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policies and targets for renewable energy production. technologies such as photovoltaic systems. Results
The majority of electric utilities within the CARICOM are from studies indicated at the end of this decade utility-
investor-owned and natural monopolies, which primarily scale photovoltaic systems will be cost competitive with
generate electricity using fossil fuel (Caricom, 2013). With conventional fuel plant (Kalniņš, 2011; Matthews, 2013;
the introduction of policies and regulations for renewable Reichestein & Yorston, 2013).Even though the costs
energy, the uptake of investments in renewable energy of solar technologies continue to decline, research has
production have resulted in the intended demonopolization shown that investments in renewable energy technologies
of some energy sectors in the Caribbean region (Caricom, resulted in a negative economic impact in some countries.
2013). Therefore, leaders of some electric utilities are In Europe, Marques and Fuinhas (2012) found that
facing competition for electricity generation. Using the long electricity from renewable sources does not promote
term renewable capacity targets set by Auth et al. (2013) economic growth due to the high costs of renewable
as a benchmark, if leaders of electric utility companies fail energy technologies; increasing use of these technologies
to generate electricity from renewable sources this could generally resulted in increased electricity rates and a
result in up to 47% loss in market share by 2027. decline in economic activity. Research in other countries
showed that the use of renewable energy technologies

dISCUSSIon for electricity generation has had proven benefits. Burgos-
In my doctoral, I have used Rogers (2005) diffusion Payan, Roldan-Fernandez, Trigo-Garcia, Bermudez-
Rios, and Riquelme- Santos (2013) found that in Spain
of innovation theory to explore some strategies to renewable electricity production resulted in reduced
implementing renewable energy technologies. Rogers market prices for electricity and increased savings from
defined an innovation as an event, process, technology, or importing fossil fuel. Furthermore, in some countries,
object that is new to members of a social system. Rogers where there are penalties for carbon-dioxide emissions,
noted that there are some characteristics of an innovation, research indicated that even with the cost of carbon
which determine its rate of adoption. According to Rogers dioxide emissions taken into consideration, conventional
these are: (a) relative advantage, the perceived degree to sources of energy for electricity generation are cheaper
which the innovation is more beneficial than the current than that from renewable energy sources (Kalniņš ,2011).
practice; (b) complexity, the perceived ease of use and As there continues to be debate about the differences in
understanding of the innovation; (c) compatibility, the investment costs between renewable energy and fossil
degree to which the innovation aligns with the existing fuel technologies, investors will continue to be uncertain of
cultural values and norms of the adopting unit; (d) trialability, the possible economic benefits associated with investing
the possibility of experimenting with the innovation by in renewable energy technologies.
implementing for a limited time; and (e) observability, the
degree to which the results of the innovation is visible In the Caribbean, Shirley and Kammen (2013) suggested
by others. The use of renewable energy technologies to the region could derive economic benefits from investing
generate electricity is an innovation, which can disrupt in renewable energy technologies as the region has some
the electric utility if leaders of utilities fail to embrace of the highest electricity rates in the world. Caribbean
these technologies (Kind, 2013). Roger’s (2005) rate of governments import significant quantities of expensive
adoption characteristics allows for an exploration of some fossil fuels for electricity generation (Shirley & Kammen,
possible advantages and disadvantages of adopting 2013). Blechinger, Seguin, Cader, Bertheau, and Breyer
renewable energy technologies by decision makers in (2014) performed an assessment of the global potential
electric utilities. Exploring the literature and identifying for renewable energy technologies systems for small
some possible advantages and disadvantages should islands inclusive of the Caribbean. Blechinger et al.
reveal some of the possible barriers and facilitators to (2014) found that these islands have a high presence of
adopting these technologies and should highlight some of renewable energy sources and argued that the cost of
the strategies electric utility leaders can use to implement electricity using renewable energy technologies will be
these technologies.
less than that from fossil fuel generation. In addition, even
though the region does not significantly influence carbon-
RELAtIVE AdVAntAgE dioxide emissions globally, the regional heads are also
There are varying debates on the economic benefits in the process of introducing emission targets (Caricom,
of adopting renewable energy technologies to electric 2013). The Caribbean regions can derive significant
utilities. Using renewable energy technologies to replace economic benefits by transitioning to renewable electricity
fossil fuel technologies in electricity production will generation. However, the low uptake of renewables in
require investments. There exist some agreements by the region indicates that there are still some challenges
academics on the future costs benefits of renewable and uncertainties with implementing renewable energy
energy technologies due to the declining costs of specific technologies.
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