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As the cost of fossil fuel climbs, more Barbadians are turning to renewable energy sources, and are finding an important financing partner in Republic Bank (Barbados) Limited.
Since the Bank launched its Renewable Energy Loans facility in 2020, Republic Bank has funded an increasing number of homeowners and businesses who have utilised the easily accessible and competitively priced financing packages.
Republic Bank’s Manager, Retail Services, Stacey Hem Lee of the Broad Street Branch said: “The desire for energy independence at the household and business levels can be achieved through the Bank’s low interest rates on renewable energy loans, and up to 100 percent financing, with a maximum of 15 years to repay or to retirement age.
“One of the most desirable benefits of the Bank’s Renewable Energy Loans is that financing can be accessed as a standalone facility that is not dependent on a customer’s salary or other current debt obligations, though special conditions apply.”
The experienced banking executive added that now was an opportune time to invest. “Currently, it remains among the few areas for which households can claim in their annual income tax filings. Up to 75 per cent of the total cost of taxpayers’ renewable energy systems can be claimed on the annual income tax filings in increments of up to $10 000 per year for five consecutive years,” she said.
In addition to covering the cost of customers’ electricity bills, renewable energy systems can also be reliable income-earning investments.
Republic Bank’s Renewable Energy Loans can be accessed by owners of timber as well as concrete homes, with the requirement that the structure is comprehensively insured and has, at minimum, public liability insurance.
Barbados has committed, in its National Energy Policy, to achieving 100 percent renewable energy and carbon neutral status by 2030.
Republic Bank supports the objectives of this policy which include the provision of modern, safe, reliable, sustainable and climate friendly energy services to Barbadians and visitors. (PR)
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