Barbados Property News April May 2022

EE NE FR NLI O &

Property Holdings - Page 13

Island Gold - Page 15

The Crane - Inside Back Cover

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • April - May 2022 • Issue 138

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Editor’s Comments Welcome to the Green issue of Barbados Property News! It’s spring in the Northern Hemisphere and the time when the earth comes alive and there are 40 shades of green everywhere. In Barbados we enjoy cool breezes and spring tides at the beach but we are so lucky on this beautiful tropical island, we are green all year round! BUT we need to be greener folks. And this edition of BPN is dedicated to that.

Thank you so much the government of Barbados and the Sanitation Services Authority for the wheely bins and the blue bins. Are we going to get to the stage where there is a recycle garbage pick up every few weeks for all? At the moment people have to go and Pamela Hiles, Editor take it to specific locations. Obviously everyone is not able to do this. This needs to be addressed urgently in order to take recycling seriously.

In this edition we look at ways to generate and use clean energy – how we heat our water, generate electricity, what we drive, how we need to build for the future.

The world is changing and we, on a small island, must embrace and go forward with the changes.

And The Real Estate market is coming alive! Lots to buy and rent. Agents report that interest is brisk and sales rising. So enjoy the many choices in this edition.

Remember, we are on line www.barbadospropertynews.com and on social media.

On the Cover: Realtors

If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692

Credits Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: sportingb@caribsurf.com www.sportingbarbados.com www.barbadospropertynews.com www.caribbeanpropertymag.com www.caribbeanmortgageservices.com Editor/Advertising – Pamela L Hiles Design and Art Direction – 809 Distribution – Hiltop Publications Ltd, Brian’s Print Brokerage Printing – Coles Printery The Material and editorial contained in this publication have been deemed accurate at the time of going to print. The views expressed as editorial are those of the Editor unless stated otherwise. No part of this publication may be reproduced without the consent of the permission of Hiltop Publications Ltd.

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BDS $3.3 Million

Tomorrow’s energy today

Barbados has embarked on a journey to reclaim its energy independence by tapping into the power of the sun. Landowners can participate today by making their own transition to solar.

“The sun’s power is available to all” Prime Minister Mia Motley reminded the delegates at an International Energy Conference and Expo (2022) held last February. The Government of Barbados has set an unprecedented goal of moving 100% of the supply of electricity to renewable sources by 2030. Property owners in Barbados have a unique opportunity to participate in this bold endeavour.

Historically, the island’s electricity grid has been powered by imported fossil fuels. Burning these fossil fuels contributes to climate change, which is an existential threat for island nations like Barbados. It is also very costly, requiring huge outflows of money to foreign suppliers of fuel every year.

Recognizing that the historical approach was a threat to Barbados’ future, the Government has charted a new path. To move to 100% renewables the Government has implemented – and continues to implement – a number of policies to transform the energy sector. Key among these is the Feed-in Tariff program that was launched in 2019.

The Feed-in Tariff program provides a strong incentive for individuals and companies to install renewable energy systems at their homes, on their land and at places of business. Solar photovoltaic (PV) generating systems – which convert sunlight into electricity – are a key pillar of Barbados’ energy future. Under the Feed-in Tariff program, solar PV systems receive a guaranteed price

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for every kilowatt-hour of energy generated for a period of 20 years.

The price varies by size of project and currently range from 42.75 cents/kWh for a small residential system up to 10 kW systems to 21.75 cents/kWh for a large commercial 10 MW system. With the abundant sunshine in Barbados, a solar PV system that is connected under the Feed-in Tariff program can provide a steady source of income year-round.

For most people, building a solar system is not a do-it-yourself project. Fortunately, there are several installers in Barbados who can help owners design and install these systems. These installers can also help navigate the processes for acquiring any permits and licences and for connecting to the grid operated by Barbados Light and Power.

There is a significant upfront cost to building a solar PV system.

However, the Government is developing programs to help ordinary Bajans finance these systems. Prime Minister Motley’s goal is to ensure that “every family home in Barbados can, without large capital expenditures, use attractive Feed-in Tariffs to deliver a steady income for the home ownership.”

