Bill would give homeowners loans to make energy-saving upgrades - Hawaii News Now - KGMB and KHNL

Bill would give homeowners loans to make energy-saving upgrades

File Image File Image
HONOLULU (HawaiiNewsNow) -

A lawmaker wants to make it easier for homeowners to get loans for energy-saving upgrades to their properties.

Rep. Cynthia Thielen (Kailua, Kaneohe Bay) has drafted HB1524, which introduces a loan program based on a property's tax assessment value.

Under the proposal, residential and commercial properties that are worth more than what's owned to the mortgage lender could qualify for clean-energy loans.

If passed, the new law would take effect in July, and offer loans of up to $250,000 distributed through December 2040.

"This legislation gives Hawaii property owners easier access to loans so that they can reduce their energy expenses and also help the environment," Thielen said.

The new option would add Hawaii to the majority of states that have already enacted similar legislation.

Thielen said the measure could Hawaii reach its clean-energy goal of generating all its electricity through renewable-energy sources by 2045.

Examples of loan-qualifying energy projects include air sealing and ventilation, insulation, reflective roofs, skylights, solar photovoltaic systems, and wind systems.

Copyright 2016 Hawaii News Now.  All rights reserved.

Powered by Frankly