The financing program that is expected to jump-start the solar water-heating industry in the Virgin Islands should be ready to go by the first of the year, according to the territory’s top energy officer.
Bevan Smith, director of the V.I. Energy Office, made the prediction Friday during a tour of the Green Technology training program at the Career and Technical Education Center on St. Croix.
Steep rebates for on solar water-heaters are in place, and the trained installers are all but ready to go, with just a few weeks of on-the-job training to go before their course is complete. But that hasn’t made a big difference in sales yet, Smith said.
People are holding back for the final part of the program, the financing.
The system will allow homeowners to switch from electrical to solar water-heating without paying anything up front and will not cost them more any more on a monthly basis than they are paying for power alone now.
The solar system should save them about 30 percent on their power bills. Instead of getting that savings, then turning around and sending a check in for the financing, they will pay about the same on their power bill to WAPA that they always have, probably a little less, and the difference between what they used to pay for electricity alone and what they pay now with the savings will be applied to the cost of the new unit.
When the solar-system is completely paid off, the householder will own the solar water-heating system and will continue to reap the benefits of lower electrical usage and lower bills.
Under this program, virtually anyone who owns a home can consider making the switch.
"It takes out of the picture your economic situation," Smith said.
According to Smith, the final details are being worked out between all the cooperating parties.
He recently did a presentation for WAPA, which he said was receptive. He is working with their feedback to prepare a final proposal that will need to be signed off on by the Economic Development Authority, which is providing the financing with funding from the American Recovery and Reinvestment Act, commonly known as the stimulus bill, and WAPA. That should all happen within the next month.
The program should be ready to roll out at the beginning of the new year, Smith said.
