Green Financial Resources
Sustainability Made Affordable
Green Sun Hawaii is an innovative financing program administered by the Hawaii Community Reinvestment Corporation (HCRC), utilizing proceeds from an Energy Efficiency and Conservation Block Grant (“EECBG”) from the U.S. Department of Energy, available through appropriations under the American Recovery and Reinvestment Act of 2009 (“ARRA”) received by the State of Hawaii Department of Business, Economic Development and Tourism (DBEDT), to increase energy efficiency in Hawaii by providing residential, multi-family, nonprofit and business property owners with an affordable means of financing the installation of energy efficient and renewable energy equipment.
GreenSun Hawaii makes energy improvements for homes, multi-family projects, nonprofit organizations and businesses affordable by partnering with local banks and credit unions statewide and providing participating lenders access to a loan loss reserve designed to absorb first losses on loans made to finance eligible energy efficiency and renewable energy system installations. As part of the Hawaii Clean Energy Initiative, which aims to achieve 70% clean energy by 2030, GreenSun Hawaii aims to increase the use of solar energy, decrease the state’s dependence on imported fuel and lower overall energy costs throughout the islands. To accomplish this, the GreenSun Hawaii Program consists of two tracks:
1. The GreenSun Legacy Program enables participating Lenders to offer eligible property owners loans with the most aggressive loan terms and interest rates than may otherwise be offered without the Program.
2. The GreenSun CAP Program increases access to capital and expands financing options for underserved property owners. By absorbing some of the risk, the GreenSun Capital Access Program’s credit enhancement encourages participating Lenders to consider loans that may otherwise fall outside of conventional underwriting standards.
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