The company has seen a 38% growth in Q1 2011 over the same period over last year, indicating that alternative energy is gaining popularity on the island.
Tim Madeiros, founder and CEO, Alternative Energy Systems, said, "I am thrilled that Bermudians are embracing solar technology. I believe AES's continued success is driven by the expertise, customer service and quality products that we deliver."
Last month, the company completed the first commercial installation of a photovoltaic (PV) solar energy system for Lindo's Market in Devonshire.
In addition, the company designed, engineered and installed Bermuda's first building-integrated solar system for Stewart Minors and his wife, Minister of Business Development and Tourism Patrice Minors, in which the solar panels were adapted to Bermuda's unique architecture and actually built into the roof structure.
Mr. Madeiros, who is a Chartered Engineer with the U.K. Council of Engineering, also feels that Bermudians may be less intimidated by the upfront costs of implementing a solar energy system because of government incentives and the interconnection policy. BELCO's Net Metering policy enables solar customers to sell excess electricity back to the utility at the same rate that they pay for power.
"Solar offers an extremely high rate of return on the initial investment; it just makes sense from a financial perspective. Each solar owner is protected for at least 30 years from the increasing cost of oil and subsequent rise in electricity rates," said Mr. Madeiros.
Per month, 150 kilowatts produces almost 21,000 kilowatt-hours of electricity on average that, at current prices, would cost over 8,000 a month. From an environmental perspective, the solar power generated could offset the emission of more than 260,000 pounds of dangerous pollutants including CO2, which is a major contributor to global warming.
