In 2011, many homeowners and businesses around the state of Hawaii decided to install photovoltaic (solar) panels on their rooftops in an effort to reduce their electric bills. These panels were connected into the Hawaii Electric Company’s (HECO) grid and helped to generate a total of 30 megawatts of electricity. However, the Hawaiian Electric Company has now annouced that due to the photovoltaic panels, their annual revenue dropped by $7.4 million last year. As a result, HECO will be increasing electric rates on all of the islands to help cover the loss in profits.
Many members of the public are outraged with this increase in prices, and have appealed to the state’s Public Utilities Commission to investigage the problem. Chairwoman for the state’s PUC, Hermina Morita, commented, “It’s not equitable. It’s something the commission will have to look at closely. We’re sorting through all the commission’s priorities with mandatory deadlines on rate cases and power purchase agreements. It’s a constant juggling act, but this is one of the issues that we have to deal with.”
Source: Honolulu Star Advertiser, 2-6-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
