Sunday, July 12, 2020
Hawai'i Free Press

Current Articles | Archives

Wednesday, May 14, 2014
Calling all Cronies: Hawaii to Burn $150M on Subprime Energy Loan GEMS
By News Release @ 12:35 AM :: 3990 Views :: Energy

The spread of green banking paves the way for clean energy investments

by Brad Copithorne, Environmental Defense Fund, May 13, 2014

While no two “green banks” are exactly the same, the idea behind these government-created financial institutions is to dramatically expand the clean energy market. Rather than providing grants to stimulate clean energy investment, green banks use attractive interest rates and other incentives to leverage money from the private sector.

In addition to offering attractive interest rates, loan-loss reserves and other market supports, these innovative banks draw on deep expertise from the public and private sectors to help demonstrate the profitability of clean energy investments.

By the end of the year, green banks should be up and running in Connecticut, New York and Hawaii. We hope that California will follow soon. These states form a vanguard that has recognized the value of using a small amount of public capital to generate significant private investment in clean energy.

It’s working in Connecticut

In 2012, Connecticut created the first green bank, known as CEFIA,  in the United States. It did so by combining several state agencies, increasing their responsibility and funding, and leveraging a small amount of public funds to generate lots of private-sector investment. According to CEFIA’s 2013 annual report, for every one dollar of ratepayer funds CEFIA invested, roughly $10 was invested by private sources.

Connecticut’s Property Assessed Clean Energy program accounts for much of this investment. It lets commercial customers finance clean energy upgrades to their buildings through their property tax bill with no money down.  Additionally, CEFIA has been able to create an innovative financing solution that is expected to dramatically expand the market for solar projects on commercial properties.

New York’s bank focuses on business

New York’s Green Bank came online late last year, but instead of operating specific programs, New York wants businesses to come to them with clean energy investments. The Green Bank will provide financing support for projects that meet the state’s clean energy goals but can’t be completed with private investment alone. This ensures that the Green Bank will expand the clean energy market by boosting private sector investment.

A social justice angle in Hawaii

Hawaii has announced plans to set up a $150-million green bank called GEMS, expected to launch later this year. Hawaii has the highest electricity prices in the country as the marginal source of generation is diesel fuel.  Homeowners with good credit can finance solar projects that significantly reduce their power costs. The Hawaii GEMS program has a social justice bent and will focus on making solar power accessible to renters and homeowners with low credit scores.

Working with the legislature in California

California recently introduced a Senate bill that lays the groundwork for a green bank in early 2015. While there are already many government-sponsored financing programs in the state, the newly proposed green bank would help all of these programs invest more by attracting private capital. In addition, the proposed California Green Bank will have its own money to invest in ways similar to the New York Green Bank.

A different take from New Jersey

And let’s not forget New Jersey, where, earlier this year, Governor Chris Christie announced plans to launch an Energy Resilience Bank. Though technically not a green bank, the Energy Resilience Bank has proposed using federal Superstorm Sandy funds to finance the resiliency component of infrastructure projects that strengthen the state’s electricity grid during extreme weather events.

With four green banks jumpstarting regional clean energy investments, and an Energy Resilience Bank planned in New Jersey, it’s only a matter of time before other states join them in creating these successful public-private partnerships that create new jobs while improving the environment.

---30---

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

808 State Update AM940

ABCDEFG Blog

ACA Signups Hawaii

ACCE

ALEC

Alliance Defending Freedom

Aloha Life Advocates

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

American Mothers of Hawaii

AMVETS-Hawaii

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Audit The Rail

Ballotpedia Hawaii

Better Hawaii 

Blaisdell Memorial Project

Broken Trust 

Build More Hawaiian Homes Working Group

CAFR Hawaii

Castaway Conservative

Children's Alliance Hawaii

Children's Rights Institute

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Citizens for Recall

Cliff Slater's Second Opinion

Coffee Break

CSIS Pacific Forum

DAR Hawaii

DeedySupport.com

DVids Hawaii

E Hana Kakou Kelii Akina

E Māua Ola i Moku o Keawe

Farmers For Choice Hawaii

FIRE

Fix Oahu!

Follow the Money Hawaii

Frank in Hawaii

Front Page Magazine

Frontline: The Fixers

Genetic Literacy Project

Get Off Your Butts!

God, Freedom, America

Grassroot Institute

Habele.org

Hawaii Aganst Assisted Suicide

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crime Victims' Rights

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defending Marriage

Hawaii Defense Foundation

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Firearm Community

Hawaii Fishermen's Alliance

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii March for Life

Hawaii Meth Project

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Right to Life -- Big Island

Hawaii Right to Life -- Oahu

Hawaii Shield Law Coalition

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

Heritage Foundation

HI Coalition Against Legalized Gambling

HIEC.Coop 

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Homeless Crisis

Honolulu Navy League

Honolulu Traffic

Horns of Jericho Blog

House Minority Blog

House Republican Caucus YouTube

HPACC

Hump Day Report

I Vote Hawaii

If Hawaii News

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

Iowa Meets Maui

Jackson v Abercrombie

Jihad Watch

July 4 in Hawaii

Kahle v New Hope

Kakaako Cares

Kau TEA Party

Kauai Co GOP

Keep Hawaii's Heroes

KeyWiki

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

MentalIllnessPolicy.org

Middle East Forum--The Legal Project

Mililani Conservatives for Change

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

Muslim Brotherhood in America

NAMI Hawaii

NARTH

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

National Wind Watch

New Hawaiian

New Zeal

NFIB Hawaii News

No GMO Means No Aloha

Northwest Economic Policy Seminar

Not Dead Yet, Hawaii

Now What I Really Think

NRA-ILA Hawaii

Oahu Alternative Transport

ObamaCare Abortion Hawaii

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Pacific Aviation Museum

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons 

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

Republican Party -- Hawaii State

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

SIFE Remington

SIFE W. Oahu 

Sink the Jones Act

Smart About Marijuana--Hawaii

St Marianne Cope

State Budget Solutions Hawaii

State Policy Network

Statehood for Guam

Tax Foundation of Hawaii

The Harriet Tubman Agenda

The Long War Journal

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Truth About Trade & Technology - Hawaii

UCC Truths

Union Members Know Your Rights

US Tax Foundation Hawaii Info

Valor in the Pacific

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT