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WECC Energy Finance Solutions Makes Solar Electricity Accessible to Hawaii Residents
GEMS Program provides affordable financing for clean energy improvements
MADISON, Wis. (July 1, 2015) — Energy Finance Solutions (EFS), a division of WECC, has partnered with the State of Hawaii’s Green Energy Market Securitization (GEMS) Program to help make clean energy improvements accessible to Hawaii utility customers. EFS developed financing options intended to make the purchase and installation of solar photovoltaic systems simple and affordable for Hawaii residents.
"Often, utility customers want to install solar, but the upfront installation cost is a challenge, and it’s not always easy for them to obtain financing through a traditional channel,” said Cyd Miyashiro of the Hawaii Green Infrastructure Authority. “We are thrilled to offer an easy, affordable way to get our customers the financing they need—and to work with EFS, a partner with a long history and strong track record in financing energy efficiency and renewable energy. The State of Hawaii is committed to renewable power and hopes this initiative will drive increased adoption amongst our residents."
Loans through the GEMS Program are now available to finance up to 100 percent of the cost of solar electric systems (up to $75,000), with no down payment required. The Program partners with qualified installers to assist borrowers with the installation of solar photovoltaic equipment.
Fixed-rate loan terms are available for up to 20 years, and there are no closing costs or prepayment penalties associated with the loans. To be eligible, owner-occupied, single-family homes must be located in the State of Hawaii and within the Hawaiian Electric Companies’ (HECO) utility service territories.
Consumers can access the GEMS program loan application via EFS’ easy-to-use website or by calling toll-free 800.600.7066. Most loans are approved within 24 hours, and repayment is simple—consumers can make monthly payments via automatic bank withdrawal. EFS handles every aspect of the GEMS Program loan, utilizing their expertise to help Hawaiian contractors and customers install solar electric systems.
About Energy Finance Solutions
Energy Finance Solutions (EFS), a division of WECC, specializes in financing program consultation, design, and delivery services in support of energy efficiency and renewable energy improvements. Through partnerships with utilities, contractors, and other agencies, EFS offers residential customers a simple, affordable way to finance energy improvements.