Landowners can also benefit from the Feed-in Tariff program without actually going through the trouble of financing and building solar PV projects themselves. There are solar project developers, such as Blue Circle Energy, who lease land that they then use to build their own projects. “Hosting a solar project can be a very attractive alternative for landowners,” notes Cameron Steinman, President of Blue Circle Energy, “the owner receives a steady monthly project royalty or land rent without having to make any capital investment in the system and does not have to worry about permits, licenses, ongoing operations or maintenance.”

Blue Circle Energy, and other solar PV developers, are currently offering solar PV land lease rates that are higher than traditional land leases.

Property owners therefore have a multitude of options for participating in Barbados’ transition to 100% renewable energy.

Doing so will not only provide some financial benefit for the individuals, but will also allow the nation to enjoy a resilient, independent and environmentally-friendly energy system for years to come.

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How Environmentally Friendly is Changing Building Becoming more environmentally friendly is on the mind of everyone these days. At home in Barbados, the Government has reaffirmed its commitment to a green economy, with a view to be 100 percent fossil fuel free, by the reduction of greenhouse gas emissions across all sectors, to as close to zero as possible, by 2030. This mindset has also permeated the construction industry and is changing building significantly, by the move to simultaneously increase sustainability and decrease the environmental impact of building projects across the globe. With an urgent need to reduce our carbon footprint, pollution and waste, a reduction in the energy and carbon demands of building, refurbishing and operating buildings, allows the construction industry to effectively play its part in saving the planet.

Environmentally friendly building is a concept that implements eco-conscious measures, from pre-construction planning to project closure, leading to the creation of greener buildings that optimize on the preservation of energy and the utilization of resources which help reduce wastage and enable buildings to achieve near zero carbon emissions. The use of sustainable, highefficiency materials and appliances also play key roles in improving occupant health. With this in mind, industry trends have in fact shown a shift to more sustainable and green construction methods for some time. With the demand for this type of construction growing significantly in just a few shorts years, studies prove that the environment has become more and more important to consumers than ever before; clients are increasingly eager to get their contractor’s guidance on the completion of their

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residential and commercial projects, with as little effect as possible on the environment.

Less than a decade ago, the term ‘green building’ meant something much different to present day-with the venture into ecofriendly building being highly experimental and less feasible than in today’s industry. However, the term now lends to safer, healthier building practices which lower overhead and long-term costs, increase employee productivity, encourage less absenteeism and provides for stronger employee retention as many home builders, investors, contractors and Governments opt for greener construction methods.

While clients control the narrative on the implementation, and to what degree, of green construction in their specific projects, the advancements in the construction industry when it comes to environmentally friendly building and eco-conscious spaces, are undeniable. Among construction management teams world-wide, there is a general consensus about moving more in the direction of environmentally friendly as it changes building for the better.

Though some aspects may incur more costs during the build, there are considerable long term savings involved. Internationally, authorities have even started imposing carbon taxes and other building regulations that encourage the industry to take more responsibility for their material usage and working practices, while there has been a notable emergence of agreements and leases that encourage environmentally positive changes in completed

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How Environmentally Friendly is Changing Building

projects, for an enhanced social, environmental and economic status of the building. For example, in building management, some changes include a more diverse use of office spaces and their resources of energy, water and parking.

With economic issues impacting supplies and resulting in reduced natural non-renewable sources, such as oil, new advancements in the production of more eco-friendly and green building materials and moves such as the sustainable harvesting of wood, the minimization of construction wastage and the integration of renewable energies, are more favourable when building. Whether residential, commercial, or a remodel, methods such as investing in solar, wind and even wave technologies, are helping to lessen the strain placed on our planet’s natural resources without sacrificing the end result and same high quality.

Many Project Management companies are fully on board with the move to being more environmentally friendly in their building practices and some have shown their commitment by seeking certification under reliable building-rating and performance measurement systems, for new construction and renovations, such as LEED, or GPM-b.

The Certified Green Project Manager – Basic (GPM-b) The Certified Green Project Manager – Basic (GPM-b) is a knowledge-based sustainability certification that supports the commitment of those in the project management field to sustainability, within the project lifecycle, where they implement measures to improve the construction and delivery of goods and services produced as project deliverables; using measurable standards to consider and account for social, environmental, and economic impacts in projects.

