in the Caribbean nation of the Dominican Republic. You earn close to the average salary of US$250 per m & your monthly electricity consumption
Imagine that you are a typical family living in a low- to middle-income community in the Caribbean nation of the Dominican Republic. You earn close to the average salary of US$250 per month and your monthly household electricity consumption is 200 kilowatt-hours — about one fifth of the average US household. You pay on average US$25.00 per month for your electricity. The real cost of electricity is US$62.
Let’s flip roles. Now imagine that you are the Government of the Dominican Republic, aware of the challenges in the power sector such as high and fluctuating electricity prices, energy dependency due to reliance on imported fossil fuels, and poor grid resiliency, which are problems faced by many nations in the region. Historically you have tackled these challenges in an atomistic way — choosing to focus on the largest and most short-term problem: the high electricity prices to consumers.
The blended financial model presents a solution to rapidly scale solar — which ripples into fixing most other problems: the reinvestment of electricity subsidies generates local jobs in the solar sector, improves energy independence, reduces carbon emissions, and improves overall environmental health. The blended finance approach works because it addresses the barrier of high upfront capital costs that the Dominican Republic and many other countries in the Caribbean face.
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