Hawaii: Energy SolutionsSM for the Home Loan Program
| Loan Features | Current Interest Rates |
| Eligible Measures | How to Apply |
Hawaiian Electric has partnered with Energy Finance Solutions to offer homeowners of Oahu a loan program to help finance a new solar water heating system.
Loan Features
Key features of an EFS loan:
What if your contractor is not approved?
- Residential owner-occupied single-family and duplex homes
- Unsecured loan (homeowner provides no collateral)
- Borrowers can finance $2,500 - $20,000
- Fixed rate loan terms available: 3, 5, 7 and 10 years
- No fees, points, or closing costs
- No prepayment penalty
- Can finance 100% of installation costs
- Quick approval process - usually 30 minutes or less
- Approved contractors only
Please advise your contractor to visit our Contractor Participation page to find information on how to become approved.As an Approved Contractor, What are my responsibilities during the loan process? - Print the "6 Easy Steps" for Participating Contractors.
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Current Interest Rates
Credit Score Interest Rate Annual Percentage Rate (APR) 640 - 679 16.99% 16.99% 680 - 719 16.25% 16.25% 720+ 14.99% 14.99% Note: Rates subject to change weekly.
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Eligible Measures
Water Heating Systems
Any costs associated with the installation of a solar water heater (electrical work, warranties, etc) are eligible for financing.
Heating System Type Minimum Efficiency Requirements Solar Water Heaters Per Hawaiian Electric guidelines
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How to Apply
Before you select one of the four options below please download the document, "6 Easy Steps". 6 Easy Steps is a simple step by step instruction guide designed to assist you through the loan process.
Please note: Any homeowner with a credit history involving a foreclosure, bankruptcy, or repossession in the past 7 years will be ineligible for this loan.
Below are four ways that you can apply for the Energy Efficiency Improvement Loan Program.
Need to contact Hawaii Electric Light Co. Inc.? Call 1.808.996.0127.
A) Credit pre-approval
You may call 1.800.600.7066 to get pre-approved over the phone or you can use the online pre-approval application.B) Print the application
Click here to download the credit application. Please note the credit application is not a contract for a loan nor does it lock you into any commitment with a contractor. The credit application will allow us to proceed with your request for a loan to finance your improvement(s).C) Request an application packet by mail
You may request an application packet by mail by calling 1.800.600.7066.D) Apply online
If you have an accepted bid from an approved contractor and are ready to submit a full application or you have already been pre-approved and would like to complete the application - you can fill out the credit application online.If you apply online, a loan representative will contact you within a few hours to inform you of the loan decision. You will also be notified by mail.
In order to fully process your loan, you will need to mail or fax the following information in addition to the Credit Application:
- Copy of contractor's bid for the eligible home improvements. (The bid needs to be signed by the contractor and homeowner, list the eligible improvements, and indicate the total cost.)
- If your loan is over $4,000, you may need to provide proof of income. (Recent paystub showing year to date income, or if self-employed, provide a copy of the most recent federal tax returns)
Submit to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719
Fax: 608.249.5788
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