Fiji has made significant progress in its renewable energy goals, achieving about 60 percent of its targets, mainly through hydroelectric power. However, to reach a 100 percent renewable energy status by 2036, the country requires approximately $4 billion in funding from 2024 onwards.
In response to this challenge, Solar Hub Fiji collaborated with the Australian Government’s Market Development Facility (MDF) to examine the demand for solar energy among urban households and businesses in the country. Their study aims to encourage the adoption of solar solutions.
The findings of the survey indicated a strong interest in solar energy, with nearly 70 percent of households expressing a willingness to invest in solar systems using their own money. Additionally, 50 percent showed interest in financing options such as loans or subscription models to acquire solar systems.
These insights were shared with more than 50 stakeholders, including government representatives, regulatory bodies, financial institutions, insurance companies, and development agencies, during an information sharing event in Suva.
Deepak Chand, assistant director of the Department of Energy, stressed the importance of this study in supporting Fiji’s renewable energy ambitions. He remarked on the need for financial solutions that would enable more citizens to access solar power, especially considering the rising cost of living and inflation.
The survey identified a critical issue: a lack of available information regarding financial options for solar solutions. Of the 13 finance and insurance providers surveyed, only four offered solar power packages, with two others suggesting that solar products could be financed through existing loan options.
Yogesh Chand, co-founder of Solar Hub New Zealand and Fiji, urged financial and insurance institutions to expand their offerings for solar energy solutions, pointing out that some banks in Fiji provide these services in other markets such as Australia and New Zealand.
He posed a question about the feasibility of offering competitive interest rates for solar installations, similar to those provided for housing loans, noting that it would not only lower energy bills for consumers but also support a sustainable future.
Additionally, the survey highlighted the necessity to enhance regulatory frameworks to foster greater commercial and residential adoption of solar energy. Joel Abraham, CEO of the Fijian Competition and Consumer Commission, indicated that a review of existing regulations is essential to attract private sector investment and increase solar energy use in Fiji.