Minister of Science, Technology, Energy and Mining (STEM), Hon. Phillip Paulwell
Minister of Science, Technology, Energy and Mining (STEM), Hon. Phillip Paulwell, is urging small and medium sized enterprises to take advantage of the energy management loan facility being offered by the Development Bank of Jamaica (DBJ).
The DBJ/PetroCaribe (SMEs) Energy Fund allows SMEs to access loans of up to $30 million at a rate of 7.5 per cent to retrofit their operations to accommodate energy efficiency, energy conservation and alternative energy sources.
Under the programme, business operators across all sectors of the economy are encouraged to refurbish their facilities with renewable energy solutions, such assolar water heaters and solar panels, in an effort to effectively manage and conserve energy in their day-to-day operations.
However, speaking at the DBJ
JAMAICANS are being encouraged to pay keen attention to energy efficiency when purchasing home appliances and other devices that utilise electricity.
The appeal was made yesterday by officials of the Development Bank of Jamaica (DBJ), which is spearheading a national project that seeks to promote the benefits of energy efficiency and conservation. The project also seeks to encourage Jamaicans to make greater use of renewable energy such as solar, particularly in small and medium enterprises.
In addition to funding from the DBJ, the US$807-million DBJ GreenBiz Energy Efficiency Project receives assistance from the Inter-American Development Bank.
According to DBJ officials, who were guests at the Jamaica Observer weekly Monday Exchange, a number of Jamaican consumers can be described as being penny wise and pound foolish when purchasing appliances such as television sets, air-conditioning units, light bulbs, and refrigerators.
Christopher Brown, energy project co-ordinator at the DBJ, cautioned Jamaicans to pay attention to what he cited as the life cycle cost of a product versus the up-front cost. “Although you spend X amount for a TV now, the cost of electricity for the TV should also be factored in. I know that in Jamaica we are driven by purchasing power, and so one TV might cost one and a half times another, and because of that high capital cost people don’t invest in it. However, at the end of the day, the person who bought the cheaper TV would have paid a lot more, over time,” Brown explained.
His point was endorsed by president of the Jamaica Society of Energy Engineers, Owen Gunning, who pointed to a major difference between the amount of energy consumed by an old refrigerator, as opposed to a newer one. “An old fridge for example would give you about 600 watts, a newer fridge would probably take you down to 250 watts,” said Gunning as he encouraged consumers to look for the energy star on appliances.
He added that the same principle applies to air-conditioning units, some of which continue to be dumped on Jamaica, despite their high levels of inefficiency. “You have what is referred to as an Energy Efficiency Rating and you have people dumping on us AC units that have energy efficiency ratio of 7.5, but you can get energy efficiency ratio of up to 18,” said Gunning, a University of Technology lecturer who explained that the higher the ratio, the less it will cost to operate the unit.
He also chided persons who continue to use electric water heaters and argued that they would save significantly on their electricity bills if they were to invest in solar water heaters.
Gunning also pointed to significant differences in the amount of energy consumed by older type television sets as opposed to LCD and LED televisions.
Meanwhile, the DBJ energy project coordinator explained that a marketing campaign has been launched to support the project. The campaign will appeal to all Jamaicans, but will target operators of small and medium enterprises and will also target school administrators, many of whom have been grappling with massive electricity bills.
Brown indicated that as part of efforts to promote the energy efficiency project a fair will be held on October 12 at Emancipation Park in St Andrew.
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JAMAICANS are being encouraged to pay keen attention to energy efficiency when purchasing home appliances and other devices that utilise electricity.
The appeal was made yesterday by officials of the Development Bank of Jamaica (DBJ), which is spearheading a national project that seeks to promote the benefits of energy efficiency and conservation. The project also seeks to encourage Jamaicans to make greater use of renewable energy such as solar, particularly in small and medium enterprises.
In addition to funding from the DBJ, the US$807-million DBJ GreenBiz Energy Efficiency Project receives assistance from the Inter-American Development Bank.
According to DBJ officials, who were guests at the Jamaica Observer weekly Monday Exchange, a number of Jamaican consumers can be described as being penny wise and pound foolish when purchasing appliances such as television sets, air-conditioning units, light bulbs, and refrigerators.
Christopher Brown, energy project co-ordinator at the DBJ, cautioned Jamaicans to pay attention to what he cited as the life cycle cost of a product versus the up-front cost. “Although you spend X amount for a TV now, the cost of electricity for the TV should also be factored in. I know that in Jamaica we are driven by purchasing power, and so one TV might cost one and a half times another, and because of that high capital cost people don’t invest in it. However, at the end of the day, the person who bought the cheaper TV would have paid a lot more, over time,” Brown explained.
His point was endorsed by president of the Jamaica Society of Energy Engineers, Owen Gunning, who pointed to a major difference between the amount of energy consumed by an old refrigerator, as opposed to a newer one. “An old fridge for example would give you about 600 watts, a newer fridge would probably take you down to 250 watts,” said Gunning as he encouraged consumers to look for the energy star on appliances.
He added that the same principle applies to air-conditioning units, some of which continue to be dumped on Jamaica, despite their high levels of inefficiency. “You have what is referred to as an Energy Efficiency Rating and you have people dumping on us AC units that have energy efficiency ratio of 7.5, but you can get energy efficiency ratio of up to 18,” said Gunning, a University of Technology lecturer who explained that the higher the ratio, the less it will cost to operate the unit.
He also chided persons who continue to use electric water heaters and argued that they would save significantly on their electricity bills if they were to invest in solar water heaters.
