| 47 | | - | SECTION 1. The legislature finds that rooftop solar plus storage systems will help the State meet its one hundred per cent renewable energy portfolio standard goal by 2045, while reducing carbon emissions and the State's reliance on imported fossil fuels and helping to stabilize the grid. The legislature further finds that the green energy money saver on-bill financing program has filled the financing gap in providing inclusive, accessible, and affordable financing of rooftop solar plus storage systems to reduce energy-burdened, underserved ratepayers. The legislature further finds that as of January 2025, the Hawaii green infrastructure authority has over one thousand two hundred applications in process, which are anticipated to consume remaining available funding. Additionally, while the Hawaii green infrastructure authority was awarded $62,000,000 in federal solar-for-all loan funds, these funds are restricted to financing only low-income households and a limited number of disadvantaged census tracts, leaving moderate-income households and other underserved ratepayers, including nonprofits and small businesses, without access to financing. The purpose of this Act is to provide a capital infusion to the clean energy and energy efficiency revolving loan fund for the Hawaii green infrastructure authority to finance projects for underserved ratepayers, in addition to other eligible borrowers. SECTION 2. Section 196-61, Hawaii Revised Statutes, is amended by adding a new definition to be appropriately inserted and to read as follows: ""Underserved ratepayer" means state and local governments, low- and moderate-income homeowners, renters, nonprofits, small businesses as defined by the United States Small Business Administration, and multi-family rental projects." SECTION 3. Section 196-65.5, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows: "(b) Moneys in the clean energy and energy efficiency revolving loan fund shall be used to provide low-cost loans at below-market rates or other authorized financial assistance to underserved ratepayers; eligible public, private, and nonprofit borrowers for clean energy investments; or other authorized uses[, or both,]; or a combination thereof, on terms approved by the authority. Moneys from the fund may be used to cover administrative and legal costs of fund management and management associated with individual loans, which include personnel, services, technical assistance, data collection and reporting, materials, equipment, and travel for the purposes of this section." SECTION 4. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2025-2026 to be deposited into the clean energy and energy efficiency revolving loan fund established pursuant to section 196-65.5, Hawaii Revised Statutes. SECTION 5. There is appropriated out of the clean energy and energy efficiency revolving loan fund the sum of $ or so much thereof as may be necessary for fiscal year 2025-2026 to provide loans or other financial assistance to eligible borrowers for clean energy investments or other authorized uses; provided that the appropriation shall not lapse at the end of the fiscal year for which the appropriation is made. The sum appropriated shall be expended by the Hawaii green infrastructure authority for the purposes of this Act. SECTION 6. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 7. This Act shall take effect on July 1, 3000. |
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| 47 | + | SECTION 1. The legislature finds that rooftop solar plus storage systems will help the State meet its one hundred per cent renewable energy portfolio standard goal by 2045, while reducing carbon emissions and our reliance on imported fossil fuels and helping to stabilize the grid. The legislature further finds that the green energy money saver on-bill financing program has filled the financing gap in providing inclusive, accessible, and affordable financing of rooftop solar plus storage systems to reduce energy-burdened, underserved ratepayers. The legislature further finds that as of January 2025, the Hawaii green infrastructure authority has over one thousand two hundred applications in process, which are anticipated to consume remaining available funding. Additionally, while the Hawaii green infrastructure authority was awarded $62,000,000 in federal solar-for-all loan funds, these funds are restricted to financing only low-income households and a limited number of disadvantaged census tracts, leaving moderate-income households and other underserved ratepayers, including nonprofits and small businesses, without access to financing. The purpose of this Act is to provide a capital infusion to the clean energy and energy efficiency revolving loan fund for the Hawaii green infrastructure authority to finance projects for underserved ratepayers, in addition to other eligible borrowers. SECTION 2. Section 196-61, Hawaii Revised Statutes, is amended by adding a new definition to be appropriately inserted and to read as follows: ""Underserved ratepayer" means state and local governments, low- and moderate-income homeowners, renters, nonprofits, small businesses as defined by the United States Small Business Administration, and multi-family rental projects." SECTION 3. Section 196-65.5, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows: "(b) Moneys in the clean energy and energy efficiency revolving loan fund shall be used to provide low-cost loans at below-market rates or other authorized financial assistance to underserved ratepayers, eligible public, private, and nonprofit borrowers for clean energy investments or other authorized uses, or both, on terms approved by the authority. Moneys from the fund may be used to cover administrative and legal costs of fund management and management associated with individual loans, which include personnel, services, technical assistance, data collection and reporting, materials, equipment, and travel for the purposes of this section." SECTION 4. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2025-2026 to be deposited into the clean energy and energy efficiency revolving loan fund established pursuant to section 196-65.5, Hawaii Revised Statutes. SECTION 5. There is appropriated out of the clean energy and energy efficiency revolving loan fund the sum of $ or so much thereof as may be necessary for fiscal year 2025-2026 to provide loans or other financial assistance to eligible borrowers for clean energy investments or other authorized uses; provided that the appropriation shall not lapse at the end of the fiscal year for which the appropriation is made. The sum appropriated shall be expended by the Hawaii green infrastructure authority for the purposes of this Act. SECTION 6. New statutory material is underscored. SECTION 7. This Act shall take effect on July 1, 3000. |
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