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A large solar PV installation in Jamaica is set to provide huge savings for a commercial Hotel operation. The Grand Palladium Resort in Hanover, Jamaica estimates that the solar PV installation could save over J$80 million in energy costs per year.
The Solar PV installation was unveiled on May 30 and is thought to be the largest in Jamaica. Reports from the hotel suggest the investment totals US$3.4 million and will have a return on investment after four years. They project that the solar PV system will save US$21.9 million over the next 30 years.
The hotel is the first of its kind to embark on a specific investment of this nature in Jamaica and is likely to be the standard bearer for future solar PV installations at hotels and other large commercial operations within the country.
The hotel is so optimistic about the opportunities of solar PV that they are encouraging other organisations to get involved and capitalise on the financial gains. They noted that it is genuinely a win, win for the parties concerned and certainly shows Jamaica in a good light as an environmentally friendly tourist destination.
As part of the government’s progression with solar PV, Jamaican officials are encouraging other small hoteliers to assess the investment opportunities with renewable energy. It is estimated that based on current market growth and projections solar will become the cheapest energy source in Jamaica by 2030. This, of course is based on the continued benefits from economies of scale.