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Solar+ Financing Pilot Program

This program opened in 2022, and the application window closed in October of the same year. The innovative financing program offered Virgin Island resident’s loans of up to $30,000 to use towards the installation of solar photovoltaic (PV), and solar PV systems built in conjunction with battery storage. In June 2024 VIEO began reengaging with the pool of applicants after making a major policy breakthrough with its partners in rolling out the program, the Virgin Islands Economic Development Authority and the Virgin islands Water and Power Authority, who have all now signed onto a Memorandum of Understanding.

Program Overview

To help residents realize a significant savings on their electrical bills, and to help further increase the penetration of renewable distributed generation (DG) systems and battery energy storage systems currently operating in the territory; the VIEO and the Virgin Islands Water and Power Authority (WAPA) partnered to administer a loan program designed to help defray the high costs of installation associated with these technologies. Thanks to intense public interest and the overwhelming number of applications received, the program was able to close its application window in less than a month. Currently VIEO and WAPA are working towards awarding the selected applicants their loans.

What to Know

What to Know SFP was open to any full time USVI homeowner who could demonstrate that they had maintained residency in the territory for a minimum of one year. The program was not open to resident’s who had already installed solar PV, or who had an average WAPA bill over $800. SFP is an evolution of the Sun Power Loan Program, which launched in 2010 as a $3.5 million revolving loan program that facilitated the installation of over 340 solar water heaters throughout the territory.