Fiji has successfully reached approximately 60 percent of its renewable energy goals, mainly through hydroelectric power, but requires about $4 billion from 2024 to 2036 to achieve full renewable energy status.
To support this initiative, Solar Hub Fiji and the Australian Government’s Market Development Facility (MDF) conducted a joint study aimed at gauging the demand for solar energy among urban households and businesses in Fiji. The research seeks to promote the adoption of solar energy technologies.
The survey indicates significant interest in solar energy in urban regions, with nearly 70 percent of households willing to invest in solar systems using personal funds, and 50 percent open to financing options like loans or subscription services for their solar purchases.
Findings from the study were shared during an information event held in Suva, attended by over 50 representatives from various sectors, including government bodies, financial institutions, insurance companies, and development agencies.
During the event, Deepak Chand, assistant director of the Department of Energy, highlighted the study’s relevance in supporting the government’s renewable energy aspirations. He noted the challenges of investing in solar energy amid rising costs and inflation, calling for financial solutions that would make solar energy more accessible to the public.
The survey identified a significant barrier: a lack of awareness regarding financial options available for solar energy. It revealed that out of 13 financial and insurance providers surveyed, only four offered solar power packages, while two suggested that solar solutions could be financed through existing loan products.
Yogesh Chand, co-founder of Solar Hub New Zealand and Fiji, urged financial and insurance institutions to provide better options for customers interested in solar energy. He pointed out that if banks can offer low-interest rates for housing loans, similar financing should be available for solar systems to help customers reduce their energy costs and promote sustainability.
Additionally, the survey highlighted the necessity of improving regulatory frameworks to foster a favorable environment for the adoption of solar energy solutions by both businesses and residential customers. Joel Abraham, CEO of the Fijian Competition and Consumer Commission, noted the importance of reviewing current regulations to encourage private sector investment in solar energy in Fiji.