HOUSE OF REPRESENTATIVES

H.R. NO.

126

TWENTY-FIRST LEGISLATURE, 2002

 

STATE OF HAWAII

 
   


HOUSE RESOLUTION

 

REQUESTING A FEASIBILITY STUDY ON ISSUING REVENUE BONDS OR OTHER FORMS OF REVENUE FINANCING FOR RENEWABLE ENERGY SYSTEMS IN PUBLIC FACILITIES.

 

WHEREAS, solar and other renewable energy facilities and equipment, and energy efficiency measures, provide viable means to provide energy resources and to reduce energy use for various public agencies, departments, and enterprises of the State; and

WHEREAS, solar energy technology allows electricity to be generated at the source where it is consumed and consequently provides increased energy independence and diminishes the vulnerability of state facilities where it is installed from rolling blackouts or other failures of the electric grid; and

WHEREAS, solar energy offers a clean, silent, and reliable source of energy and produces energy during peak demand; and

WHEREAS, energy efficiency measures offer a means to reduce demand for energy and its associated costs, through the application of technologies and best practices to eliminate waste while maintaining or improving the quality of service; and

WHEREAS, section 226-18, Hawaii Revised Statutes, the objectives and policies for facility systems, states that planning for the State's facility systems with regard to energy shall be directed toward the achievement of the following objectives, giving due consideration to all:

(1) Dependable, efficient, and economical statewide energy systems capable of supporting the needs of the people;

(2) Increased energy self-sufficiency where the ratio of indigenous to imported energy use is increased;

(3) Greater energy security in the face of threats to Hawaii's energy supplies and systems; and

(4) Reduction, avoidance, or sequestration of greenhouse gas emissions from energy supply and use;

and

WHEREAS, on November 6, 2001, the voters of the City of San Francisco overwhelmingly approved Proposition B, the Solar Revenue Bond, which is a $100 million bond initiative that will pay for the installation of solar panels, wind turbines and energy efficiency technologies on city-owned property in San Francisco; and

WHEREAS, the measure will not increase taxes and will pay for itself from energy savings that would otherwise be spent by the City to buy electricity, instead such funds will be used to pay down the bond; and

WHEREAS, the Solar Revenue Bond provides financing for forty megawatts of clean power from solar and wind generation, with solar panels installed on rooftops of city facilities in the sunniest areas of the city and wind turbines located on city-owned property in Alameda and San Mateo Counties; and

WHEREAS, the $100 million revenue bond is likely to attract a solar photovoltaics factory to San Francisco, bringing jobs and creating a new economic base; and

WHEREAS, as the largest solar bond in the nation, this measure will help push the cost of solar energy down nationally by significantly increasing demand and encouraging investment in new manufacturing and assembly facilities; and

WHEREAS, San Francisco will create an environmentally friendly, fiscally sound model that can be used by other regions throughout the nation interested in building energy independence while fighting global warming; and

WHEREAS, Hawaii has a superior solar and wind energy regime and higher energy costs compared to the San Francisco area, thus enjoying an even greater potential for implementation of renewable energy systems and energy efficiency measures; now, therefore,

BE IT RESOLVED by the House of Representatives of the Twenty-First Legislature of the State of Hawaii, Regular Session of 2002, that the Department of Business, Economic Development, and Tourism is requested to study the feasibility of the issuance of revenue bonds or other forms of revenue financing by the State of Hawaii, or one of its public agencies, departments or enterprises, as an effective and appropriate means of financing the acquisition, construction, rehabilitation, installation, or improvement of solar and other renewable and distributed energy facilities and equipment, and energy efficiency measures, in public facilities; and

BE IT FURTHER RESOLVED that the Department of Business, Economic Development, and Tourism shall include in its study estimated levels of financing and a timetable for implementation; and

BE IT FURTHER RESOLVED that the Department of Business, Economic Development, and Tourism shall report on its findings no later than twenty days prior to the Regular Session of 2003; and

BE IT FURTHER RESOLVED that a certified copy of this Resolution be transmitted to the Director of Business, Economic Development, and Tourism.

 

 

 

OFFERED BY:

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Report Title:

Renewable Energy; Bond Issues for Public Facilities