Duty-free renewable energy products for the next 2 years
With effect from July 1, the BVI government will be taking a new approach to the importation of renewable energy items into the territory.
The government is also expected to introduce a new policy that ensures all government-owned facilities begin the process of changing all fluorescent and incandescent light bulbs and light fixtures to LED lighting and light fixtures.
This was detailed in a recent Cabinet post-meeting statement that also said a zero-Customs duty rate will be applied to any renewable energy product/item being imported into the territory for the next two years with effect from July 1, 2021, to June 30, 2023.
After the two-year duty-free period, the Customs duty applied to all renewable energy products/items being imported into the territory will be reduced to 10 percent across the board.
Cabinet also decided the Customs duty applied to all LED products/items being imported into the territory will be reduced to a flat rate of 10 percent across the board after the two-year duty-free period.
Furthermore, all energy-efficient products/items being imported into the territory are to be reduced to a flat rate of 15 percent Customs duty rate across the board. This will also be after the initial two-year duty-free period.
Government also revealed that it intends to consider the conversion from gas and diesel to hybrid and electric for all government-owned vehicles.
The Ministry of Finance is charged to explore opportunities with lending agencies to offer low interest, short-term fixed loans to citizens for the purchase of renewable energy systems for their homes.
Government last year announced its intention to introduce the development of an Energy Transition Plan in the BVI.
The plan is expected to help the BVI achieve its goal of having 100 percent renewable electricity by the year 2035 and 100 percent renewable energy for all uses by 2050.