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Photovoltaic Framework An average family might consume about 300 kWh per month. Financing of a 1.98 kWp system would look in Table 10, in an example from GrenSol. The mortgage is calculated as kWh per month generated by the systems times 0.9 ECD/kWh the electricity price of the utility. This means monthly installments equal the monthly savings of the electricity per month, so the customer does not have to pay extra. In case of an interest rate of 10% the financing year would change to over 17 years, whereas an interest rate of 4% would signify a financing term of less than 10 years. Bristol did make an approach to work with financial institutions asking for a 3-4% interest rate, realizing by a renewable energy fond, but so far unsuccessful. According to him, the best time to finance a photovoltaic system is when buying a new house and put it directly on the mortgage, with mortgage interest rates (pers. comm. Bristol 06 May 2010). Table 10: Quotation for a 1.98 kW Solar Electricity System in Grenada System Size (kW) 1.98 Financing System price 29,399 (ECD) no. of panels 9 Downpayment 2940 ECD assumed: 10% inverters 1x3kW Mortgage @8% 267 ECD Mortgage equals to initial savings/month savings/mth 2010 267 ECD 2.6 ECD/kW 14,848 Years 13.3 savings/mth 2035 723 ECD Price (ECD) 29,399 kWh/month 297 Economic Assessment kWh/mth 2010 297 kWh/mth 2035 237 amort. (years) 11.2 Savings in 2035 92,783 ECD PV production of new systems guaranteed min. PV production after 25 yrs. avoided costs for electricity from Grenlec includes inflation on electricity price of 5% p.a. accured savings equal to system price inc. interest accured savings after amort. Environmental Impact Avoided amount of CO2 (t/yr): Source: GrenSol 06 April 2010 The system would save 2.6 tons of carbon dioxide per year. The energy payback time of a standard photovoltaic cell is around 4 years (Bankier & Gale 2006). 75PDF Image | CARIBBEAN RENEWABLE ENERGY DEVELOPMENT PROGRAMME
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