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5.2 Barriers Hindering the Market Development Barbados is a show case but as seen on other islands, it is not enough just to import affordable solar water heaters. It needs properly trained people to install them. “A combination of bad products installed by incompetent technicians will soon kill off any attempts to establish the industry, even if subsidies succeed in making solar water heaters affordable” (Meyer 2008, p.48). By doing so, and by transferring personnel from Barbados, Solar Dynamics was quite successful in St. Lucia. On the other hand, there are still many homeowners who do not have a solar water heater. According to Perlack and Hinds (2008), most low-income households cannot afford to purchase a solar water heater because they do not qualify for the tax deduction or do not have available financing. Confirmed by the expert interviews, low cost financing would make solar water heaters easily available (Husbands pers. comm. 24 March 2020, Jordan pers. comm. 26 March 2010, Matteini pers. comm. 31 May 2010). The banks are too conservative and there is a lack of easy consumer finance (Jordan pers. comm. 26 March 2010). In the Caribbean region, a distribution chain for solar water heater systems is through the retail chain COURTS, via a higher purchase price. This means customers can buy on a three month rate or on negotiated installments for a certain period of time for a higher price. To pay with installments is a big advantage for the people however, deciding to buy on a higher purchase price means also that customers pay in average up to 12-14% more compared to the cash price. Although companies and banks on the island have offered short-term credit options to finance the purchase of solar water heaters (under chapter 6.4. an overview about financing programs is listed), such credit packages have not been sufficient to deflect the high up-front costs of these systems to the point that monthly repayment rates equal the installed and electric costs for conventional water heaters. Furthermore, such financing has not been made available through institutions trusted by target segments of society, like the credit unions with which they handle all their other banking arrangements (GSEII 2009b). Financial institutions, like credit unions, can give low interest loans to consumers who have a low income and fall below the income tax annual threshold. Solar Water Heater Framework 57PDF Image | CARIBBEAN RENEWABLE ENERGY DEVELOPMENT PROGRAMME
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