A recent survey has revealed a significant interest among Fijian households and businesses in solar energy, yet this enthusiasm is hampered by a lack of available financing options for solar solutions. The survey, conducted by Solar Hub and the Australian Government’s Market Development Facility (MDF), involved over 5,000 participants from various sectors across Fiji last year.
The findings were shared with stakeholders during an informational event held in Suva last week, attended by over 50 representatives from government agencies, regulatory bodies, financial institutions, insurance firms, and development organizations. The survey indicated that nearly 70 percent of households in urban areas are ready to invest in solar systems using their own resources, while 50 percent are looking for loan or subscription models to acquire solar solutions.
However, the results also highlighted that only four out of 13 financial and insurance service providers consulted offer solar power packages, with two others stating that solar products could be financed or insured under their current loan offerings. Yogesh Chand, co-founder of Solar Hub New Zealand and Fiji, urged these institutions to improve financial options for customers interested in solar energy, especially since many banks in Fiji already provide such services in markets like Australia and New Zealand.
Chand pointed out that if banks can offer interest rates of around three to four percent on home loans, they should extend similar options for solar system installations. He emphasized that this would not only lower customers’ power bills but also support a move towards a sustainable future. He questioned the feasibility of offering such financial models to those already paying mortgages.
Joel Abraham, the chief executive officer of the Fijian Competition and Consumer Commission (FCCC), stated that the existing regulatory frameworks require revision to facilitate increased private sector investment and a broader adoption of solar energy in Fiji.