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Government wants more persons to get involved with energy projects that will be both environmentally friendly and financially feasible.
This was disclosed today by Minister in the Office of the Prime Minister, Senator Darcy Boyce, as he participated in a panel discussion on renewable energy on the final day of the Caribbean Renewable Energy Forum at the Hilton Barbados.
Regarding Government’s policy of encouraging persons to go for energy initiatives that are financially viable, he added: "We are not too worried by what technology you choose. That is a decision for the private investor to choose technology that gives him an adequate return on his capital."
"And it is a matter for the power company to say I am happy with this particular technology because I am assured of the reliability of that technology. Under our regulations, the power company has the responsibility for reliability of our systems, and if they don’t meet certain reliability standards, I think they have to pay a little fine."
With regard to the use of solar technology, Senator Boyce pointed out that government was providing fiscal incentives, where persons could deduct the cost of their solar water heaters when completing their taxes. "We’ve had that for a long time and at various stages we’ve had some measure of relief from import duty… What we’ve done is increase the range of exemptions from import duty on energy efficient things and on renewable energy equipment and that is an ongoing process," he explained.
He said that government would be seeking to implement as many energy efficient projects as possible, and would try to create greater awareness by the Barbadian public about the importance of renewable energy and energy efficiency. The Minister promised that as a result, there would be substantial stakeholder interaction on the matter, as a means of motivating more persons to get on board.