Cecil Foster and Kadeen Mairs
A major deal has been reached which could make solar energy more accessible locally.
Electrical and lighting company FosRich and micro-financing firm Dolla Financial have signed an agreement to offer financing for solar systems.
Chief Executive Officer of FosRich Cecil Foster and Dolla Financial CEO Kadeen Mairs made the announcement at the 18th annual Jamaica Stock Exchange Regional Investment Conference on Thursday.
Through the deal, Jamaicans can get up to 90 per cent of the overall cost to install a solar system.
"Because of our high cost of capital, of course our rates are higher than your commercial banks. But we figured out a way how we could reduce that cost, where FosRich will assist when it comes to installation of these items and locating these items, so we've reduced a lot of the risk which allowed us to reduce a lot of the interest," Mr. Mairs noted.
He said that this will make the transition to solar energy more affordable for homes and businesses.
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