Honolulu - Solar Bond

Summary

On June 4, 2004, Honolulu City Council approved Bill 14, including a $7.85 million bond for solar and energy efficiency retrofits for Honolulu public buildings. The bond measure, originally proposed by Mayor Harris at a $10 million level but later reduced by the Budget Committee, will fund lighting or air-conditioning improvements in municipal buildings island wide as well as photovoltaic installations in city buildings in Kapolei. By bundling solar with energy efficiency, projects can be structured so that energy savings exceed debt service and will be immediately revenue positive. The Honolulu bond will attempt to replicate the successful $100 million solar bond passed in San Francisco by voters in November 2001. The bond is expected to save almost 6 million kWh of electricity a year and have a net present value of approximately $1.3 million over the life of the project.