Loan Purpose

  • Purchase and installation of a qualified system from a participating Hawaii contractor
  • Applicable manufacturer's sales tax and extended manufacturer's warranty on the system
  • Roof repairs and electrical retrofits necessary for the system installation

Qualified Residential Clean Energy System

  • Photovoltaic (PV) system
  • Solar water heater system
  • Solar PV water heating system
  • Solar air-conditioning (A/C) system
  • Battery back up/storage system

Participating Contractors List:

Participating contractors are listed alphabetically and are exclusively for the Clean Energy Loan. Participation is subject to change without notice, please check with contractor on eligible residential clean energy systems. ASB disburses to contractor based on a 50/50 schedule. Use this Hawaiian Electric Locational Value Map to see if an area has availability to connect solar power to the grid.

 

* The Clean Energy Loan (loan program) is subject to borrower qualification and underwriting guidelines. The initial interest rate is 0.00% for the 24-month initial period followed by a fixed term and rate for 96 months. Loan program is subject to change or cancellation without notice. Loan terms, interest rate and APR (annual percentage rate) for qualified borrower(s) will be based on borrower credit worthiness. Loan proceeds are disbursed to the participating contractor based on 50/50 schedule; 50% of the loan amount is disbursed to the contractor at loan closing and the remaining 50% after 90 days or at customer's discretion. Based on a loan amount of $25,000 and an initial term (24-months) at an interest rate of 0%, there are no monthly payments ($0.00) during the first 6 months of the initial period followed by monthly principal-only payments from $125.00 which is equal to 0.50% of the loan amount in month 7 to 24 (18 months in the initial period). Then, 96 months of fixed principal and interest payments of $321.50 (based on a fixed interest rate of 7.99%). The interest rate used in the example is as of 7/1/2020 and results in a 5.069% APR. Please refer to the current Loan Rate sheet or call us for current rates. Available only for financing the purchase, installation, and other eligible costs associated with the purchase/installation of a qualified residential clean energy system from a participating contractor. Qualified systems are residential photovoltaic (PV), solar water heater, solar PV water heating systems, solar air conditioning, and battery backup/storage systems. Rates are subject to change at any time without prior notice.

American Savings Bank (ASB) does not perform due diligence or does not make representations or warranties on third party, participating or non-participating contractors, and qualified residential clean energy systems. Borrower should take reasonable steps to review third parties and systems.
 
 
**Income documents include:
  • Copies of recent paystubs for one month and most recent W-2 statement if income is from a salary
  • Copies of award letter or most recent 1099 if income is from Social Security or pension
  • Copy of current monthly account statement if income is from 401(k) distribution, IRA distribution, or annuity
  • Copies of last two years’ U.S. Individual Income Tax Returns with all schedules if:
    • You file Schedule C, E, and/or F, and/or
    • Your bonus, commission or tips income accounts for 25% or more of your annual income 
  • Copies of last 2 years' U.S. Business Tax Returns with all schedules and K-1's  if you own 25% or more of a corporation or partnership
  • If the subject property is part of a Condominium Property Regime then please provide:
    • Name of condo project
    • Amount of monthly maintenance fee