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.
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J. Sultana
Oct 31st 2008, 06:21
This same company last week advertised their PV at €6999 per 1kw. So, a 26.46kwp system would cost €186,000.
If they produce 40,000 units a year (and this a very high estimate of 1500 hours at full efficiency), they would produce 320,000 units.
If you divide 320000 units by €186,000, they need to get € 0.58 per unit produced from Enemalta !!!
SHOWS US FACTS NOT FICTION DR. GATT - YOUR PUBLICITY STUNT IS NOT TRUE !
Nigel Lawrence
Oct 30th 2008, 21:12
I've just checked out a DIY pv system (sourced from Germany), for a domestic installation. pv panel €1,800 to 2,000; storage batteries and regulator €1,300; static inverter €400, for a reasonable system. At getting on for €4,000 that is a lot of electricity bills. In my case, that kind of investment, considering the additional routine maintenance, periodic replacement of the batteries,etc., will NEVER pay for it'self- whatever the the incentive package might be.
David Cassar
Oct 30th 2008, 18:27
How cute!! Very interesting. The more you spend the more you save. Thank our lucky stars that we have such enlightened politicians that make it attractive to invest in solar heating by increasing rates for fossil fuel generated electricity. Totally annoyed and distressed by such approaches to solving the nation's problems.
Martin Galea De Giovanni
Oct 30th 2008, 14:26
High energy bills? - Save money and do your bit to help curb Climate Change - http://www.foemalta.org/home/index.php/solutions
l Galea
Oct 30th 2008, 14:07
Now isn't that clever?
The Government doubles the energy prices so that it will take you half the time to recover your investment.
Now you people of little minds stop complaining if you do not understand this reasoning.
You have to read for a doctorate at the University to be able to understand such reasoning!
D.Falzon
Oct 30th 2008, 13:50
This is all well and good Mr. Minister, however what do people like me, who live in flats, maisonettes who do not have access (legal) to install photovoltic panels, electricity generating mills etc.. do ? This is only good for people living in houses like terraced houses, villas, etc... The minority in Malta by today's standards.
Joe DeBattista
Oct 30th 2008, 11:47
Gee is that a fact!....Thanks for nothing. They all think they are talking to a bunch of fools. This administration is sounding more and more like the Mintoff years (at least without the violence), but then we were told of cents and 'ton taz-zejt' price reductions and now we are speaking of increases in our daily bread (and butter) of thousands of Euro. Mr. Government, the people want to see your calculations because we do not beleive the hype any more.
joe borg
Oct 30th 2008, 09:32
So here we have it black on white. To all those saying the new tarifs don't make much difference. A clear admission by the government that the price of electricity has doubled. And all this when the price of oil has halved. Blinkers off people!