Leadership in Energy and Environmental Design (LEED) In 2000, the U.S. Green Building Council (USGBC) in Washington launched the Leadership in Energy and Environmental 24

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Design (LEED) rating program. LEED evaluates buildings and awards points in six areas, such as innovation and design process.

Under the program, builders can be certified and achieve Silver, Gold and Platinum award levels. While green buildings can be constructed without LEED or GPM-b certification, it certainly reiterates to owners, renters and prospective buyers, the company’s commitment to the environment and gives them the surety that their completed project is truly sustainable.

The financial advantages of environmentally friendly building practices are numerous. Green construction methods may utilize highly efficient HVAC (heating, ventilating and air-conditioning) systems and/or low-VOC (volatile organic compound) materials like paint, flooring and furniture, to create superior indoor air quality, for example. Such green building technologies are proven to help conserve and even generate energy. By further decisions such as installing motion sensitive lighting sensors, or photovoltaic systems, utility costs can lower within the first year of operation alone-saving the clients more than 42% on energy and 34% on water usage, when compared to standard built projects of comparable size. Further, going green can reduce absenteeism and increase employee productivity by approximately 15%, as workplace health rises through the use of alternative building materials that won’t emit toxins, such as formaldehyde.

Additionally, the incorporation of natural lighting, controlled climates and the integration of outdoor views into the project design, for example, can raise not only employee health levels, but also staff morale and satisfaction.

To achieve these types of environmentally sustainable targets and implement a successful green design and eco-friendly process into a project, it’s important to employ the right project management team. Clear communication and collaboration amongst those involved is imperative, so the entire team of consultants, architects, engineers and contractors must be knowledgeable and work together in the planning and execution of green design tools and technologies, in order to make the project a success.

At Blue Print Management, we champion the way to the fulfillment of all our clients’ project desires. As a one stop shop, we are able to manage and execute eco-friendly projects-from the initial in depth consultations and building site examinations, to the review of plans, budgets and actual project execution and right down to environmentally conscious fixtures and fittings. We know that each planning decision effects the overall project and our professional full service team is able to deliver on everything that is needed for any standard or green project.

Solar Watt Systems Founded upon decades of experience and state-of-the-art technological expertise, reinforced by a customer-focused philosophy and strong corporate values, Solar Watt Systems is a cutting-edge company that specializes in the installation of photovoltaic systems. In recent years, Solar Watt has successfully delivered several large-scale commercial projects within both the private and public sectors including fulfilling a major contract to retrofit government offices and buildings with solar, as part of the Barbados Public Sector Smart Energy Program.

Having firmly established itself as a leading installer of Photovoltaic Systems, Solar Watt Systems is fully committed to playing an integral role in the country's green economy push to save energy and reduce toxic emissions. As part of its adopted mission to educate Barbadians about solar energy, particularly young people, the company has conducted programs in primary and secondary level schools, teaching students about the different components that make up a solar installation and how they work.

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These pioneer programs have made a positive impact on both pupils and teachers alike, inspiring several schools to launch their renewable energy projects. Solar Watt has installed solar systems at Samuel Jackman Prescod Institute of Technology, Barbados Community College, and Lockerbie College.

Passionate about educating Barbadians at all levels, Solar Watt Systems is also keen to raise customer awareness of the benefits to be gained from the Fair Trading Commission's decision on Feedin-Tariffs (FITs) for Renewable Energy (RE) technologies, up to and including 10mW. The FIT will replace the Renewable energy Rider (RER) program and existing RER customers will be permitted to maintain their existing arrangements with BL&P for 20 years, with their system's commission date used as the start date. This will be advantageous to customers as it will allow them to see a true return on their investment. Solar Watt Systems is dedicated to supporting the government on its mission to move Barbados towards a 100% renewable energy island as projected by 2030.

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Volatile oil market increases appeal of renewable energy investments The ongoing conflict between Russia and the Ukraine and its resulting impact on global oil prices is a glaring reminder of the volatility and uncertainty that exists relative to the fossil fuels market.

