HI SB368

Creates the Hawaii Solar Loan Guarantee Program administered by the Department of Business, Economic Development, and Tourism to guarantee loans for solar energy devices and photovoltaic systems for qualified homeowners.

Establishes a solar loan guarantee revolving fund and appropriates $1,000,000 for fiscal years 2013-2014 and 2014-2015 to support the program.

Defines "qualified homeowner" as residential property owners who are current on mortgage payments, have no delinquent property-related payments, have not declared bankruptcy within five years, and have no outstanding tax liens or penalties.

Limits loan guarantees to up to $25,000 for photovoltaic system installation, $10,000 for solar water heaters, and $10,000 for other qualifying solar technology, with a maximum seven-year term and caps total state liability at $5,000,000.

Requires loans guaranteed under the program to bear interest at a rate below the prime rate, with the program becoming operational no later than January 1, 2014.