HONOLULU — A $150 million ratepayer-supported renewable energy program remains almost entirely untapped.
The Green Energy Market Securitization program was rolled out with the prediction that money raised through bonds would be spent by November, the Honolulu Star-Advertiser reported.
Over 99 percent of the funds are untouched, and only 11 solar systems have been installed since the program started in summer 2015.
Consumers can apply for financing to install renewable energy systems under the program. Nonprofit organizations are no longer eligible.
A filing with the Public Utilities Commission shows ratepayers will have kicked in $27.9 million for the program by the end of the year.
Hawaii Green Infrastructure Authority executive director Tara Young said changes are being made, like making the application process easier.
An online application launched in March means people will no longer have to mail or fax documents to Energy Finance Solutions, the underwriting partner with the authority.
“GEMS is a complex program that is among the first of its kind in the nation,” Young said. “It is not unreasonable to expect that the implementation of the program would encounter some early obstacles.”
Solar customers who put excess energy back into the power grid also get about 8 cents less per kilowatt-hour than they had under net metering.
Another incentive allows customers to store energy by purchasing battery systems.
“The biggest roadblocks have been changes in the macroeconomic and policy environment — most notably the end of net metering — that affect the attractiveness of existing GEMS programs,” Young said.
Mililani resident Douglas Maginot said his solar contractor referred him to the program.
“It’s an uncollateralized loan, which is really awesome,” Maginot said. “If you had to apply for a second mortgage on your home, that is a hassle. Do I really want to have two lien holders on my house? That is the consideration versus someone who is willing to finance your solar system without taking your firstborn.”
Sheldon Dudoit of Mauisaid qualified for the loan and installed 40 solar panels. He says his electric bill could be as high as $400 a month when he used air conditioning, but is now about $20.
“This has tremendously helped us with our electric bill,” Dudoit said. “Even our monthly payment for the GEMS program is way cheaper than the electric bill.”