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Waikiki Shores Apartments

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Waikiki Shores Apartments
Project Introduction:
Location: 2161 Kalia Rd, Honolulu, HI 96815
Installer: Green Energy Solutions
Completed: 2010
 
 

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.

 

Project Summary:
Location: Honolulu, HI
Application: Multi-Family Commercial
Solar Collectors: 60 SunEarth Empire 4' x 10' Solar Thermal collectors
System Format: Solar pre-heated water
Estimated carbon emissions displaced over the life of the system (metric tons CO2): 230
Total cost before incentives: $505,000
Total cost after incentives: $176,750
Estimated annual savings: $35,000
Estimated annual savings over the life of the system: $875,000
Estimated life of the system (years): 25
Estimated return on investment (years): 5
Heat energy generated on an annual basis (BTUs): 895 million
 
Contact Information: 
SunEarth www.sunearthinc.com
Inter-Island Solar Supply: www.solarsupply.com
Green Energy Company: 

     

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