Green Financing Makes Solar A Hot Option For 2011

First Hawaiian Bank wants to help you keep your electric bills from going through the roof in 2011 by making solar energy more affordable.

“Our new loan product is called EnergySmart,” says Derek Wong, vice president retail product management at First Hawaiian Bank. “We are offering 5-year loans at 0-percent financing.”

The purpose of First Hawaiian Bank’s new “green” financing program is to support homeowners who want to convert Hawaii’s abundant sunshine into huge savings. The special financing is specifically for solar-water heating systems and is available at zero percent interest and no closing costs.

Improving your home’s energy efficiency will ultimately pay for itself in the long run – with up to 35 percent savings on electric bills. But, in some cases, having the money in hand to install a solar panel system can be difficult, especially in tough economic times. First Hawaiian Bank can help.

Wong says the program is First Hawaiian’s attempt to encourage Hawaii residents and families to catch the “green” wave and make Hawaii more sustainable for future generations.

“This is unlike other 0-percent offerings you may have seen, where the interest rate jumps to 20 percent after 12 or 18 months,” says Wong. “This is 0 percent fixed for the entire loan amount for 5 years.”

First Hawaiian Bank is partnering with Hawaii Energy and more than 80 approved contractors on this project, and the goal is to install 4,100 solar-water heating systems in 2011.

“This is the first of its kind for both First Hawaiian and the state,” he says. “We are committed to innovation. This is one of many programs we are planning for the coming years – the next one being a photovoltaic financing package, which we plan to launch within the next couple months.”

In addition to offering financing at a zero-percent interest rate and no closing costs on loan amounts of $5,000 to $7,000, customers will also receive First Hawaiian’s local servicing, which is especially important when dealing with local contractors.

“First Hawaiian Bank’s goal is to provide smart financing solutions with outstanding service to those who are interested in going green,” says Wong. “There is a demand for alternative energy. We are part of the community and want to invest together in sustainable solutions for a clean energy future.”

Hawaii is one of the leading states in solar installations per capita with 80,000 statewide, and the first state to mandate solar water heating for new construction effective January 2010.

But still, Hawaii is dependent on oil for nearly 80 percent of its electric generation. With the highest energy costs in the nation coupled with the mild climate and plenty of sunshine, there is plenty of motivation for residents to consider green alternatives.

“Hawaii is geographically blessed by nature; solar water heating technology harnesses the sun’s energy to heat the water,” says Steve Chang, Hawaii Energy’s American Recover and Reinvestment Act program manager. “For homes that don’t use air conditioning, heating water is the most energy intensive.”

Homeowners may also benefit from federal and state tax credits for installing solar water systems.

First Hawaiian Bank is offering the program to all homeowners on Oahu and most neighbor islands. Since the loan is unsecured – there is no lien placed against your home – the loan process is very easy. Approval generally takes 24 hours.

“We believe the combination of energy prices with Hawaii’s sunny days and 0-percent financing make it very attractive,” says Wong. “FHB continues to be a leader in providing solutions for customers.”

For more information, visit any of First Hawaiian Bank’s branches, or apply by phone, 643-LOAN (5626).

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