House and Senate lawmakers Monday authorized the disbursement of up to $50 million in state funds to establish an infrastructure financing program aimed at making photovoltaic systems and energy efficiency improvements affordable to a wider audience.
The provision is a line item in the state executive budget bill that would go into effect after the measure is passed by the Legislature and signed in to law by the governor.
The budget appropriation would be used to administer the program, known as Green Energy Market Securitization. The state plans to issue bonds under the program that would create a pool of funds from which residents and businesses could borrow to pay for solar panels and other energy-saving improvements.
The residents and businesses would repay the loans with the savings on their bills.
“Clearly, this levels the playing field for all of Hawaii’s residents to be a part of Hawaii’s effortss to be energy self-sufficient,” said Rep. Sylvia Luke, chairwoman of the House Finance Committee.