Patagonia To Help Hawai’i Go Solar

Patagonia - solar fund

Environmentally conscious retailer Patagonia has announced a USD $13 million tax equity investment in solar energy for Hawai‘i that will see the installation of more than 1,000 rooftop solar power systems.

A partnership with solar finance company Kina‘ole Capital Partners, the fund will total $27 million and utilise state and federal tax credits to funnel Patagonia’s tax dollars into the clean energy project.

“This is smart business for Patagonia and good news for homeowners in Hawai‘i, who pay way too much for dirty electricity,” said Patagonia CEO Rose Marcario. “I hope other companies see how this strategy can bring strong returns and think seriously about doing the same thing. Business is in a unique position to accelerate the creation of renewable energy infrastructure.”

The initiative will also be quite a boost for Hawai‘i’s solar industry – it will be made available to all suitably qualified installation companies in the state.

Founded by Yvon Chouinard in 1973, part of Patagonia’s mission is to use business to implement solutions to environmental issues. Yvon Chouinard believes business should “work with nature rather than use it up.”

Since 1985, Patagonia has dedicated one percent of sales each year to environmental causes and has a significant environment and social responsibility program.

While solar has certainly been taking off in Hawai’i – more than 129 megawatts of solar capacity was added to Hawaiian Electric Companies’ grids last year – renewable energy currently accounts for just 10 percent of its overall energy consumption. The state still relies heavily on imports of petroleum and coal for power and its residents pay the highest prices for electricity in the USA.

Patagonia says greenhouse gas emission reductions achieved through the initiative will be an estimated 153,000 tons – equivalent to 323,000 barrels of oil, 75,000 tons of coal or taking 29,000 passenger vehicles off the road.

Under the scheme, households will not have to outlay any money – they will purchase electricity generated by the solar panel systems at a fixed rate less than the local utility’s rate. Participants are projected to save 35 percent on their energy bills after installation.

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