This provides a strong argument for an increased push towards the development of sustainable alternative energy sources, especially in small island developing states such as Barbados, which remain vulnerable to external shocks and the volatility of crude oil prices. It is for this reason that Sagicor is encouraging individuals to invest in its new Renewable Energy Fund.

Portfolio Manager with Sagicor Asset Management Inc, Kareem Manning, said the Eastern European conflict reminds us of the influence that the large oil production states have, can drive up prices significantly, thereby impacting global supply, along with having a contagion effect on manufacturing costs and overall inflation.

“There is therefore a great desire globally to move away from the reliance on fossil fuels and develop our own energy sovereignty”, said Manning. “The Government of Barbados has made a commitment to transitioning Barbados into a 100% renewable and carbon neutral island by 2030. This will be based on the elimination of fossil fuels for domestic consumption and the exportation of all hydrocarbons produced on and offshore for the generation of foreign exchange and promoting economic growth.”

The Portfolio Manager explained that the achievement of these goals requires the development of a framework to facilitate investment, not only to sophisticated investors but also to the ordinary Barbadian; pointing out that this is being seen locally with the Government working with the Financial Services Commission to develop a regulatory regime that would encourage companies and individuals to invest in this space.

This is further supported by the fact that almost every country in the Organisation for Economic Co-operation and Development (OECD) has a national plan to reduce fossil fuel consumption, which is a clear indication that renewable energy is there to stay and will be a long-term pillar of economic growth and stability.

“In light of this shift away from fossil fuel and crude oil-based commodities, now would be a good time to consider diversifying your investment portfolio”, Manning argued. “Many investors want to get out of the fossil fuel business and start investing within the green energy sector, but don’t wish to go through the technical

FEATURE and fundamental research over the many companies that are covered within this growing sector. The Sagicor Renewable Energy Fund is therefore an attractive option for such potential investors who seek to a take deep dive into green and sustainable investing.”

The Sagicor Renewable Energy Fund will invest in global securities of companies in the renewable energy sector, largely in companies which are expected to benefit from the anticipated rapid growth in use of clean and renewable alternatives to fossil fuels. The fund will invest from time-to-time in technologies such as photovoltaic and solar thermal products, wind turbines and other equipment used in alternative energy production. Investment will also be seen in companies generating electrical power from geothermal resources, exploring technology to harness wave and tidal power, firms involved in biotechnological advances in the biofuels field, alternative fuel marketing companies and those engaged in the sale of alternative energy powered vehicles and related products.

As with all of the company’s other mutual fund products, the minimum initial investment required is Bds$500.00, with a minimum of $100.00 being required for any subsequent injections which are at the option of the shareholder. To find out more about the renewable energy fund and how they can get involved, individuals can visit https://sami.bb or call 467-7616.

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BEAVA The Barbados Estate Agent and Valuers Association Property Managers Council The Barbados Estate Agents and Valuers Association Inc. (BEAVA) at its media launch on January 27, 2022 also took the opportunity to present their Property Managers Council, which came into being in the latter quarter of 2021.

Mr. Dexter Mondesir, Chairman of the PM Council stated that the new Council Members are all honored to be a part of BEAVA’s new addition to its real property portfolio, the others being real estate and valuations.

List of Board Members: • Dexter Mondesir - Chairman • Michelle Straughan – Deputy Chairman • Kirk Barnett • Simon Parravicino • Lee Gooding • Christopher Hassell • Joel Parris • Gary Ramsay It is the PM Council’s intention to be a beacon for seasoned property professionals, up and coming property managers, students and other entities by way of providing timely professional advice and best practices on key issues within the

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property management sector here in Barbados, as well as the provision of training and continuous professional development of its members.

Membership There is an annual membership fee of $500.00 to join BEAVA and the fee structure for the Property Manager Council is as follows: PM Grades of Membership Internationally Accredited Professional Member Associate Member

$150.00 $100.00 $ 75.00

Priorities for Year 2022 Membership Drive Online Certification Seminars CPD Workshops For additional information please contact BEAVA Inc. Tel: 246 624 1811 or 246 836 0650 Email: admin@beavainc.com Website: www.beavainc.com