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Aiona testifies for energy investment bond

MEDIA RELEASE

Following a round of in-person meetings with the mayors of Maui, Kauai and Hawaii Island, Lt. Gov. James R. “Duke” Aiona, Jr. testified in support of a program that would lower energy costs for homeowners and small businesses, create green jobs, stimulate the economy and reduce the state’s reliance on foreign fossil fuel.

The state Senate Committee on Energy and Environment passed legislation today supporting the program. The bill (SB 2815) would allow the proceeds of state-issued bonds to be lent through professional energy services companies to commercial and residential property owners for the installation of renewable energy and energy-efficient systems. The loans are then repaid over time through an annual or semi-annual county property tax assessment, which would be amortized over a 20-year repayment period.

“I applaud the Senate committee members for their thoughtful consideration in passing this bill,” Aiona said. “The key to this program is improving access to clean energy for residents and small businesses who otherwise would not be able to afford the up-front costs. By removing this major barrier, demand will increase, spurring competition and creating green jobs.”

Aiona traveled to Maui this week to meet with Mayor Charmaine Tavares and other county officials about the program. Last week, the Lt. Gov. traveled to Hawaii Island and Kauai to meet with Mayor Billy Kenoi and Mayor Bernard Carvalho, Jr., respectively.

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