The Department of Business, Economic Development, and Tourism has given a contract to Oakland, Calif.-based Renewable Funding to develop and manage a green finance program for the state.

The “Green Energy Market Securitization,” or GEMS, program will allow low- and moderate-income homeowners, renters and non-profits to finance the purchase and installation of energy saving devices without high upfront costs.

The GEMS program will use $150 million in low-cost bond market funds and other sources of private capital to finance the upfront cost of solar photovoltaics, said Renewable Funding in a news release.

The GEMS program is scheduled to begin providing financing in late 2014.