The biggest hurtle to going solar are the upfront costs. At Hawaii Energy Smart, we realize that there is no such thing as a one-size- fits-all loan. That’s why we’ve worked hard with local banks and credit unions to offer different finance and loan options to meet your needs.
Our two most popular financing options are:
1. Green Smart Finance
No Money Down, Savings From Day One. How it works: Hawaii Energy Smart works with local banks to create no money down finance packages.
Providing your roof space can cover your energy needs, you no longer pay MECO for power! Instead, you pay the bank for your system, which is usually less than your current power bill. After a term (usually 6 years) you outright own the system and pay MECO only the monthly service fee for grid connection (currently $18.40/month).
Benefits: No money down, instant savings, you still receive both Fed and State Credits and eventually own the system outright. This is our most popular financing option.
2. Same as Cash Loan
No Money Down, No Payment or Interest Paid for a Fixed Term How it works: Upon approval, you are loaned the amount for the entire system upfront. During a fixed term (6, 12 or 18 months) you have no payment due. After the term, you are responsible for paying back the loan in a balloon payment, or you can make payments earlier. There is no pre-payment penalty.
Benefits: No money down. No payment or interest for fixed term. You still receive both Fed and State Credits. You own the system outright after the term you have selected (6,12, or 18 months).