Texaco Jamaica has been commended by the Government for its initiative to retrofit all its service stations with renewable energy. The company has invested $5 million to install solar systems at its Molynes Road operation in Kingston, and is seeing up to 50 per cent reduction in its energy bill.
The solar energy project will be extended to all 67 service stations across the island by the company
State Minister in the Ministry of Science, Technology, Energy and Mining, Hon. Julian Robinson, says with the Government removing duties on the importation of equipment for renewable energy, companies like Texaco are realizing the positive impact which spending less on energy has on their operation.
“We are pleased that Texaco has invested in renewable energy. They have indicated that it has had a very direct impact on their electricity consumption, and the bills,” the State Minister said, during a tour of the Molynes operation, along with personnel from the Ministry, and executives from New Life Power (NLP), on Thursday, June 19.
Mr. Robinson emphasized that lowering energy cost is important to ensure that businesses are competitive in the economy. “The less you can spend on electricity, the more you can spend on improving your competitiveness. With their partners, we will see more service stations, and more importantly, other businesses and consumers doing similar projects,” the State Minister said.
The Development Bank of Jamaica (DBJ) has energy loans at an interest rate of 9.5 per cent for purchasing and installing renewable energy systems, including solar water heaters, photovoltaic panels (PVs), wind turbines and bio-digesters. Householders can also access loans and grants for energy solutions.
“All these have been put in place to facilitate easier uptake of energy loans,” said Account Executive for Loan Origination at the bank, Ernesto Wignall.
Head of Texaco Jamaica, Mauricio Pulido, said the project will help the dealers to realize increased income. “We want to expand to the whole network, and help the dealers reduce expenses, and contribute to their income as well,” he said.
Meanwhile, Managing Director for NLP, Robert Wright, while lauding the DBJ for establishing the loan facility, said the equipment is easy to source.
“Financing of renewable energy is fundamental, and the (DBG) has an excellent offer, which several companies, like Texaco and Jamaica Broilers, are taking up,” he said.