Fiji has made significant progress towards its renewable energy goals, achieving approximately 60 percent of its targets, primarily through hydroelectric power. However, the nation requires an estimated $4 billion from 2024 to 2036 to reach 100 percent renewable energy.
In an effort to enhance solar energy adoption, Solar Hub Fiji, in collaboration with the Australian Government’s Market Development Facility, conducted a study to assess the demand for solar energy solutions among urban households and businesses in Fiji. The findings indicate a strong interest in solar energy, with nearly 70 percent of urban households willing to invest their own funds in solar systems, while 50 percent expressed interest in financing options such as loans or subscriptions.
These insights were shared with over 50 stakeholders, including government officials, financial institutions, and regulatory bodies, at a recent information event in Suva. Deepak Chand, assistant director of the Department of Energy, highlighted the importance of this study in aligning with the government’s renewable energy objectives. He underscored the challenges associated with investing in solar power, particularly amid rising costs of living, emphasizing the need for financial solutions to broaden access to solar energy.
The survey also identified a notable challenge: inadequate information regarding financial options for solar energy solutions. Among the financial and insurance service providers surveyed, only four out of thirteen offered specific solar power packages, while two others indicated that their existing loans could cover solar products.
Yogesh Chand, co-founder of Solar Hub New Zealand and Fiji, urged financial and insurance institutions to expand their offerings for solar energy financing, suggesting that if banks can provide housing loans at competitive interest rates, similar options should be available for solar system installations. This approach could help lower electricity bills and promote sustainability.
Additionally, the need for improved regulatory frameworks was highlighted to facilitate greater private sector investment and encourage the adoption of solar energy in Fiji. Joel Abraham, CEO of the Fijian Competition and Consumer Commission, called for a review of existing regulations to foster a more supportive environment for both commercial and residential solar energy initiatives.