Farm and Aquaculture Alternative Energy Loan (Hawaii)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place Hawaii

Name Farm and Aquaculture Alternative Energy Loan
Incentive Type State Loan Program
Applicable Sector Agricultural, Aquacultural
Eligible Technologies Photovoltaics, Wind, Biomass, Hydroelectric, Ethanol, Biodiesel
Active Incentive Yes

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs
Amount 85% of the project cost







Start Date 2008-07-01


Funding Source HI Department of Agriculture




Maximum Incentive 1,500,000 or 85% percent of project costs, whichever is less









Terms 3% interest rate for agriculture, 5% interest rate for aquaculture, 40-year term
Program Administrator Hawaii Department of Agriculture
Website http://hdoa.hawaii.gov/agl/alternative-energy-loan-program/
Date added to DSIRE 2008-07-08
Last DSIRE Review 2014-09-19



References DSIREDatabase of State Incentives for Renewables and Efficiency[1]


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.


Incentive Contact

Contact Name Public Information - HDOA
Department Hawaii Department of Agriculture

Address 1428 S. King Street

Place Honolulu, Hawaii
Zip/Postal Code 96814
Phone (808) 973-9560


Email hdoa.info@hawaii.gov

     
     

Authorities (Please contact the if there are any file problems.)

Authority 1: HRS § 155-8 et seq.
Date Effective 2008-07-01



Authority 2: HB 2261
Date Effective 2008-07-01
Date Enacted 2008-07-01


















  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency"