08/05/2013
Installing an Alternative Energy System for your Home or Business has just gotten easier. A loan of up to JA$2 Million from the Development Bank of Jamaica @ 9.5% interest rate can be obtained through your Commercial Bank, Credit Union, PC Bank JMMB or Capital & Credit Merchant Bank. This loan can be paid back with the existing Electricity Bill.
The DBJ launches Energy Loans for Householders
The Development Bank of Jamaica (DBJ) has launched a new J$100 million Line of Credit allowing householders to access up to J$2 million to install renewable energy solutions such as solar water heaters, photovoltaic (PV)
panels, bio digesters, and wind turbines on their homes.
The loans, which become effective March 1, will have a single digit interest rate of 9.5% and repayment periods of up to five years. They will be channeled through the Bank’s Approved Financial Institutions (AFI) and Micro Finance Institutions (MFI) for on-lending to householders.
Mr. Milverton Reynolds, DBJ’s Managing Director, said that this new loan facility was in response to the growing demand from householders for financing options to reduce and or eliminate their growing electricity bills through the implementation of alternative energy solutions.
He said that the facility is also intended to increase the comfort level and confidence of business owners to the introduction of energy efficiency and renewable energy solutions in their businesses.
A special interest rate of 8.0% is already in place under the DBJ-PetroCaribe Energy Fund on loans for energy projects for businesses for loans of up to J$15 million. This is aimed at supporting projects that promote energy efficiency, energy conservation and renewable energy. Loans in excess of J$15M can be accessed at 9.5%. To date, the Bank has approved energy loans of over J$319 million.
Edison Galbraith, General Manager for Loan Origination and Portfolio Management, said that the DBJ has been working with the Ministry of Energy over the past few years to improve awareness of and utilization of energy
efficiency and renewable energy technologies.
The DBJ has also secured technical assistance from the Inter-American Development Bank that has facilitated a demand study on energy efficiency and renewable energy, the establishment of a local training programme for
Certified Energy Auditors and Managers by the University of Technology, the implementation of eight energy efficiency and renewable energy projects in various sectors, and several workshops with energy equipment
suppliers, businesses and financial institutions geared toward improving the understanding and financing of energy efficiency and renewable energy solutions.
In addition, the DBJ is a part of the World Bank-funded Energy Security and Efficiency Enhancement Project under which additional loan funding of US$4.6 million will be available to businesses in April 2012.
DBJ’s loans can be accessed through its AFI partners which include all commercial banks, credit unions, the National People’s Cooperative Bank, National Export-Import (EX-IM) Bank, Jamaica Money Market Brokers and
Capital & Credit Merchant Bank.
