NHT to give $1m solar panel loan

published: Friday | July 25, 2008

Richard Morais, Gleaner Writer

WESTERN BUREAU:

AS PART of its thrust to play an integral role in com-munity development, the National Housing Trust (NHT) has introduced a $1 million solar panel loan, which will allow home-owners to use sun-energised electricity power supplies.

"As a developing nation with a fragile ecosystem, Jamaica has increasingly incorporated, within its overall sustainable development strategy, sustainable energy policy," NHT regional manager, Norris Rainford, said. "As such, we have acknowledged the integral role which solar and renewable energy sources must play in fuelling development."

Rainford was speaking at a solar forum and exhibition, under the theme 'Alternative Energy the Way Forward', hosted by the agency's St James and Trelawny branches in Montego Bay on Wednesday.

15-year repayment

The maximum loan amount is $1.2 million, which is about the cost of the plant, repayable over 15 years. Persons who access the maximum amount will access the funds at interest rates of two and eight per cent.

The solar panel systems are said to have a 25-year warranty and require virtually no maintenance with a minimum battery life of seven years. It is built to withstand 125 mile per hour wind and will start losing power after about three days of total overcast conditions.

According to one of the presenters, Louise Henriques of Automatic Control Engineering Limited, solar system energy conservation is paramount. She said that, with the current system of energy, all items using energy can be on while, with solar power, the more energy used is the less the system has available.

"Therefore, a highly conservative household can still have energy even after the three days of no sunlight."

The NHT will continue its solar water heater loan, as high as $100,000 repayable over five years at a three per cent interest rate.

Other presenters at the forum and exhibition included Pete Hylton of Hylton's Plumbing, Welding and Solar Heater and Glenbert Comrie of Solar Technologies Limited.