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Hawaii

Hawaii

Incentives/Policies for Renewables & Efficiency

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Farm and Aquaculture Alternative Energy Loan   

Last DSIRE Review: 05/24/2013
Program Overview:
State: Hawaii
Incentive Type: State Loan Program
Eligible Renewable/Other Technologies: Photovoltaics, Wind, Biomass, Hydroelectric, Ethanol, Biodiesel
Applicable Sectors: Agricultural, Aquacultural
Amount:85% of the project cost
Maximum Incentive:$1,500,000
Terms:3% interest rate for agriculture, 5% interest rate for aquaculture, 40-year term
Funding Source:HI Department of Agriculture
Start Date:7/1/2008
Web Site: http://hdoa.hawaii.gov/agl/alternative-energy-loan-program/
Authority 1:
Date Effective:
HRS ยง 155-8 et seq.
7/1/2008
Authority 2:
Date Enacted:
Date Effective:
HB 2261
7/1/2008
7/1/2008
Summary:

In July 2008 Hawaii enacted legislation (HB 2261) which created a loan program for agriculture and aquaculture renewable energy projects. Farmers and aquaculturists may receive loans for projects involving photovoltaic (PV) energy, hydroelectric power, wind power generation, methane generation, bio-diesel and ethanol production. Loans may provide up to 85% of the project cost (up to a maximum of $1,500,000) for a term of up to forty years. To be eligible, the applicant must be a qualified farmer or aquaculturist with a sound credit rating and the ability to repay the loan, as determined by the Department of Agriculture.

These renewable energy loans fall into class "H" which carries a 3% interest rate for agriculture. The interest rate for aquaculture projects is 5%. If the money loaned is borrowed by the Department of Agriculture, the interest rate will be the greater of 3% for agriculture and 5% for aquaculture or 1% greater than the State’s cost of borrowing the money. The Department of Agriculture generally funds these loans using existing revolving loan funds rather than obtaining outside funding. These loans bear simple interest on the unpaid principal balance, charged on the actual amount disbursed to the borrower.


 
Contact:
  Public Information - HDOA
Hawaii Department of Agriculture
1428 S. King Street
Honolulu, HI 96814
Phone: (808) 973-9560
E-Mail: hdoa.info@hawaii.gov
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.