Shaking dormant funds loose from the state’s $150 million renewable-energy loan program is proving problematic as it hits regulatory delays.

A quarterly report from the Hawaii Green Infrastructure Authority, the state agency tasked with overseeing the program, shows the multiple attempts made over the first three months of 2017 to lend funds have failed or are still pending.

Hawaii lawmakers created the Green Energy Market Securitization, or GEMS, program in 2013 to make rooftop solar systems more affordable. GEMS raised roughly $150 million through a bond sale and was to have lent all the money by the end of November 2016.

But the end of a lucrative solar incentive program and other changes in the solar industry meant there was little demand for state loans for rooftop solar by the time the GEMS program was ready to go. Meanwhile, Hawaii ratepayers are still on the hook for $33 million in interest on the bonds, which is being paid via an approximately $1.50 “Green Infrastructure Fee” on their monthly electrical bills.

The GEMS program has lent $2.8 million, or less than 2 percent, of its funds to date, according to the quarterly report submitted to state regulators Friday.

Gwen Yamamoto Lau, executive director of HGIA, said in the report that the agency has approved a loan for up to $9.6 million to fund a solar hot water project on Molokai; is working to create a way for residents to pay back their loans through their electrical bills; and is seeking to fund energy efficiency programs for residents.

All those plans are waiting for approval from the state Public Utilities Commission, the agency responsible for overseeing water, electric and gas utilities.

In 2016 HGIA requested to use the money to fund batteries connected to solar systems. That request is also waiting on PUC approval.

HGIA got approval from the PUC in February to use $60 million of the funds to pay for Department of Education energy efficiency retrofits, but the Legislature needs to approve this financing project.

The multiple state agencies responsible for overseeing the program have been one reason it has been slow to hand out loans, Yamamoto Lau said. The process prevents the program from reacting “nimbly” to market changes, she said.

The Senate on Friday also killed a bill that would have allowed GEMS to be used for rebates of up to $10,000 for residents who buy battery systems for their homes. The rebates were to have started July 31 and lasted three years.

During a House-Senate conference committee meeting Friday, Sen. Roz Baker (D, West Maui-South Maui), chairwoman of the Senate Commerce, Consumer Protection, and Health Committee, deferred House Bill 1593, saying questions about using the loan program for rebates weren’t addressed during session.

“I didn’t see how we were able to work them out this session,” she said.

Robert Harris, director of public policy for Sunrun Inc., said the solar industry was counting on an incentive to pass this session.

“This is a situation where good policy meets bad politics,” Harris said Friday. “It’s something that is critically needed for the solar industry, and it’s needed now based on the downturn in jobs. … The promise to come back next year to look at it again is shallow.”