The Government of Barbados has officially launched a major procurement process for the country's first large-scale Battery Energy Storage Systems (BESS), aimed at transforming the national electricity grid and unlocking delayed renewable energy investments.
Since 2010, the average cost to install solar panels on a home has fallen by approximately 50%. However, costs slightly rose from 2020-2023 due to supply chain tangles. Solar panels cost about $21, 816 when purchased with cash or $26, 004 when purchased with a loan for a 7.
Up to 60 megawatts of battery storage will be tendered in what officials described as a competitive, transparent, and technically rigorous process. Projects will be backed by long-term, bankable contracts and supported by a liquidity guarantee facility administered by the Central Bank.
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The Energy Storage Tariff was first introduced through a pilot project by the FTC in 2023. It was created to support smaller-scale battery installations and is currently available for those who do not wish to wait for the results of the larger, 60 MW BESS tender process.
The Government of Barbados has officially launched a major procurement process for the country's first large-scale Battery Energy Storage Systems (BESS), aimed at transforming the national electricity grid and unlocking delayed renewable energy investments.