Kaua‘i Island Utility Cooperative has developed a solar water heating incentive program according to a recent press release.
KIUC is partnering with Kauai Community Federal Credit Union and Kauai County Housing Agency to provide qualifying members with no interest loans for solar water heating.
KCHA, through funding from the Community Development Block Grant Program, and KCFCU will provide the funding for the loans. KIUC will market the program and verify that systems will meet Energy Wise program standards for sizing and installation.
Participants will pay the loan back to the lender with 60 monthly payments. KIUC will pay the interest on the loan directly to the lender for the member/participant.
The loan payment will be made to the lender who issues the loan. Loan payments cannot be paid to KIUC through the electric bill or at the KIUC office.
Electric water heating can account for 40 to 50 percent of the average residential electric bill. KIUC will continue to offer solar rebates, as well as the loan program. Members will have a choice of which incentive best suits their needs. The state of Hawaii offers tax credits for solar water heating. In January 2006, the federal government started offering tax credits as well.
Between KIUC solar incentives and government tax credits, it is a pivotal time to seriously consider installing solar water heating, especially with world oil prices at historical highs, states the release.
A program announcement has been mailed to all KIUC members detailing the loan program process and guidelines. The announcement also contains a list of Energy Wise participating contractors who can initiate the loan process. For more information call KIUC at 246-8284.