Nonprofit, Small Business, & Commercial Tenant

Apply Now: Additional $18M in GEMS Loan Capital Now Available

The Hawaii Green Infrastructure Authority (HGIA) is thrilled to announce the release of an additional $18 million in Green Energy Market Securitization loan capital to finance nonprofits, small businesses, rural health centers, and Hawaii’s underserved ratepayers.

To ensure fair and equitable access to this funding, we are implementing a single application submission period from December 8, 2025 to January 9, 2026, for Commercial projects installing solar and/or energy efficiency retrofits for non-profit, small businesses and rural health centers.  During this one-month period, each eligible and interested entity or organization may submit one complete application for consideration.

Once the single-submission period closes, any remaining funds will be made available on a first-come, first-served basis. Starting Monday, January 12, 2026, applicants may submit multiple applications, which will be reviewed in the order completed applications (including all required documents) are received, until all remaining funds have been committed.

For new construction projects, upon loan approval, HGIA will work with you to coordinate the timing of the loan funding.

In order to further leverage this last remaining GEMS loan capital, HGIA will work with your traditional lender (e.g. bank, credit union, etc.)  to have them monetize the Federal and State tax credits, with HGIA essentially financing no more than 50% of total project costs.  Please note that Bank financing is welcome, though not required for those projects bringing at least 50% equity into the capital stack.

For developers interested in financing residential solar leases/solar power purchase agreements, applications continue to be accepted on an ongoing basis.  These applications are excluded from the one application limit described above.

WHAT IS GEM$? The Green Energy Money $aver (GEM$) On-Bill Financing Program offers an innovative financing option for nonprofits, small businesses and commercial tenants seeking to install energy improvements to reduce their utility costs. GEM$ features:

  • Long-term financing for up to 20 years at below-market fixed-rates
  • Immediate bill savings
  • Elimination of credit barriers
  • Obligation tied to the utility meter (not to an organization)
  • Payments conveniently made on your monthly electric utility bill
  • Click here for more information on the Commercial GEM$ On-Bill Financing Program

Qualifying for GEM$ is a simple 2-step process:

Step 1 – Applicant Eligibility

  • Must be a Hawaiian Electric, Maui Electric or Hawaiian Electric Light Company customer on Rate Schedule G, J, DS or P
  • Must be a nonprofit, small business, multi-family rental project or commercial tenant

Step 2 – Project Eligibility

  • Energy Improvement (EI) must be on the Approved EI List
  • Contractor must be a GEMS Approved Contractor
  • Post-installation, the EI must meet minimum utility bill savings requirements based on the following number of disconnection notices:
Disconnection Notices Tiered Estimated Bill Savings Requirement
0 ≥ 5% Savings
1 – 4 ≥ 10% Savings
5+ ≥ 15% Savings

Note:

  Energy Efficiency Contractor must also be a Hawaii Energy Clean Energy Ally

Commercial tenants will need property owner approval

 

HOW DOES GEM$ WORK?

Qualifying for GEM$ is a simple 2-step process:

  1. Participant Eligibility
    • Must be a Hawaiian Electric, Maui Electric or Hawaiian Electric Light Company customer on Rate Schedule G, J, DS or P
    • Must be a nonprofit, small business, multi-family rental project or commercial tenant
  2. Project Eligibility
    • Energy Improvement (EI) must be on the Approved EI List
    • Contractor must be a GEMS Approved Contractor
    • Post-installation, EI must meet estimated minimum bill savings requirements based on number of disconnections

Note:

  • Energy Efficiency contractor must also be a Hawaii Energy Clean Energy Ally
  • Commercial tenants will need property owner approval
  • Small businesses are defined by the size standards set by the U. S. Small Business Administration.  To verify if your small business qualifies, click here.

By including the GEM$ repayment on your monthly utility bill, HGIA is able to relax its credit underwriting requirements and allow the obligation to transfer from ratepayer to ratepayer via the electric utility meter.

The following depicts the GEM$ process:

  1. Nonprofit, small business, multi-family project or commercial tenant, who is the Ratepayer (“Applicant”), to submit a GEM$ Application to HGIA;
  2. Applicant selects a GEMS Approved Contractor who will submit the proposed Energy Improvement information to HGIA for analysis;
  3. Upon approval and execution of Program documents, the Energy Improvement is installed;
  4. HGIA pays the GEMS Approved Contractor for the completed installation;
  5. HGIA remits the On-Bill Obligation (OBO) information to the Utility;
  6. Utility adds the OBO as a monthly Program Charge on the electric bill of the nonprofit, commercial tenant or business;
  7. Utility remits Program Charge to HGIA.

Qualified Energy Improvements (EI):

  • Solar PV Systems
  • HVAC
  • Water Heating
  • Thermal Storage Pumps
  • Motors
  • Building Envelope
  • Refrigeration
  • Other Commercial Energy Efficiency Technologies

Frequently Asked Questions