HB 558 Summary

• Creates a clean energy and energy efficiency revolving loan fund within the Hawaii green infrastructure special fund, administered by the Hawaii Green Infrastructure Authority, to provide low-cost loans for clean energy investments including renewable energy, energy efficiency, electric vehicles, and charging infrastructure.

• Expands the $50,000,000 sub-fund for state agencies to finance purchase options under existing energy performance contracts and power purchase agreements, and to finance electric vehicle leases, purchases, and charging system installation.

• Repeals the building energy efficiency revolving loan fund and transfers any unencumbered balance to the new clean energy and energy efficiency revolving loan fund.

• Appropriates funds from the clean energy and energy efficiency revolving loan fund for fiscal years 2021-2022 and 2022-2023 to provide loans and financial assistance for eligible borrowers' clean energy investments.

• Takes effect July 1, 2050.