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Virgin Islands Energy Office
What's the Solar+ Financing Pilot Program?
The USVI Solar+ Financing (SPF) Pilot Program is a loan program for residential solar PV and Battery systems being offered through the Virgin Islands Energy Office and the VI Water and Power Authority. Through on-bill repayment this program allows property owners to pay for renewable energy systems through their monthly utility bill.
This program is designed to benefit energy burdened VI homeowners by lowering the barriers to resiliency and giving them greater control over their utility bill. Energy burden is referred to the cost of energy related expenditures of the household in relation to the gross monthly household income. Energy burden can be calculated by dividing the household energy cost by the monthly gross household income. The Solar+ Financing Pilot Program tries to be sensitive to households with high energy burdens by using it as a factor of eligibility.
Using the Energy Office’s Solar Savings Calculator, systems will be designed to result in minimum average bill reduction during the life of the loan. This allows us to bypass a credit check, a necessary step in all other large loan programs.
Using the Energy Office’s Solar Savings Calculator, systems will be designed to result in minimum average bill reduction during the life of the loan. This allows us to bypass a credit check, a necessary step in all other large loan programs.
Download our Solar Savings Calculator to estimate your own bill savings.
$
30K
Per Household
The approved loan amount is based on the system size calculated using the VIEO’s Solar Savings Calculator. The loan maximum is $30,000 per household.
Virgin Islands Energy Office
Required Documents
Photos are acceptable but must be legible. All pages of all documents must be included unless otherwise noted.
Click on any links below for examples of documents.
Click on any links below for examples of documents.
Applications are submitted through an online portal called Smartsheet. If you are having trouble accessing a computer or phone to submit your application, please visit our offices.
Valid USVI government-issued ID Or US Issued Passport
2021 1040-VI stamped income tax return OR 2021 VI Tax Transcript request from BIR with IRS Form 4506-T
Account Consumption History Report download from WAPA’s online customer portal (first 2 pages) OR Request a printed copy of your Consumption History Report at WAPA offices. Example 1 & Example 2
Application Process
A limited application window opened on September 28th 2022 and closed on October 21st 2022.
Virgin Islands Energy Office
Financing FAQ
Using the Energy Office’s Solar Savings Calculator, systems will be designed to result in minimum average bill reduction during the life of the loan. This allows us to bypass a credit check, a necessary step in all other large loan programs.
The approved loan amount is based on the system size calculated using the VIEO’s Solar Savings Calculator. The loan maximum is $30,000 per household.
The loan term is fifteen (15) years, the interest rate is fixed at 1%, and loan payments are fully amortized over the term of the loan.
No, the loan cannot be refinanced through this program, but can be paid off early and there is no penalty for early repayment of loan should the borrower wish to finance it through other means.
Your monthly WAPA bill divided by your monthly gross household income. Example if your WAPA bill is $250 and if your gross household income is $48,000 per year ($4,000 per month) you would divide 250 by 4000 = to get a 6.25% energy burden.
If you are not selected, you will be notified by email and by mail after the formal review process.
No, this program is for new systems only.
The NEB program is the current policy and rate structure governing interconnection of distributed energy resources (PV and Storage) in the Virgin Islands. Customers enrolled in the NEB program can receive a credit on their WAPA bill for their excess solar generation. This rate structure is utilized when calculating forecasted savings for the Solar+ Financing Pilot Program.
A pilot program is a small-scale, short-term experiment that will help the VIEO learn how a larger-scale project might work in practice. The funding for this program is limited and as a result a limited number of applicants will be selected. However, implementation of this pilot program will provide a meaningful input to developing and funding a larger-scale program that will have much broader impacts across the territory.
Yes. A solar water heater does not disqualify you for this program. Only existing Photovoltaic (PV) Solar systems powering your home would disqualify you.
A stamped income tax return or tax transcript is required for this program so you would still need to submit your taxes for 2021 and supply a copy of the Stamped 1040 document.
Quick Contact
Please let us know if you have any questions our team will be happy to assist.
St. Thomas Office
# 8000 Nisky Center 2nd Floor Ste 208
Charlotte Amalie, VI 00802
Phone: (340) 714-VIEO (8436)
Fax: (340) 776-1914
St. Croix Office
#2 Estate Carlton | Suite 3
Frederiksted, USVI 00840
Phone: (340) 713-VIEO (8436)
Fax: (340) 772-0063