On-bill financing program unlocks energy upgrades for the masses

In Hawaii, the Green Money $aver (GEM$) on-bill financing program creatively solves the split incentive problem by linking the repayment obligation for energy efficiency upgrades to the utility meter rather than an individual. Under the program, participating homeowners, renters, small businesses and non-profits pay back the cost to install rooftop solar panels, solar water heaters, heat pump water heaters, and other energy efficient equipment via a line item charge on their monthly electric utility bills. Participants do so without upfront costs and with a fixed interest rate for loan terms lasting up to 20 years.

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