Four years ago, then-Gov. Neil Abercrombie initiated Act 211, creating what was touted as a first-in-the-nation financing program to provide low-cost loans to those who cannot afford the upfront costs of green-minded projects such as rooftop solar systems. But Green Energy Market Securitization (GEMS) was troubled from the get-go.

Even as legislation was in the works in 2013, the marketplace was changing. Private companies were starting to offer similar loans. And that same year, solar systems outpaced the ability of Oahu’s grid to use the power. The saturation prompted utility concerns and a slowdown in new installations.

With that one-two punch, combined with the subsequent end of net energy metering that had credited customers the full retail rate for excess solar energy sent into the electrical grid, the need for the GEMS program as envisioned all but dried up.

However, in 2014, the state sold $150 million in GEMS bonds for that original purpose, and was to have lent that money by the end of November. To date, the program has lent roughly 2 percent of the funds while $33 million in interest on the bonds is being repaid by Hawaii ratepayers via a $1.50 “Green Infrastructure Fee” on every monthly electrical bill.

Now ratepayers could be hit with another increase tied to GEMS. In a case of robbing-Peter-to-pay-Paul, the state is siphoning funds from a different consumer-focused program, Hawaii Energy, to help keep GEMS afloat.

Launched in 2009, Hawaii Energy helps reduce electricity use by providing free or low-cost efficient appliances and other products to consumers and small businesses. It has saved more than 4 billion kilowatt-hours, an estimated $1 billion in energy costs, but its annual budget has been reduced by $10 million (from a previous level of $38 million), in part, to pay for GEMS.

Randy Iwase, chairman of the state Public Utilities Commission, which could increase Hawaii Energy’s budget by increasing ratepayer bills, said he’s taking a “wait-and-see” stance on the matter. He said: “For the public, the ratepayers, they have to be shown that (Hawaii Energy) is important and it works.”

While Hawaii Energy is far more successful than GEMS, ratepayers should not be saddled with a higher fee. GEMS is a flat-out failed experiment that the state government should not prop up beyond bare-bones accountability. The state also should look for any possibility to shrink the program’s scope.

Gwen Yamamoto Lau, executive director of the agency responsible for GEMS, this week said she wants to see it work in tandem with Hawaii Energy to help low-income families in new ways. But do we really need two state programs for this sort of purpose? Many low-income ratepayers would likely prefer a do-it-yourself efficiency strategy accompanied by a lower electric bill, thank you.

Yamamoto Lau also noted that GEMS is looking to lend $46.4 million to the state Department of Education to improve classroom “energy efficiency.” This development may prompt a deja vu moment.

Back in January 2016, in his second State of the State address, Gov. David Ige proposed the state borrow $100 million in GEMS funds to quickly install energy efficiency equipment and air conditioners in 1,000 public school classrooms. Legislators rightly rejected the idea, which would have required paying back interest. Plus, the optics were ugly: raiding a fund intended to provide low-interest loans to homeowners, renters and nonprofits to purchase green technology such as photovoltaic systems.

A year later, lawmakers see the deal differently. Earlier this month, they sent House Bill 957 CD1 to Ige’s desk. It authorizes the DOE to borrow money interest-free from GEMS for heat abatement measures at public schools.

It’s hard to fault a move to help schoolchildren and teachers contending with sweltering classrooms. (Last year, the legislative session ended with the DOE securing $100 million in general funds to cool schools, but progress is plodding due to higher-than-expected bidding on upgrades. As of last month, cooling work had been completed in just 209 classrooms.) And there’s an argument that most of GEMS’ loan money is idle anyway. But an interest-free loan strays from the law’s intent.

Rolled out as an innovation to boost Hawaii’s renewable-energy profile, GEMS is overdue for a course correction. Marketplace changes cannot always be anticipated, of course, but better cost-benefit analyses must be employed to salvage a program that now rates as a $150 million bust.