Accessible financing needed for renewable energy to grow in PH

Solar power facility (Photo courtesy of AboitizPower)

A solar energy firm executive has highlighted the value of an accessible financing facility to promote the growth of the country’s renewable energy (RE) sector, with many Filipino consumers now getting more interested in RE.

WeGen Laudato Si’ (WGLS) president Charlie Ayco said at the recent virtual Roundtable @ Lido the demand and supply for RE is already there but financing remains a problem for interested entrepreneurs and consumers.

“This is the weak link now. Technology is available; demand is there. Make it easier to access financing especially from government financial institutions,” Ayco said, adding that consumers are now more interested in RE technologies like solar panels which are now 90% cheaper than before. 

He said that with the right policy, the government can encourage more consumers to source their electricity from RE, particularly solar power. He cited Vietnam that has installed 9.6 gigawatt of rooftop solar facilities last year.

Ayco said one of the policies Vietnam now implements is ‘feed-in tariff. The Philippine government, he added, can adopt similar kinds of policies, along with accessible financing from public and private financial institutions, to encourage more consumers to go RE.

Department of Energy (DOE) Hydro and Ocean Management division chief Andresito Ulgado shared in the same virtual briefing that government banks like the Development Bank of the Philippines and the Land Bank now offer financing to fund RE ventures even for consumers.