In order to facilitate the production of renewable energy by individual and private parties from a national level, “Net Metering Regulation” for connecting renewable energy systems to utility’s power grids has been inaugurated today. This is a step taken to encourage the public in utilizing the clean energy sources available in Maldives and to reduce dependence on imported fuels. The ceremony was inaugurated by the Minister of Environment and Energy Honorable Thoriq Ibrahim.
Leading personnel from the Ministry of Environment and Energy, government institutions and utilities participated in the event that took place at Hotel Jen today.
Under the Net Metering Regulation consumers will be able to invest in production of energy for themselves by means of renewable sources. While consumers can decide the level of power production from producing partial to full power needs by renewable sources, consumers can also supply the unused power to the power grid of the local service provider under the new regulation. Power supplied by consumers will be credited and settled from amounts billed by the service provider. Thereby, reducing the expenditure spent on power for consumers being served under the regulation.
It was highlighted in the speech of the Environment and Energy Minister that this is one of the greatest accomplishment achieved in the field of developing renewable energy sector so far. It was also mentioned by the Minister about the Green Fund introduced by the Bank of Maldives, which is a loan scheme worth MVR 500,000.