Wednesday, April 24, 2024

FTC sets new energy rates

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HOUSEHOLDERS and some business owners now have a higher degree of price certainty should they opt to invest in renewable energy systems.

The Fair Trading Commission (FTC) yesterday announced fixed rates for an expanded range of renewable energy technologies, a long-standing demand by the emerging sector, and set a 20-year fixed period for the feed-in tariffs, another request that had been around for several years.

Investment in renewable energy by community homeowners is also being encouraged by the decision which provides for groups of 15 householders to band together and benefit from rates that are ten per cent higher than those provided to individual households and businesses.

When a householder or business invests in a renewable energy system and is connected to the Barbados Light & Power’s grid, the power company pays the consumer for the energy it receives, at the rates determined by the Commission. (HH)

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