A recent survey highlights a significant desire among Fijian households and businesses to adopt solar energy, yet financing options for such solutions remain inadequate. The survey, conducted by Solar Hub and the Australian Government’s Market Development Facility (MDF) last year, gathered insights from over 5,000 households and businesses across Fiji.
The results were shared at an information event in Suva last week, attended by more than 50 stakeholders including government agencies, regulatory bodies, financial institutions, insurance companies, and development agencies. Findings revealed that nearly 70% of households in urban areas were prepared to invest in solar energy using personal funds, while 50% expressed interest in loan or subscription models for purchasing solar systems.
Despite the interest, only four out of the 13 financial and insurance service providers surveyed offered solar power packages. Additionally, two providers indicated that solar products could potentially be financed or insured under their existing loan offerings.
Yogesh Chand, co-founder of Solar Hub New Zealand and Fiji, urged financial institutions to expand their offerings for customers looking to invest in solar energy. He noted that many Fijian banks already provide these services in markets like Australia and New Zealand. “If banks can offer three to four percent interest rates on home loans, why not extend similar rates for solar system installations?” he questioned, emphasizing the dual benefits of reducing power bills and promoting sustainability.
Joel Abraham, CEO of the Fijian Competition and Consumer Commission (FCCC), indicated that there is a need to revise the current regulatory frameworks to encourage more private sector investment and boost the adoption of solar energy throughout Fiji.