Up to $100 million dollars will be invested for new solar photovoltaic (PV) systems through a partnership between the State of Hawaii, Clean Power Finance, Panasonic Eco Solutions, and the Coronal Group. The public-private partnership was made possible by the Green Energy Market Securitization Program, which is an initiative of the Hawaii State Energy Office.
It is important to note the success of some of these government-related programs, because they typically don’t get much positive press. Situations like Solyndra get copious amounts though, so the press about solar power doesn’t exactly seem to be balanced.
“We look forward to bringing clean, affordable energy to a broader demographic in Hawaii with a unique product that has the potential to serve as a model for other states and municipalities,” explained Sean Coletta, managing director at CPF.
The main target audience for the new solar systems is underserved non-profit organizations that can save on their utility bills if they switch to solar power.
Engineering, construction, and procurement services will be provided by Coronal and Panasonic to support local solar power installers. Clean Power Finance will deploy capital while collaborating with the State of Hawaii. Clean Power Finance provides financial services to the residential solar industry, so it is well prepared to assist on the finance side.
Coronal is an alternative energy company that operates and finances solar PV projects. Panasonic Enterprises installs and maintains solar PV projects, though most Americans might first think of Panasonic for its consumer audio products.
Hawaii has relied upon imported oil to run generators in order to produce electricity for a long time. Some would say far too long, so the recent push to install more solar power systems can help balance out the electricity mix there. Hawaiian residents have very high electricity costs, but this expense will like decrease when there is much more clean, renewable energy like solar, wind, and geothermal. Fortunately, Hawaii has plenty of sunlight and a strong nature ethic, at least on the surface.
It is one of the most beautiful places on Earth, so utilizing clean electricity sources seems to be very fitting.
Photo Credit: Hakilon via Wikimedia Commons
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