Gunning also pointed to significant differences in the amount of energy consumed by older type television sets as opposed to LCD and LED televisions.
Meanwhile, the DBJ energy project coordinator explained that a marketing campaign has been launched to support the project. The campaign will appeal to all Jamaicans, but will target operators of small and medium enterprises and will also target school administrators, many of whom have been grappling with massive electricity bills.
Brown indicated that as part of efforts to promote the energy efficiency project a fair will be held on October 12 at Emancipation Park in St Andrew.
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RENEWABLE energy and technology could go a long way towards improving food security.
Aside from conservation, innovation can also boost profitability and productivity of the Caribbean‘s agricultural sector.
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Backed by Inter-American Development Bank‘s (IDB) funding, at least three local companies, which have already set out to mix alternative energy and farming, will be better able to do just that.
The Family Garden, Caribbean ESCO Limited and Echos Consulting will get US$200,000 ($18 million) apiece, as well as technical and business development support, to implement or scale up their ideas.
They were awarded for their proposals, which embrace “innovative energy efficiency or renewable energy solutions that have local or regional benefits, provide jobs, and reduce greenhouse gas emissions”, under the IDB’s 2012 IDEAS Energy Innovation contest.
For the Harpers
ENERGY
Now Mr Speaker, I turn to Energy.
State of Jamaica
Businesses which undertake energy management and implement energy audits often enjoy annual savings on energy bills of up to 12 per cent, says the head of a local consultancy.
Yvette Batts, managing director of BCI Solutions, said an energy audit is an assessment of the usage at a facility, including an analysis of cost effective efficiency opportunities to reduce usage, bills and greenhouse emissions. She was speaking at the latest Wednesday Morning Seminar hosted by Myers, Fletcher & Gordon (MF&G) and the Jamaica Chamber of Commerce (JCC), which joined forces with the Development Bank of Jamaica (DBJ) and BCI in presenting the theme “Reducing Your Energy Costs While Improving Your Business Efficiency“.
Energy Audits are done at three levels: walk through, comprehensive and investment grade. The audit level is defined by the energy user, taking into account specific issues to be addressed, complexity of site, and the total budget available, said Batts.
She advised that energy audits and energy saving opportunities are best implemented in the context of an Energy Management Program (EMP) which should be in place before any audit is undertaken. An EMP should include a management structure with a formally appointed energy manager, the involvement of all staff in the programme, an energy management policy, and a system for monitoring energy bills.
While overall savings from energy saving programme may be rewarding, implementation can be costly.
The DBJ by its mandate to facilitate and promote economic growth has been providing loan financing through its network of approved financial Institutions, for projects in areas such as Tourism, Services and Agriculture among others.
Edison Galbraith, DBJ’s general manager, Loan Origination and Portfolio Management, said the institution provides loan financing for large projects in strategic sectors such as Renewable Energy through co-financing and direct lending. The DBJ’s also promotes and finances investments in energy conservation, energy efficiency and renewable energy technology at a rate of eight per cent to 9.5 per cent for up to 10 years. Additionally, assistance for energy audits is available, with funding to offset $200,000 of the cost of the audit. The institution also plays an active role in promoting energy conservation by facilitating public education, workshops and training. Notably DBJ has partnered with the Inter-American Development Bank to secure US$807,000 funding to promote energy efficiency/conservation in the SME Sector. To date DBJ has approved over $330M in energy loans to 20 projects.
Read more:
Businesses which undertake energy management and implement energy audits often enjoy annual savings on energy bills of up to 12 per cent, says the head of a local consultancy.
Yvette Batts, managing director of BCI Solutions, said an energy audit is an assessment of the usage at a facility, including an analysis of cost effective efficiency opportunities to reduce usage, bills and greenhouse emissions. She was speaking at the latest Wednesday Morning Seminar hosted by Myers, Fletcher & Gordon (MF&G) and the Jamaica Chamber of Commerce (JCC), which joined forces with the Development Bank of Jamaica (DBJ) and BCI in presenting the theme “Reducing Your Energy Costs While Improving Your Business Efficiency“.
Energy Audits are done at three levels: walk through, comprehensive and investment grade. The audit level is defined by the energy user, taking into account specific issues to be addressed, complexity of site, and the total budget available, said Batts.
She advised that energy audits and energy saving opportunities are best implemented in the context of an Energy Management Program (EMP) which should be in place before any audit is undertaken. An EMP should include a management structure with a formally appointed energy manager, the involvement of all staff in the programme, an energy management policy, and a system for monitoring energy bills.
While overall savings from energy saving programme may be rewarding, implementation can be costly.
The DBJ by its mandate to facilitate and promote economic growth has been providing loan financing through its network of approved financial Institutions, for projects in areas such as Tourism, Services and Agriculture among others.
Edison Galbraith, DBJ’s general manager, Loan Origination and Portfolio Management, said the institution provides loan financing for large projects in strategic sectors such as Renewable Energy through co-financing and direct lending. The DBJ’s also promotes and finances investments in energy conservation, energy efficiency and renewable energy technology at a rate of eight per cent to 9.5 per cent for up to 10 years. Additionally, assistance for energy audits is available, with funding to offset $200,000 of the cost of the audit. The institution also plays an active role in promoting energy conservation by facilitating public education, workshops and training. Notably DBJ has partnered with the Inter-American Development Bank to secure US$807,000 funding to promote energy efficiency/conservation in the SME Sector. To date DBJ has approved over $330M in energy loans to 20 projects.
Read more:
All public street lights in Barbados will be replaced with energy efficient lamps.
There are also plans to retrofit at least 12 government buildings with solar power systems.
This