FTC won't disclose new FIT rates until Sept. 27
Friday, September 27, is the new date when the Fair Trading commission will announce the new feed-in-tariff (FIT) rates for the sale of electricity from renewable energy systems of up to one megawatt (MW) in size, the BGIS reports.
Earlier this year, officials from the Ministry of Energy and Water Resources disclosed that the Fair Trading Commission (FTC) would set rates for electricity supplied from renewable energy sources for systems up to one MW, using feed-in-tariffs, noted the BGIS. Feed-in-tariffs (FIT) are fixed electricity prices that are paid to renewable energy (RE) producers for each unit of energy produced and injected into the electricity grid.
The Government of Barbados has adopted a national energy policy to transform Barbados from a petroleum based economy to a 100 per cent renewable energy and carbon neutral island state by 2030. The rate paid for systems of 500kW or less - that is, those systems typically used by homes - will be kept at 41.6 cents for solar photovoltaic systems and 31.5 cents for wind systems.