Solar energy market heats up in homes and businesses

Bermuda’s homeowners are warming up to the idea of solar technology.

Alternative Energy Systems (Bermuda) Ltd has reached the 150 kilowatts installation milestone for homes and businesses.

The company has installed 100kw of power since November and reports 38 per cent growth in the first quarter of 2011 compared to 2010.

Tim Madeiros, founder and CEO of AES, said while businesses account for 70 per cent of the installations, homeowners are helping to heat up his sales.

He credits the steady growth in this tough economy in part to his company’s innovative approach in finding solar energy solutions tailored to each customer.

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He said: “I am thrilled that Bermudians are embracing solar technology. I believe AES’s continued success is driven by the expertise, customer service and quality products that we deliver.”

In May, AES completed the first commercial installation of a photovoltaic (PV) solar energy system for Lindo’s Market in Devonshire.

In addition, the company designed, engineered and installed Bermuda’s first building-integrated solar system for Business Development Minister Patrice Minors and her husband Stewart.

The solar panels on their home were adapted to Bermuda’s unique architecture and built into the roof structure.

Mr Madeiros feels that Bermudians may be less intimidated by the upfront costs of implementing a solar energy system — which can cost between $30,000 to 40,000 for a 5kw system — because of Government incentives and the interconnection policy.

BELCO’s Net Metering policy enables solar customers to sell excess electricity back to the utility at the same rate that they pay for power.

“Solar offers an extremely high rate of return on the initial investment; it just makes sense from a financial perspective,” said Mr Madeiros.

“Each solar owner is protected for at least 30 years from the increasing cost of oil and subsequent rise in electricity rates.”

He added there is a 5k rebate possible too, which lowers the initial cost between 12 to 16 per cent.

Mr Madeiros credited AES’s customer service for helping it to become a leader in Bermuda’s solar industry.

“We work closely with customers to design a system that works for them within their budget.

“For instance, we are currently in the planning stages of a large-scale system for a new commercial client which we will be built out over time.

“The systems are modular and allow for easy expansion so we are able to start out small and increase capacity when the client is ready.”

Mr Madeiros says residents understand the energy issues on the island and that, at current rates of consumption and growth, Bermuda’s only power plant will not be able to generate enough energy without expanding.

They feel that expansion would only damage the environment with pollution and increased carbon dioxide (CO2) emissions.

Per month, 150 kw produces almost 21,000 kw hours of electricity that, at current prices, would cost more than $8,000 a month.

From an environmental perspective, the solar power generated could offset the emission of more than 260,000 pounds of dangerous pollutants including CO2, which is a major contributor to global warming.