Pacific Business News – July 2, 2015 – (RealEstateRama) — Hawaii homeowners seeking to finance solar photovoltaic systems can now apply for loans from Hawaii’s Green Energy Market Securitization program.
As part of an initiative to clean energy affordable and accessible for Hawaii consumers, GEMS created the loan program for consumers to save money on their electricity bills on the first day of PV installation, according to the state Energy Office.
The GEMS residential financing program is for homeowners who want to utilize solar PV systems but are unable to afford the upfront costs or do not qualify for traditional financing. The loans are 20-year fixed-rate loans available for single-family homes that are serviced by Hawaiian Electric Co.
PBN previously reported that in March, GEMS also began accepting loan applications from nonprofit organizations, in which a third party would own the PV system under a prepaid power purchase agreement, allowing it to claim the tax credits, and thereby passing to benefit on to the nonprofit in the form of lower electric rates.
According to Hawaii Energy Office spokesman Alan Yonan Jr., GEMS has plans to offer a third loan program to small commercial businesses later in 2015. The structure of the small business loan program will be similar to that of the nonprofit loan program.
http://www.bizjournals.com/pacific/news/2015/07/01/hawaii-homeowners-can-apply-for-loans-to-help.html Hawaii homeowners can apply for loans to help lower energy costs with solar PV 7/1/15 Shiwani Johnson