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The Government of Barbados has set a target for 30% of national energy usage on the island to come from renewable sources by 2030 in an aim to reduce expenditure on imported oil, improve environmental sustainability and achieve greater energy security. This is providing opportunities for investors and developers in the areas of Wind energy (wind farms), solar photovoltaic, waste to energy, biomass cogeneration, biodiesel, bio-fuels and ethanol.

Barbados is a cost effective location for renewable energy development, with considerable market potential. Salary costs for an engineer are US$37,166 per annum[1] while minimum wage is US$505 per month.[2] Property and development costs are also highly competitive

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[1] fDi Intelligence from the Financial Times based on Towers Watson Global Remuneration Planning Report 2014/15 and national statistics
[2] World Bank Doing Business

Sector Strengths

Renewable Energy Advantages in Barbados

  • Barbados has an ideal environment for the development of renewable energy projects. The island gets a considerable amount of sun, even by Caribbean standards with an average of 8.3 hours of sunshine per day[3] and an average daily solar irradiation of 5.6 kilowatts per square metre. The island is also one of the windiest places in the Caribbean with an annual average wind speed of 5.5 metres per second[4] (all figures recorded in the Capital of Barbados, Bridgetown).
  • Barbados is one of the most expensive places in the Caribbean for electricity with prices standing at US$367.7 per megawatt per hour[5]. The island has a population of 280,000 which is predicted to reach 300,000 by the end of 2030[6]. These factors, combined with a healthy economy and high levels of investment mean that there is a strong market for investments in the renewable energy sector.

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[3] World Climate Guide
[4] Renewable Energy System Design Tool: Solar power calculator
[5] Climatescope2015
[6] fDi Intelligence from the Financial Times based on Population Reference Bureau World Population Data Sheet

Investor Testimonials

“Cahill Energy began exploring Waste to Energy in 2011 and our attention was directed towards the Caribbean by 7th Heaven Properties. While we recognize the country faces some short term challenges due to the impact of the global economic downturn, we believe the fundamentals are strong. We are therefore confident that this investment represents a phenomenal business opportunity for our investors and offers even greater benefits to the people of Barbados.”

Clare Cowan, CEO of Cahill Energy
Incentives

Barbados offers a wide range of incentives to boost the renewable energy market. These include:

  • Tax deduction for individuals of up to BDS$10,000 for home improvements. Distributed renewable energy technologies such as solar PV fall into this category.
  • The cost of energy audits up to BDS$2,000 can be deducted as part of the general Income Tax Allowance for home improvement of $10,000 in any one year.
  • An allowance called the Energy Conservation and Renewable Energy Deduction of a maximum of BDS$10,000 per year to cover the costs of an energy audit and 50% of the cost of retrofitting a residence or installing a system to produce electricity from a source other than fossil fuel.
  • Exemption from import duties and environmental levy under the Customs Tariff for various items of wind turbines, photovoltaic components and systems, biofuel systems, hydropower systems, solar thermal systems, wave or tidal power systems, fuel cell systems and geothermal heat pump systems.
Agribusiness worker 
(annual labour cost  = unskilled production operative)
Electricity cost
The cost for electricity for industrial use per kWh
Water cost 
The cost for water for industrial use per cubic meter.
Gas cost 
The cost for gas for industrial use per cubic meter.
Telecom cost
The cost charged by a leading telecom operator for a 3 minute call to USA
Industrial space (Property) *
capital city – give name - The total cost of industrial space based on rental fees plus any taxes and/or service charge (per sq ft p.a.)
Office space (Property) * 
capital city – give name -The total cost of office space based on rental fees plus any taxes and/or service charge (per sq ft p.a.)
Social security contributions (employer) %
Statutory social security which companies must pay on top of salaries
Select fact file categories to add to export

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Indicators for Labour Costs

Data Point Value Units Year
Labour costs (minimum wage USD per month)1 505 US dollar per month 2015
Social security contributions (employer) %2 11.3 Percentage 2015
Engineer, annual labour cost3 37166 US dollar 2014

1 - World Bank Doing Business
2 - EY Worldwide Personal Tax Guide 2014/15
3 - fDi Intelligence from the Financial Times based on Towers Watson Global Remuneration Planning Report 2014/15 and national statistics

Indicators for Utility Costs

Data Point Value Units Year
Electricity cost1 367.7 US dollar per Megawatt per hours 2015
Water cost - The cost for water for industrial use per cubic meter2 3.4 US$/m3 2014
Telecom cost - The cost charged by a leading telecom operator for a 1 minute call to USA3 0.11 USD per minute 2014

1 - Climatescope
2 - Corporacion del acueducto y Acantarillado de Santo Domingo
3 - International Telecommunication Union - ITU

Indicators for Property Costs

Data Point Value Units Year
Industrial space (Property)1 161.4 USD per year/m2 2015
Office space (Property)2 277.2 USD 2011
Grade A office building costs3 247 USD/sq.ft. 2014
Industrial space building costs4 126 USD/sq.ft. 2014

1 - Cushman and Wakefield
2 - Cushman and Wakefield
3 - RLB - Rider Levett Bucknall (Caribbean Report)
4 - RLB - Rider Levett Bucknall (Caribbean Report)

Indicators for Taxes

Data Point Value Units Year
Top personal tax rate (%)1 35 Percentage 2015

1 - The Heritage Foundation

Indicators for Natural Resources

Data Point Value Units Year
Average annual air temperature1 27.9 Celsius 2016
Average daily solar irradiation1 5.6 Kilowatt per square metre 2016
Average hours of sunshine per day2 8.3 Hours 2016
Average wind speed1 5.5 Metre per second 2016

1 - Renewable Energy System Design Tool: Solar power calculator
2 - World Climate Guide

Indicators for Track Record

Data Point Value Units Year
Environmental Performance Index1 55 Index 2016

1 - Yale University

Invest Barbados

 

Trident Insurance Financial Centre
Hastings, Christ Church,
BARBADOS, BB15156

Tel. (From Canada):

1-647-977-5996

Tel. (From the USA):

1-347-433-8942

Tel. (From the UK):

+44 (0) 203-318-9036

 

Tel. (Local): (246) 626-2000

Fax: (246) 626-2099

E-mail: info@investbarbados.org