A local company has been awarded a $2.9 million contract to install solar panels on the roof tops of four Government buildings.

According to Public Works Minister Lieutenant Colonel David Burch, the installation will save taxpayers $500,000 a year in energy costs.

He told MPs that the contract has been awarded to Alternative Energy Systems (AES), after they outbid three other companies.

The solar panels will be installed at the General Post Office, the Government Administration building, the Public Transportation building and the Transport Control Department building.

The job was put out to tender in May last year but it was postponed due to a lack of funding.

The Minister noted that the proposal submitted by AES maximised the total roof area at the Public Transportation building.

The other contenders planned to use a smaller area of the roof, which translated into a lower price, but lower savings as well.

“The forecasted annual cost savings over the life cycle of the solar system is close to $500,000 per annum – far exceeding the other proposals and therefore represents best value for money,” said Colonel Burch.

This project was the first of 40 projects valued at $11 million announced by the Minister of Finance earlier this week, he added.

Moving forward, he said a revised capital development plan will be drafted to set out targeted project expenditure using some of the proceeds of the Government’s recent debt raise, to keep Bermudians working during the economic impact of COVID-19.

On that note, the Minister said: “This Government is determined to do all it can to stimulate this economy and create jobs for Bermudians as well as support the private sector in doing the same.”