Quicker return on investment in alternative energy

The new electricity tariffs will halve the payback period of an investment in alternative energy equipment from 16 years to between eight and nine years, Investments Minister Austin Gatt said yesterday.

The way electricity was priced was making it difficult for companies to adopt alternative energy because of the high cost of equipment and the long time it took to start seeing a payback.

Dr Gatt was speaking at an event where renewable energy company Titan unveiled the largest photovoltaic installation in Malta, with 126 panels generating 26.46 kilowatts an hour.

The system is expected to generate about 40,000 units each year and reduce carbon emissions by around 35 metric tonnes annually, managing director Maurice Mizzi said.

Mr Mizzi said it was clear the world could not continue polluting, making it essential to adopt alternative sources of energy. He urged banks to help both households and industry to install alternative energy equipment.

Finance Minister Tonio Fenech reiterated that next week's budget will include a package of incentives both for families and industry to invest in alternative energy. He said 11 companies benefitted from €500,000 for alternative energy in the past year.