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
Who is eligible?
- Offtakers must be ratepayers who are low and moderate-income homeowners or renters, nonprofits, small businesses, or multifamily rental projects
- Properties must be located within the service territories of the Hawaiian Electric Company (HECO, MECO, or HELCO)
What are the benefits of an HGIA financed third party owned system?
- Energy Services or Power Purchase Agreement may be conveniently paid on the electric utility 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
To apply, please complete and submit the following:
- Investor Loan Application (please also submit all applicable items on the checklist)
- HGIA Personal Resume Form
- Personal Financial Statement
- Operating Company Profile
Feel free to contact us for more information.