Steps in estimating how to reduce your electricity bill to zero by use of a solar grid-tie system (Applies to Barbados only)
1. Locate the Daily Avg. (kWh) column on your BL&P bill.
2. Add the present and the previous values and divide by two.
( This would give an estimate of your average electricity demand)
3. Divide the kWh obtained in step two by Five(5). (this gives the size of the solar system in kW
4. Multiply the kW obtained in step 3 by $13,500.00 BDS to obtain and estimate of the cost of your system.
NB: This is an estimate of the cost of a system that would reduce you BL&P bill to zero, that is, you do not pay anything to BL&P
Funding
1. Obtain a loan at an interest rate of 8% or better.
2. Pay what you normally pay BL&P on the loan.
3. Claim $5,000.00 income tax deduction for the next five years.
4. Apply your income tax refund of that claim to the principal of the loan.
5. Complete the payment of the loan in eight(8) years or less.
6. Enjoy“Free” electricity for the next 20 years after the loan is paid ( System has an estimated life of 30 years)
Since the last budget you can now claim $10,000.00 each year for 5 years.
ReplyDeleteSince the last budget, you can now claim $10,000 per year for five years.
ReplyDelete