Energy Finance Solutions (EFS) has partnered with the State of Hawaii’s Green Energy Market Securitization (GEMS) Program to help make clean energy improvements accessible to Hawaii utility customers. EFS has developed financing options that make the purchase and installation of solar photovoltaic systems simple and affordable for Hawaii residents.
Photo Credit: Blue Planet Foundation
“Often, utility customers want to install solar, but the upfront installation cost is a challenge, and it’s not always easy for them to obtain financing through a traditional channel,” explained Cyd Miyashiro of the Hawaii Green Infrastructure Authority. “We are thrilled to offer an easy, affordable way to get our customers the financing they need—and to work with EFS, a partner with a long history and strong track record in financing energy efficiency and renewable energy. The State of Hawaii is committed to renewable power and hopes this initiative will drive increased adoption amongst our residents.”
Loans through the GEMS Program are now available to finance up to 100 percent of the cost of solar electric systems (up to $75,000), with no down payment required. The Program partners with qualified installers to assist borrowers with the installation of solar photovoltaic equipment. Fixed-rate loan terms are available for up to 20 years, and there are no closing costs or prepayment penalties associated with the loans. To be eligible, owner-occupied, single-family homes must be located in the State of Hawaii and within the Hawaiian Electric Companies’ (HECO) utility service territories.
Speaking of Hawaii, a recent Today in Energy report looks at Renewable Portfolio Standard (RPS) that were recently passed by Hawaii and Vermont. Both pieces of legislation require significant increases in renewable electricity and home solar systems will be an important factor in achieving mandates. Hawaii is requiring 100 percent renewable energy by 2045 while Vermont passed a bill creating 75 percent RPS by 2032. Both RPS targets are higher than any other U.S. states.