Demerara Bank corrects solar system cost

The cost for Demerara Bank Limited’s solar system is $57.3M instead of the $23M that was initially reported on Saturday.

An advertisement in yesterday’s Stabroek News pointed out that the Solar System for the New Head Office and corporate branch of the bank, located on Camp Street,  cost $57.3m, instead of the $23m that was reported by the bank after the unveiling on Saturday.

A spokesperson from the bank explained to Stabroek News yesterday that the $23M that the Chief Executive Officer (CEO) of the bank, Pravinchandra Dave, had quoted was for the first phase of the system. However, the second phase and the first phase together totalled $57.8M.

Currently the system is made of up 360 solar panels, with a 25 years  warranty attached to them and 216 batteries that can run for 24 hours for three straight days. Even after three days of full work with bad weather a diesel generator kicks in and recharges.

The spokesperson also explained that while with Guyana Power and Light (GPL) the bank had to pay in excess of $1.5M per month for electricity, with the solar system they won’t even have to expend more than $100,000 per month for maintenance. Additionally, he said the bank will be saving about $20M per year and will be able to recover the amount spent on the system within three years.

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