Alternative Energy Loan Program
Act 209 was enacted in 2008 to establish a new loan program to help full-time farmers, ranchers, and aquaculturalists to reduce dependence on fossil fuel by producing renewable energy through sources such as photovoltaic, hydroelectric, wind, methane, biodiesel, and ethanol. The act also allows for loans for food safety projects to ensure a safe food supply for Hawaii’s people.
The maximum loan amount is $1,500,000 or 85 percent of the project cost, whichever is less. Funds can be used for infrastructure, equipment, land improvement and operating costs associated with the project. The program offers favorable interest rates with a maximum loan term of 40 years.