A huge interest by Fijian households and businesses to go solar is not supported by available financing options for solar energy solutions, a recent survey has found.
Jointly conducted by Solar Hub and the Australian Government’s Market Development Facility (MDF), the survey was carried out last year with more than 5000 households and businesses across Fiji
The findings were presented to stakeholders at an information sharing event in Suva last week, which brought together over 50 stakeholders representing government entities, regulatory bodies, financial institutions, insurance companies and development agencies.
According to its finding, close to 70 per cent of households in urban areas were willing to invest in solar systems using their own funds while 50 per cent were interested in loan or subscription models to purchase solar systems.
The survey also found that only four of the 13 finance and insurance service providers interviewed offered solar power packages, while two other providers indicated that solar products could be financed or insured under their existing financial loan products.
Solar Hub New Zealand and Fiji co-founder Yogesh Chand called on these institutions to enhance financial options for customers interested in solar energy solutions, especially given that a number of the banks in Fiji currently offer these services in other markets such as Australia and New Zealand.
“If the banks can offer around three to four per cent interest rates on housing loans, why not offer that to your customers for the installation of solar systems,” Mr Chand said.
“It will help reduce their power bill and contribute to a sustainable future.
“Wouldn’t it be possible to offer this to customers who are paying for a mortgage anyway?”
Fijian Competition and Consumer Commission (FCCC) chief executive officer Joel Abraham said the current regulatory frameworks needed to be reviewed to enable more private sector investment and increase in uptake of solar energy in Fiji.
