Waikiki Shores Apartments

In 2010, Waikiki Shore Apartments decided to address the high water heating costs for the building by installing a solar water heating system, a proven, cost-effective technology for commercial applications. Expecting that the system would reduce and stabilize the water heating costs, the condo association said it was still surprised at the amount of savings the system produced. In fact, gas consumption was reduced so dramatically that the utility dispatched technicians to determine if the meters were malfunctioning. The Waikiki Shore Apartments are still saving an estimated 50 percent on the gas bill since the installation of the solar water heating system, and have reduced dependence on fossil fuels and CO2 emissions. Current Capital and Consulting financed the system through a true lease in which the lessor, Bank of Hawaii, is the legal and tax owner of the system. The project was able to utilize federal and state tax credits and capitalize on the depreciation of equipment, allowing the bank to pass these savings to the condo association in the form of monthly lease payments that were less than a conventional loan.