Energy Chairman Denny Coffman said yesterday he had too many “concerns” about how the legislation would work and killed HB1520, which would have allowed residents to finance renewable energy installations through their utility bills.

Coffman, a Democrat representing Kailua-Kona, said existing tax credits and private sector incentives already significantly reduce the cost of installing energy-efficient appliances.

He also said the state can’t afford the financial risk of providing loan guarantees to banks financing the loans.

Supporters of the measure argue that this would have allowed everyone, regardless of income to take advantage of the lower net utility payment that solar provides — not just those with the $20,000 or so that a PV system costs or $5,000 that a solar water system costs.  Further, they say, there is very little risk as shown by the success of similar programs in other communities.