HIGH INSURANCE COSTS and the need for electrical upgrades are preventing several Barbadians from installing energy-saving solar power systems.
This is the word from chief innovation officer at Innogen Technologies Inc., Mark Hill, who told the DAILY NATION Tuesday that at least six out of every ten homeowners could not afford the premiums needed for fire insurance, as well as the public liability insurance necessary, once one had a system that would be feeding electricity into the national grid.
He said the situation was proving to be problematic for owners of wooden homes which, because
of their obvious greater risk, had to get fire and general insurance as well as public liability insurance for the use of solar-powered energy systems.
“It has turned out that the insurance costs are proving to be even more than the costs of the actual solar systems which are affordable, with no downpayment options at some commercial banks and lending institutions,” he explained.
