Virgin Islands Energy Office opened applications for Solar+ Financing Pilot Program

The Virgin Islands Energy Office said it would begin accepting applications on Sept. 28, 2022, for the Solar+ Financing Pilot Program, which offered low-interest loans to homeowners for solar power and battery storage systems.

According to Government House, selected applicants could receive loans of up to $30,000, with repayment tied to savings on Virgin Islands Water and Power Authority electric bills.

The pilot program was limited to full-time U.S. Virgin Islands homeowners with no existing solar installation. Government House said selected applicants would receive 15-year loans at a 1% annual interest rate for approved solar energy systems connected to the territory's power grid.

Government House said funding for the pilot program was limited and that loans would be awarded to a limited number of applicants based on energy burden. The Energy Office said it would recommend solar and battery storage system specifications for participating homeowners to take to vendors for installation.

Applications were to be submitted online, with in-office assistance available.

Official source: https://www.vi.gov/governor-bryan-begins-solar-financing-program-to-help-residents-transition-homes-to-renewable-energy/