NHT’s SMART Energy Loan Sees Strong Uptake, Boosting Renewable Energy Sector

Kingston, Jamaica – The National Housing Trust (NHT) has approved 275 loans under its SMART Energy Loan programme, helping contributors finance renewable energy products in just six months since the initiative’s launch in July 2024.

According to the NHT, the majority of loans—98—were issued to contributors in St. Catherine, while Kingston and St. Andrew accounted for 80 approvals. In contrast, parishes such as Hanover, Portland, and Manchester have seen only one to two approved projects.

The SMART Energy Loan allows homeowners to access up to $1.5 million for installing energy-saving technologies, including solar panels, batteries, solar water heaters, insulation, and other renewable solutions like windmills and hydropower. It also covers rainwater harvesting and storage systems. Contributors can borrow at a standard five per cent interest rate, with a repayment period of up to 10 years or until they reach age 70, whichever comes first.

NHT says the initiative aligns with national efforts to enhance climate resilience through advanced energy-saving technologies.

The programme’s rollout has sparked increased business for energy suppliers. Innovative Energy Group, a local energy outfit, noted a surge in residential demand, prompting the company to expand beyond commercial and utility-scale installations.

“We are playing in both spaces. Some of our equipment isn’t ideal for all residential installations, but there’s big potential,” said CEO Nigel Davy.

Energy products distributor FosRich Company has also benefited from the initiative.

“We’re selling a lot of residential systems, especially with NHT’s $1.5 million programme. We have an inundation of requests, and that’s where we are focusing our attention,” said FosRich CEO Cecil Foster.

Before the SMART Energy Loan, NHT mortgagors financed solar-energy systems through the trust’s home improvement loan. Now, contributors can combine the $3.5 million home improvement loan with the $1.5 million SMART Energy loan, making renewable energy solutions more accessible. Additionally, two qualified contributors can co-apply for funding, further expanding access.

With strong demand and increased supplier activity, the SMART Energy Loan is positioning itself as a key driver in Jamaica’s renewable energy transition.