Hawaii Green Infrastructure Authority

Name

Hawaii Green Infrastructure Authority

Legal name

Hawaii Green Infrastructure Authority

Website

https://gems.hawaii.gov

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Clean Energy Financing (State Green Bank)

NAICS

Administration of Environmental Quality Programs (924), Administration of Housing Programs (925110), Regulation and Administration of Communications, Electric, Gas, and Other Utilities (926130), Administration of Conservation Programs (92412)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

DER Financing, Leasing & Billing Platforms (TPO, PPA, On-Bill) (EUAMAJAJ)

akta.pro secondary industries

Energy Efficiency & Green Retrofit Financing (FSALAHAK), State & Local Housing Finance Agencies (HFAs) (FSALAKAA), Climate Finance Funds & Green Investment Facilities (BPADACAH)

Keywords

• Clean energy financing
• Green bank lending
• On-bill repayment
• Commercial PACE financing
• Small business capital

Headquarters

HQ city

Honolulu

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Loan Interest Income: HGIA provides below-market fixed-rate loans (5.5% per annum for residential) to finance clean energy installations. Interest payments on outstanding loan balances constitute primary revenue stream.
2. GEM$ Servicing Program Fees: For third-party financed projects using the on-bill repayment mechanism, HGIA charges servicing fees: $250 underwriting approval fee, $250 program charge migration fee, 1% monthly on-bill payment servicing fee ($50 cap), $50 assumption processing fee, $5 program charge change fee, $10 payoff transaction fee.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels9 records

Core offering

Hawaii Green Infrastructure Authority (HGIA) is the State of Hawaii's Green Bank, providing below-market clean energy financing to underserved ratepayers through programs such as GEM$ On-Bill (solar, storage, and energy efficiency loans repaid via utility bills), HI-CAP small business capital assistance, HI C-PACER commercial property assessed financing, and supporting programs for condominiums and state agencies. The organization channels bond proceeds and revolving credit funds into loans, credit enhancements, and on-bill repayment infrastructure integrated with Hawaiian Electric utilities.

Product overview

Hawaii Green Infrastructure Authority (HGIA) operates as Hawaii's Green Bank, offering a portfolio of innovative financing programs to accelerate clean energy adoption and economic development. The core product is the GEM$ (Green Energy Money $aver) On-Bill Program, which provides below-market financing repaid through utility bills. This is complemented by the GEM$ Energy Services Program for third-party ownership models, the HI-CAP suite of small business capital programs (including Collateral, Loans, and CDFI Lending), the HI C-PACER commercial property assessed financing program, and the Condominium Association Loan Program. HGIA also manages programs in development including the Solar Hui Investment Fund and Cesspool Conversion Loan Program. All programs share the common mission of making clean energy and essential infrastructure financing accessible to Hawaii's underserved communities.

Differentiator

Problem solved

Functional benefit

Brands

• GEMS Program (Green Energy Market Securitization): Bringing clean energy technologies to Hawaii ratepayers, including those who are underserved, by providing innovative financing products that result in electricity bill savings for customers with no money down.
• HI-CAP (Hawaii Capital Assistance Program)
• HI C-PACER
• Condominium Association Loan Program

Products and services

• GEM$ (Green Energy Money $aver) On-Bill Program

Quantifiable outcome

• 5-20%+ reduction in overall electricity bills for most participants
• +3 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Hawaii Technology Development Corporation (HTDC)coreStrategic or Co-development PartnerJoint management of the HI-CAP (Hawaii Capital Assistance Program) with HGIA. HTDC administers the HI-CAP Invest venture capital program while HGIA handles loan programs and CDFI lending. Both agencies are attached to the Department of Business, Economic Development, and Tourism (DBEDT).
• Hawaiian Electric Company (HECO)coreTechnology or IntegrationPrimary utility partner enabling GEM$ on-bill repayment mechanism. HECO customers are eligible for GEM$ financing. HGIA coordinates loan information transmission and program charge placement on customer bills.
• Maui Electric Company (MECO)coreTechnology or IntegrationUtility partner enabling GEM$ on-bill repayment mechanism for Maui County customers.
• Hawaiian Electric Light Company (HELCO)coreTechnology or IntegrationUtility partner enabling GEM$ on-bill repayment mechanism for Hawaii Island customers.
• Hawaii EnergyminorStrategic or Co-development PartnerPartnership through Clean Energy Ally program for energy efficiency contractor referrals. Energy efficiency contractors must also be Hawaii Energy Clean Energy Allies to qualify for GEM$ program.
• Banyan InfrastructurecoreTechnology or IntegrationTechnology platform provider for online GEM$ application processing. All application updates and communications occur through the Banyan Infrastructure portal.
• Hawaii Public Utilities CommissioncoreStrategic or Co-development PartnerRegulatory body that approves HGIA program modifications and funding allocations. PUC Order No. 42129 enabled release of additional $18M in GEMS loan capital.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Others

• Hawaii Technology Development Corporation (HTDC): Hawaii's sister state agency under DBEDT that jointly manages the HI-CAP program with HGIA. While offering venture capital rather than clean energy loans, it operates in the same government ecosystem and overlaps with HGIA on small business capital deployment.
• Clean Energy States Alliance (CESA): Nonprofit coalition of state clean energy programs, agencies, and green banks. Provides coordination and program design support relevant to HGIA's mission and represents a peer ecosystem of state-financed clean energy authorities.

Emerging players

• Renew Financial: National leader in C-PACE commercial property assessed clean energy financing. Operates programs that compete directly with HGIA's HI C-PACER product, focused on a broader geographic market with private capital deployment.
• Reinvestment Fund: National CDFI deploying capital into underserved communities for energy, housing, and small business needs. Operates a similar mission to HGIA across multiple states with comparable programmatic lending structures.

Direct peers

• DC Green Bank: Washington D.C.'s state-level green bank providing financing for clean energy and resilience in the District. Closely comparable in mission, jurisdiction scale, and product structure to HGIA's GEM$ and HI-CAP programs.
• NY Green Bank: State-sponsored green bank capitalized by NYSERDA and the State of New York to mobilize private capital into clean energy projects. Operates a state-authority-financed model very similar to HGIA, with similar mandates around LMI and underserved market participation.
• Colorado Clean Energy Finance Corporation: Colorado's state green bank offering financing for clean energy and efficiency with emphasis on serving underserved and small business customers. Mirrors HGIA's combination of below-market lending and partnership-based distribution.
• Connecticut Green Bank: Connecticut's state green bank, the pioneer U.S. green bank established in 2011. Operates a similar public-purpose financing model deploying state and private capital into clean energy and efficiency programs for underserved Connecticut ratepayers. Most directly comparable analog to HGIA.
• Montgomery County Green Bank: Sub-state green bank serving Montgomery County, Maryland. Operates on a comparable model of using public capital to leverage private investment into clean energy and efficiency for underserved households — strong structural analog to HGIA at a smaller jurisdiction scale.

Broad incumbents

• U.S. Department of Energy Loan Programs Office (LPO): Federal entity providing loan guarantees and direct financing for clean energy and climate infrastructure projects. While at much larger scale and federal level, its clean energy financing mission directly overlaps with HGIA's.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@GreenBankHIgov?app=desktop
• Facebookfacebook.com/61586781730017
• LinkedInlinkedin.com/company/hgia
• Instagraminstagram.com/greenbankhigov

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hawaii Green Infrastructure Authority