We are deservedly proud here in Hawaii of our focus on sustainability and self-sufficiency.

It is that focus that has led us to be the first state to sign into law a 100 percent renewable electricity standard. While the goal is laudable, the real work is in front of us.

The renewable energy projects and infrastructure needed to take us to 100 percent will require billions of dollars of funding. Some of that funding will undoubtedly come from local businesses and government, but a large percentage of the funding — perhaps the majority of it — will come from outside Hawaii.

Indeed, this was the case with the Green Energy Market Securitization (GEMS) program for which Goldman Sachs and Citigroup led a $150 million bond issuance.

Recently, the Legislature has become concerned that the $150 million GEMS program has only just begun disbursing funds as loans, but is paying approximately $13 million per year in principal and interest on these bonds. These payments are covered by the green infrastructure fee on everyone’s electricity bill.

While some concern may be warranted, it is important to keep in mind that the GEMS program has been operational for only nine months, and that its loan programs were severely impeded when the state Public Utilities Commission changed the rules to restrict “net energy metering“ for rooftop solar.

Thus, the current level of impatience is unjustified.

There are GEMS-funded programs in the works that can help everyday people lower their energy costs, for example through energy efficiency and rooftop solar with energy storage. These programs hold great potential and deserve the opportunity to ramp up. Our state’s reputation in the capital markets should not be tarnished because of legislative impatience with any one particular program.

In an effort to put the GEMS money to work, Senate Bill 3126 would allow the use of $100 million as loans to the state Department of Education, while Senate Bill 2738 would allow $50 million to be used in a rebate program for people purchasing energy storage systems.

Ulupono Initiative applauds the initiative to use $100 million of funds as loans to the Department of Education to provide air conditioning to the schools, so our keiki can have an environment conducive to learning.

On the other hand, the proposed $50 million to provide rebates for energy storage could have severe unintended consequences.

The GEMS law, as passed during the 2013 legislative session as Act 211 and codified in HRS 196, unequivocally states that the purpose of the funds are loans, not grants or rebates, to be repaid back to the GEMS program.

The bond legal documents and the PUC’s order clearly state the purpose of the funds to be loans.

A “bait and switch” approach to financial markets where we apply for funds for one reason and use them for another is going to damage our state’s reputation with the investment community.

To be clear, Ulupono Initiative is supportive of revenue-neutral tax credits for energy storage.

House Bill 2291, which is working its way through the Legislature, would reallocate the Renewable Energy Investment Tax Credit between solar and energy storage so that both could prosper. This is a better way to achieve our state’s policy objectives.

The Legislature should reconsider the practice of raiding special funds, in this case the precious GEMS program that holds so much potential to help Hawaii reach its energy goals.

Let’s choose not to “bite the hand” that funds our renewable energy future.