Bill

Bill > SB1071


HI SB1071

Relating To Energy Financing.


summary

Introduced
01/17/2025
In Committee
02/04/2025
Crossed Over
Passed
Dead

Introduced Session

2025 Regular Session

Bill Summary

Authorizes the Clean Energy and Energy Efficiency Revolving Loan Fund to be used to provide financial assistance to underserved ratepayers, in addition to other eligible borrowers. Appropriates funds into and out of the Clean Energy and Energy Efficiency Revolving Loan Fund. (SD1)

AI Summary

This bill aims to expand the Clean Energy and Energy Efficiency Revolving Loan Fund to provide financial assistance to a broader range of underserved ratepayers, including state and local governments, low- and moderate-income homeowners, renters, nonprofits, small businesses, and multi-family rental projects. The legislation recognizes the importance of rooftop solar plus storage systems in helping Hawaii meet its 100% renewable energy goal by 2045 and addressing the current financing limitations. Specifically, the bill adds a new definition of "underserved ratepayers" to existing law and modifies the loan fund's usage to explicitly include providing low-cost loans to these groups. The bill also appropriates an unspecified amount of funding from general state revenues into the revolving loan fund for fiscal year 2025-2026, with the money to be administered by the Hawaii Green Infrastructure Authority. This comes in response to the current situation where over 1,200 applications are in process and existing federal funds are restricted to low-income households and specific census tracts, leaving many potential clean energy investors without access to financing.

Committee Categories

Budget and Finance, Government Affairs

Sponsors (1)

Last Action

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. (on 02/04/2025)

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