Hawaii Financing Program

Loan Benefits | Loan Features | Eligibility | Interest Rates | How to Apply

Energy Finance Solutions (EFS) is proud to offer financing on behalf of the State of Hawaii’s Green Energy Market Securitization (GEMS) Program. The GEMS Program is a green infrastructure financing program designed to make clean energy improvements affordable and accessible for Hawaii utility consumers. The GEMS Program offers financing for residential homeowners to fund the purchase of a solar photovoltaic (PV) system.

Loan Benefits

  • Own your solar system
  • Immediate bill savings
  • Loan payments begin after installation is complete and system is connected to the grid

Loan Features

  • Finance up to 100% of installation costs, maximum $75,000
  • 20-year 5.99% fixed rate loan term
  • Flexible underwriting guidelines
  • No down payment, fees*, points, or closing costs
  • No prepayment penalty
  • Quick approval process

*Installers will be short-paid the amount of origination fees upon satisfactory completion of the installation. For properties held in trust, a fee will be assessed for trust review.

Only Eligible Installers qualified by the State of Hawaii GEMS Program are eligible to perform PV system installation. To get in touch with a participating contractor, please access the contractor search feature on our website.

If you have questions about how to become an Eligible Installer for the GEMS Program, visit http://gems.hawaii.gov/participate-now/installers/ for enrolment materials, or contact HGIA by phone at 1.808.587.3896 or email gems@dbedt.hawaii.gov.


Eligible properties include single-family owner-occupied residences located within 1) the State of Hawaii and 2) Property must be located within the service territories of Hawaiian Electric Company, Inc.; Hawaii Electric Light Company, Inc.; or Maui Electric Company, Ltd. Borrower and co-borrower(s) must own the property, fee simple or hold a long-term lease over leasehold property. For leasehold properties, the remaining fixed known portion of the land lease must be equal to or greater than twenty-five (25) years.

Properties held in trust may be eligible for financing if at least one occupant and all named trustees apply for the loan and meet program eligibility requirements. If there are more than two applicants (including trustees), use multiple paper applications, and fill out additional borrower information in Section A and/or Section B. A full trust review will be performed if the property is held in a trust. The review is subject to a fee, currently set at $157.07 per trust. Properties that require more than one trust review may be subject to additional fees. Paying the fee for the trust review does not guarantee that a loan can be made.

GEMS Program eligible improvements are solar PV systems installed on eligible properties. All such PV system installations must have a utility interconnection agreement.

Interest Rate

The interest rate is currently set at 5.99%, and is fixed during the term of the loan. The interest rate is subject to change if market conditions change.

How to Apply

The first step in participating in the GEMS program is to apply by completing the Residential Credit Application. This can be done directly with EFS or through an approved solar PV installer. The Residential Credit Application is not a contract for a loan, nor does it lock you into any commitment with an Installer. The credit application will allow EFS to proceed with your request for a loan to finance your PV system.

Below are three ways to apply for the GEMS Residential Loan Product:

A) Apply Online

Click on the link below to submit an electronic credit application.

Online credit application

B) Print the application

Download the credit application.

C) Request an application packet by mail

You may request to receive an application packet via mail by calling EFS at 1.800.600.7066.

In order to fully process your loan, you will need to mail or fax the following information in addition to the fully completed credit application:

  • Copy of most recent utility bill, showing the name, service address, account number, and past 12-month electric usage.
  • Copy of lease, if leasehold property.
  • Copy of trust agreement, if property is held in a trust.
  • Copy of driver license or other valid government identification.

Submit by:

Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719


Documentation other than the credit application may be sent by email. Please contact EFS by phone or email with questions regarding the financing program process or requirements.