Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Wednesday, December 30, 2015
Hawaii’s Expensive Green Energy Program Saves No Energy
By Selected News Articles @ 3:48 AM :: 7111 Views :: Energy, Tax Credits, Taxes

Hawaii’s Expensive Green Energy Program Saves No Energy

by H. Sterling Burnett, Ph.D., Heartland Institute, December 29, 2015

Hawaii's Green Energy Market Securitization program (GEMS), financed with $145 million in bonds, was touted as a program to help poor  homeowners and renters obtain energy-saving technologies they otherwise could not afford. Yet, in the first ten months of its existence, despite receiving nearly 150 completed applications, GEMS has not granted a single loan.

A report by the Department of Business, Economic Development, and Tourism submitted to the Public Utilities Commission showed the program launched in November 2014 received 149 completed loan applications as of September 30. Forty three of applications came from non-profit organizations, 41 of which were classified as “under review,” while two were declined. Another 106 came from residences, 35 of which were declined, five withdrawn, and 66 remain listed as “under review.”

While GEMS has yet to make any loans, financial documents indicate it is spending and collecting a fair amount of money. A financial summary of the program reported that GEMS’ current assets amounted to $145,891,273.34, from bond offering, as of September 30, with expenditures topping $111,909, all for the cost of administering the program. Yet, according to Hawaii Free Press, the financial summary fails to reveal the whole story. A worksheet from Hawaiian Electric covering the period of December, 2014 through June 30, indicated the company anticipated collecting more $7,976,862.60 in Green Infrastructure Fees from utility customers, 45 percent from residential ratepayers, with the entire amount slated to pay principal and interest on the GEMS bonds. In addition, by the end of 2015, the utility will need to collect $7,940,691.56 more to fulfill “revenue requirements” for GEMS.

What this means, according to Patricia Tummons of Environment Hawaii, is “Framed another way, GEMS has cost electric ratepayers more than $15 million since November of 2014. And as of September 30, the state had not one kilowatt of renewable energy installed to show for it.”

---30---

H. Sterling Burnett, Ph.D., (hsburnett@heartland.org) is the managing editor of Environment & Climate News.

Background: GEMS: Electric Ratepayers Pay Millions for Nothing

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT