Hawai'i's commitment to clean energy received a significant boost with the Hawai'i Green Infrastructure Authority (HGIA) announcement of $18 million in new loan funds. This capital, channeled through the Green Energy Market Securitization (GEMS) program, is designed to increase access to clean energy solutions for underserved ratepayers, including households, nonprofits, and small businesses across the islands mauinow.com.
The initiative comes at a critical juncture, with federal tax credits for homeowner-owned solar systems expiring at the end of the year, potentially impacting access to affordable renewable energy options Honolulu Star-Advertiser. The HGIA's GEMS program aims to bridge this gap by offering below-market rate financing for clean energy projects, allowing eligible customers to install upgrades like solar photovoltaic (PV) systems, battery energy storage systems, and energy-efficient retrofits. This financing strategy aligns with the state's goal of achieving 100% clean energy by 2045.
The GEMS program, established by Act 211 (2013), has a proven track record of providing accessible financing to underserved communities. HGIA defines underserved ratepayers as low-to-moderate-income homeowners and renters, small businesses, nonprofits, and multi-family projects dbedt.hawaii.gov. The program utilizes on-bill repayment, allowing participants to pay for clean energy upgrades conveniently through their monthly utility bills, making clean energy adoption more accessible and affordable.
The impact of this funding extends beyond individual savings. HGIA's efforts are expected to stimulate economic growth in Hawai'i's energy sector and contribute to the state's overall sustainability goals. The Green Energy Money $aver (GEM$) program, which is a part of this initiative, has already shown promising results. The GEM$ On-Bill Program, launched in April 2019, has helped renters, low-to-moderate income households, nonprofits, and small businesses save on their electric utility bills by financing eligible clean energy improvements eesi.org. By focusing on energy efficiency and renewable energy, the GEM$ program helps lower ratepayer energy bills and decreases overall carbon emissions.
Furthermore, the HGIA has been collaborating with various entities to expand clean energy initiatives. For example, HGIA has been awarded a grant from the Municipal Investment Fund to develop a public-private partnership plan aimed at accelerating the deployment of clean energy projects in Honolulu governor.hawaii.gov. This demonstrates a concerted effort to create a robust market for clean energy solutions and workforce development, contributing to a more sustainable and resilient energy future for Hawai'i.
