Hawaiian Nonprofit Expands Lending on PV Systems

CNHA

Honolulu, Hawaii –At the July 2013 nonprofit board meeting of the Council for Native Hawaiian Advancement (CNHA), members approved the expansion of its photovoltaic loan product by increasing the loan limit and extending the loan term to 20 years.

                        “This is really exciting,” said Brett Nakoa, CNHA loan officer.  “The approval by our board will make residential solar even more accessible by Native Hawaiians, which is so important to reducing monthly utility expense and increasing net funds for families.”

The PV loan package has a term for 20 years which significantly reduces monthly payments and interest rates range from four and six percent depending on your credit profile. Beneficiaries are able to take advantage of all federal and state taxes along with any other incentives that may be available. It’s important to note that this program has no down-payment requirement and the closing costs are minimal.

CNHA is certified as a Native Community Development Financial Institution (CDFI) by the U.S. Treasury, one of only 75 in the country serving Native peoples.  In Hawaii, CNHA is the only native CDFI with a statewide service area that primarily focuses on Hawaiian Home Lands where more than 30,000 Hawaiians reside.

“It’s a good asset building strategy to insure our communities are not left behind on solar technology that can help reduce dependency on fossil fuel based energy,” said Michelle Kauhane, CNHA president.  “When we became certified to make loans in 2010, solar loans were one of our very first products.”

Within the first week since approval of the new loan terms for PV, the nonprofit has approved over $100,000 in loans, adding to its $631,000 Solar PV and Solar Water portfolio.

“We really want our community to have choices and not be locked in to only leasing systems, but rather owning the system to reap the entire benefit of tax credits and reduced costs,” Nakoa said.

Interested applicants can email info@hawaiiancouncil.org or contact Brett Nakoa at (808) 596-8155.

CNHA is a national network of Native Hawaiian Organizations, providing assistance in accessing capital and technical resources, and is a policy voice on issues important to Native Hawaiian communities. Its mission is to enhance the cultural, economic, political, and community development of Native Hawaiians.  For more information about CNHA please contact us at 808.596.8155, toll-free at 1.800.709.2642, by e-mail at info@hawaiiancouncil.org, or at www.hawaiiancouncil.org.

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Native NewsClips is a Member Service of CNHA – Distributing Information Received from Our Members. For More Information on this Release or the Member Organization, email nativenewsclips@hawaiiancouncil.org.

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