The government has allocated $20 million in the upcoming fiscal year to assist small and medium-sized businesses to transition to solar energy.

The Davis administration has committed to achieving 30 percent renewable energy generation by the year 2030.

Prime Minister Philip Davis said while it is too costly to introduce widespread solar power on New Providence, the allocation is a solution to rising energy costs that could provide relief for Bahamian households and businesses.

"Throughout The Bahamas, we will also encourage the adoption of solar power by local businesses, through the allocation of $20 million that will specifically be used to facilitate the solarization of small and medium-sized businesses. We encourage the business community to take advantage of this opportunity to lower costs through renewable energy. The approach to energy reform in New Providence will be multi-phased," Davis said.

"The cost of electricity is far too high and people need short-term relief. Unfortunately, solarization in New Providence is a far more costly and time consuming venture. However, we will continue to pursue avenues to explore a feasible approach to significant solar power generation for residents of New Providence, because in the long term it will be worth it. Renewable energy is the future of power generation, and it is time for The Bahamas, inclusive of the Family Islands and New Providence, to take real steps toward a sustainable future that will provide more stable, more affordable power for everyone."

The government has also commissioned the construction of solar farms on Mayaguana, Inagua, Crooked Island, Acklins, and Long Cay to drive down the cost of energy.

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