GreenSun Hawaii energy loan program reaches $3M milestone

Solar panels are seen in this file photo on Cycle City in Honolulu.

Duane Shimogawa

Reporter- Pacific Business News

GreenSun Hawaii, a loan program overseen by the nonprofit Hawaii Community Reinvestment Corp. that encourages banks and credit unions to provide energy efficiency and renewable-energy financing at a lower rate and longer term, has reached a milestone with $3 million in loans issued, the state said Monday.

The latest round of funding included the program’s first-ever commercial loan of $167,500 for a non-profit organization.

GreenSun Hawaii, which was launched in 2011 to increase energy efficiency in Hawaii by providing residential, multi-family projects, nonprofits and businesses with affordable means of financing the installation of energy efficient and renewable energy systems, produces an estimated combined savings in the participants’ electric bills in excess of $327,000 annually.

Funded by a grant from the U.S. Department of Energy via Recovery Act Funds, the program is a public-private partnership with the ability to leverage $4.38 million in federal funds to support $88 million in energy financing statewide.

GreenSun Hawaii is one of several programs developed by the Hawaii Department of Business, Economic Development and Tourism to remove barriers to the adoption of renewable energy and conservation measures, including the Green Energy Market Securitization, or GEMS program, which will use a market-based funding mechanism to channel $150 million in private capital into clean energy investments.

The program provides a sustainable financing structure that will make solar panels and other clean energy improvements available to traditionally underserved markets in Hawaii such as low-and moderate income homeowners, renters and nonprofit organizations, the state said.

Duane Shimogawa covers energy, real estate and economic development for Pacific Business News.

GreenSun Hawaii energy loan program reaches $3M milestone