Fiji has reached approximately 60 percent of its renewable energy targets, mainly through hydroelectric power, but will require about $4 billion to achieve full renewable energy by 2036.
To facilitate this transition, Solar Hub Fiji, in collaboration with the Australian Government’s Market Development Facility (MDF), conducted a study to gauge the demand for solar energy solutions among urban households and businesses. The findings of this study aim to promote the adoption of solar technologies.
The survey indicated a strong inclination among urban residents towards solar energy, with nearly 70 percent of households willing to invest in solar systems from their own finances, and 50 percent interested in alternative financing options like loans or subscriptions for purchasing solar systems.
These research findings were shared with stakeholders during an information event in Suva, which gathered over 50 representatives from government bodies, regulatory agencies, financial institutions, insurance firms, and development organizations.
Deepak Chand, assistant director at the Department of Energy, highlighted the importance of the study for the government’s renewable energy plans during the event. He pointed out the need to recognize market opportunities alongside technological advancements in renewable energy.
Chand noted the challenges that come with investing in solar power, particularly in light of rising living costs in Fiji, emphasizing the need to develop financial solutions to improve accessibility to solar energy.
The survey also identified a significant barrier: a lack of awareness regarding financial options for solar solutions. Of the 13 finance and insurance providers surveyed, only four offered dedicated solar power packages, while two mentioned that financing could be integrated into existing loan products.
Yogesh Chand, co-founder of Solar Hub New Zealand and Fiji, urged financial and insurance institutions to broaden their financial offerings for solar energy solutions, as many banks in Fiji already provide such services in markets like Australia and New Zealand.
He questioned why banks that offer competitive interest rates on housing loans cannot extend similar options for solar system installations, which would help customers lower their energy bills and promote sustainability.
Additionally, the need for improved regulatory frameworks to foster greater commercial and residential adoption of solar energy in Fiji was emphasized. Joel Abraham, CEO of the Fijian Competition and Consumer Commission, stated that current regulations should be revisited to encourage more private sector investment in solar energy.