An accessible financing is important for the growth of the renewable energy (RE) sector in the country as interest for using RE is rising among Filipino consumers, a solar energy firm executive said in a report by Philippine News Agency.
At the virtual Roundtable @ Lido Wednesday, WeGen Laudato Si' (WGLS) president Charlie Ayco said the demand and supply for RE is already there but financing becomes a gap for the market.
“This is the weak link now. Technology is available. Demand is there. But make it easier to access financing especially from government financial institutions,” Ayco said.
He added consumers are now more interested in RE technologies like solar panels, as these are now 90 percent cheaper.
Department of Energy (DOE) hydro and ocean management division chief Andresito Ulgado said government banks such as the Development Bank of the Philippines and the Land Bank of the Philippines offer RE financing even for consumers to facilitate investments in RE.
Moreover, Ayco said that with the right policy, the Philippine government can attract more consumers to source their electricity from RE, particularly solar power.
He cited Vietnam that installed 9.6 gigawatt of rooftop solar last year.
He said one of the policies that the Vietnamese government offered is the feed-in tariff.
Ayco added the Philippine government can adopt these kinds of policies, along with accessible financing both from public and private financial institutions, to encourage more consumers to go RE.
This article was originally published by Real Estate News PH.
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