Third Party Owned Systems

Project sponsored systems are another financing structure for attaining 100% Clean Energy in the State of Hawaii by 2045.

How does a third-party owned system work?

A project sponsor or investor finances the purchase, installation, maintenance, and operation of an energy improvement or solar system

Energy produced by the solar system is sold to the ratepayer (“offtaker”)

The offtaker pays a pre-agreed upon amount for the energy (kWh) produced by the solar system through an Energy Services or Power Purchase Agreement

Offtakers must be ratepayers who are low and moderate-income homeowners or renters, nonprofits, small businesses, or multifamily rental project
Properties must be located within the service territories of the Hawaiian Electric Company (HECO, MECO, or HELCO)

Energy services or Power Purchase Agreement may be conveniently paid on the electric bill
No upfront costs
Offtaker may assume GEM$ debt as part of purchase price when exercising a purchase option
Access to cleaner affordable energy without the hassle of ownership

Below market, long-term fixed interest rates
Ability to monetize tax credit through a co-lending facility
Access to GEM$ on-bill repayment mechanism to service Energy Services or Power Purchase Agreement

Investor Loan Application (and all applicable items on the checklist)

HGIA Personal Resume Form

Personal Financial Statement

Operating Company Profile