) systems that can support their equipment during brief power interruptions.

“Customers who want to install solar PV systems on their roof to generate their own electricity can also obtain financing through our on-bill programme. They will benefit from having the convenience of flexible repayments through their monthly electricity bill,” she said.

In order to take part in the project, individuals will need to do their market research in order to identify the equipment/systems they need and reputable installers they want to use, and then apply to the BL&P for the financing to purchase the equipment and carry out the installation.

Announcing the planned programme in October last year, Griffith-Tang How explained how the repayment would work.

“We would continue to bill for the electricity that is used by the customer every month, but we would also add to their bill, the amount that needs to be repaid that we would have advanced to them . . . So, for instance if their electricity bill is $100 and they borrowed from us $100, they would pay the electricity bill which is $100 and a portion of the $100 for the initiative.

“They would pay down that portion for that initiative over a period of time, and we have looked at timelines and for some initiatives we have stretched the timeline for as long as seven years to repay,” she added.
(MM)