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ENERGY SMART FUND

Take Control of Your Energy Cost

Energy accounts for a large percentage of your overheads and operational expenses.  The Energy Smart Fund can be utilised by all businesses that consume electricity.  By implementing Energy Efficient (EE) technologies and/or Renewable Energy (RE) projects, you can reduce your energy consumption and increase your profit margin.

About The Fund

The Smart Energy Fund was capitalized by way of a loan from the Inter-American Development Bank (IADB) to the Government of Barbados and Grant resources from the European Union (EU).

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Learn More

With the Energy Smart Fund you can…

  • Implement Energy Efficient and Conservation Projects

    Including replacing less efficient bulbs and appliances; replacing or retrofitting A\C split unit systems with inverter technology; installing occupancy sensors and power monitors.

  • Implement Electric Mobility Projects

    Including electric vehicles, buses, bikes, and golf carts; as well as charging stations.

  • Implement Distributed Scale Renewable Energy Projects

    Including small solar photovotaic (PV) systems and solar water heater systems.

  • Acquire Working Capital

    For producers that manufacture/assemble approved Energy Efficiency and Renewable Energy technologies.

What The Funds Offers

FundAccess offers financing under the two (2) facilities

Technical Assistance

(Grant Facility)

Up to BBD $50,000

This facility provides grants for funding pre-investment studies of the technical and financial viability of Renewable Energy (RE) and Energy Efficient (EE) projects.  Pilot projects are also included under the grant facility.  The maximum grant to be allocated to a client is BBD$50,000.

Register Here
Register Here

Loan Facility

Up to BBD $150,000

This facility provides loans up to a maximum of BBD$150,000 at an interest rate of 3.75% per annum, calculated on a reducing balance basis.  Loan terms can extend to ten (10) years.

Register Here
Register Here
Frequently Asked Questions

Yes, any business can be part of the programme; however, documentary evidence must be provided that the landlord has given permission for the proposed interventions.

Presently, only electric vehicles are included in the programme. Provisions are not made for either hybrids or fossil fuel vehicles converted to electric vehicles.

Yes, savings from the interventions can be used for collateral, but only through Fund Access at this time.

  • A signed Letter of Intent.
  • Loan application (project idea).
  • Copies of electricity bills for the last 12 months.
  • Copies of gas bills for the last 12 months where appropriate.
  • Governmental and/or corporate approvals, permits, licenses and consents required.
  • Financial documents (Balance Sheet & Income Statement).
  • Site plan.
  • Corporate documentation.
  • Town and Country Planning Development Office approval (if required).
  • Technical specifications for the main components of the EE, RE and/or EC systems.

Working Capital to RE Producers. This facility supports the operational activities (working capital) which may include the purchase of raw materials and parts used in the manufacture/assembly of the ‘distributed scale’ renewable energy systems.

Working Capital to EE Producers. This facility supports the operational activities (working capital) which may include the purchase of raw materials and parts used in the manufacture/assembly of energy efficiency and conservation products.

At present, provisions are only made for existing businesses.

Energy Efficiency

  • EE lighting such as LEDS.
  • Occupancy sensors.
  • Inverter type air conditioning units.
  • Efficient appliances and equipment.
  • Power monitors and energy management systems.
  • Electric mobility projects including electric vehicles, electric buses, electric bicycles.

Renewable Energy

  • Solar photovoltaic systems.
  • Solar water heaters.
  • Small wind systems.

EE is the use of less energy to perform the same task or produce the same result.

EC is the effort to reduce the consumption of energy by using less of an energy service. This can be achieved either by using energy more efficiently and/or by reducing the amount of service used.

RE, often referred to as clean energy, comes from natural sources or processes that are constantly replenished – sunlight, wind, biomass, etc.

Businesses can make inquiries by:

(A) Completing the contact form on smartenergybarbados.com.

(B) Directly contacting either Fund Access or the Enterprise Growth Fund Ltd.

Locally registered businesses can apply to the Fund. Emphasis is placed on businesses within the tourism sector and small and medium enterprises (SMEs). This includes micro businesses such as hairdressers, bars, barbers etc.