FINANCIAL AND BANKING INSTITUTIONS CHALLENGED TO FINANCE AND EXPLOIT THE GROWING NEED FOR SOLAR INSTALLATIONS IN ZAMBIA

Energy Expert Dr. Johnston Chikwanda has urged financial institutions in Zambia to create innovative facilities that can finance the mass installation of solar power in both public and private institutions.

Following a recent presidential directive that public entities must install solar power within six months as Zambia grapples with an increasing amount of load shedding due to power shortages, Dr. Chikwanda says financing these initiatives will be lucrative for the financial institutions.

Dr. Chikwanda says the country needs to embrace solar power as an alternative to free the national grid, sustain power needs and make Zambia energy sufficient even when hydro power is at its optimum.

He has also called on private institutions to quickly conduct an audit of their energy needs and go off grid by installing solar, contending that existing backups and generators are not sustainable.

The energy expert adds that while installation costs may be high, the long term benefits of solar outweigh the cost factor hence the need for banks and other financial institutions to exploit the situation.

By Michael Kaluba

PHOENIX NEWS