Challenge
It is difficult for low- and moderate-income housing owners and residents to access financing to install solar PV systems. This is a major problem in Hawaii as electricity costs can be a large line item for Hawaii homeowners with electricity prices being 3 times the national average.
Solution
Sunspear Energy partnered with Mark Development Inc. to offer a customized lease financing solution that allowed residents at the Kapolei Ho’olimalima subdivision to install solar PV systems as they transitioned from renting to owning their homes. Together with Mark Development, the original project developer, Sunspear Energy provided the financing and completed construction for 24 of the housing projects.
Benefits
Rooftop solar PV was installed for each of the homeowners who decided to opt-in for the program. This required zero upfront costs by the homeowners and created immediate savings on their monthly electricity bills. This solution gave residents access to clean, affordable energy who otherwise would not have access through traditional banks and lending systems. It was a seamless option for the residents as the monthly electricity payments were added into their property management fee bill.