HB 2048 Summary

• Establishes the Hawaii Property Assessed Clean Energy (PACE) program to finance renewable energy systems and energy efficiency improvements for residential and commercial properties in participating counties.

• Creates a revolving fund financed through revenue bonds, with loan repayment collected through special assessments added to participating property owners' real property tax bills.

• Allows loans up to $250,000 for qualifying improvements including solar photovoltaic systems, wind systems (up to 50 kilowatts), energy-efficient HVAC, insulation, windows, and other specified energy efficiency measures.

• Requires counties to voluntarily participate by enacting ordinances and submitting reports detailing contract agreements, eligible systems, assessment limits, and collection procedures for program approval by the Department of Business, Economic Development, and Tourism.

• Program begins July 1, 2022, with no new loans issued after December 31, 2040; loan repayment terms cannot exceed the life expectancy of installed systems or improvements.