Fiji has reached approximately 60 percent of its renewable energy goals, predominantly through hydroelectric power, but will require around $4 billion from 2024 to 2036 to meet its target of 100 percent renewable energy.
In response to this need, Solar Hub Fiji and the Australian Government’s Market Development Facility (MDF) conducted a study to assess the demand for solar energy adoption among households and businesses in urban areas of Fiji. The findings were shared at a recent event in Suva, attended by over 50 stakeholders from government, regulatory bodies, financial institutions, insurance companies, and development agencies.
The survey indicated a robust interest in solar energy solutions, with nearly 70 percent of households expressing a willingness to invest using their own finances. Additionally, 50 percent showed interest in financing options such as loans or subscription models for solar systems.
Deepak Chand, assistant director of the Department of Energy, highlighted the importance of the research in supporting the government’s renewable energy objectives. He noted that while there are advancements in renewable technology, understanding market opportunities is essential.
Chand pointed out that investing in solar energy can be challenging, especially given rising living costs in Fiji. He stressed the need for financial solutions that would enable greater access to solar power.
The survey also identified a significant challenge: a lack of information regarding available financing options for solar solutions. Of the 13 financial service providers surveyed, only four offered dedicated solar power packages. Moreover, two providers mentioned that solar products could be included within existing loan frameworks.
Yogesh Chand, co-founder of Solar Hub New Zealand and Fiji, urged financial and insurance institutions to expand their offerings for solar solutions, especially as banks in Fiji already provide these services in markets like Australia and New Zealand. He questioned why banks could offer low-interest rates on housing loans but not for solar system installations, suggesting that such financing could lower power bills and promote sustainability.
Additionally, the need for improved regulatory frameworks was highlighted to facilitate the adoption of solar energy in both commercial and residential sectors. Joel Abraham, CEO of the Fijian Competition and Consumer Commission, emphasized that current regulations must be revisited to attract more private sector investment and enhance solar energy uptake in Fiji.