Description

In June 2004, the 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 will fund lighting or air-conditioning improvements in municipal buildings across the island, as well as photovoltaic (PV) installations on 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 $100 million solar bond measure passed by San Francisco voters in November 2001. The bond is expected to save almost 6 million kilowatt-hours (kWh) of electricity a year and have a net present value of approximately $1.3 million over the life of the project.