So far, the state’s Green Energy Market Securitization (GEMS) program, is a $150 million bust.

Plagued by a long application process and the end of net energy metering, GEMS — the financing program designed to help low-income residents take advantage of renewable energy technology — has been woefully ineffective.

When the program launched in 2013, the goal was to fully deploy the $150 million by November 2016, but so far, less than 1 percent has been loaned to consumers.

Meanwhile, thanks to a monthly surcharge on energy bills, ratepayers will have paid about $21.5 million as of June 30 for GEMS; an additional $6.4 million will be paid from July through year’s end.

The intent of GEMS was worthy: Provide low-interest loans to qualifying consumers and nonprofits for rooftop solar systems.

The program was set up using proceeds from selling $150 million in state bonds to investors.

But market conditions have drastically changed and GEMS, much like other government programs, has been slow to adapt.

GEMS had to compete with private solar companies offering customers leasing options, and offered a tedious application process.

And the outlook for GEMS became even more grim when the state Public Utilities Commission (PUC) in October ended a popular solar-crediting program that offered owners of solar-energy systems a credit equal to the retail rate for the excess energy that their systems sent to the grid.

“The biggest roadblocks have been changes in the macroeconomic and policy environment — most notably the end of net metering — that affect the attractiveness of existing GEMS programs,” said Tara Young, who was brought in eight months ago to restructure GEMS as executive director for the Hawaii Green Infrastructure Authority (HGIA).

It might be too little, too late. To date, GEMS has funded only 11 installations with 43 applications pending, representing a paltry $370,000 used of the $150 million.

The program’s serious deficiencies came to light when Gov. David Ige proposed to tap $100 million from GEMS for an aggressive push to cool 1,000 public school classrooms by year’s end.

Though the PUC confirmed that would have been a permissible use of GEMS financing, it was a dubious mismatch of program intent. Lawmakers ultimately appropriated $100 million in general funds to cool the schools.

HGIA is now making a renewed push for GEMS: The coming weeks will see an open solicitation process for proposals for GEMS financing, for projects such as large-scale solar farms and community solar for apartment dwellers or renters. It will even entertain proposals from other government agencies to finance renewable technolo- gies, which could prove valuable if they reduce government’s energy consumption.

Still, GEMS’ lack of progress is frustrating. State Rep. Chris Lee, the House Energy and Environmental Protection chairman, is right in saying the program must quickly refocus on financing photovoltaic with battery storage so that low- to middle-income residents are able to take advantage of new technology.

Young said GEMS is already moving in that direction — and we hope it will come with an easy-to-use process for consumers.

It is too early to give up on the program, Lee said, noting no discussions during the 2016 session focused on pulling the plug on GEMS. The bonds and interest would still need to be paid, regardless.

As it is, ratepayers continue to repay bond holders through a “green infrastructure fee” tacked onto utility bills: about $1.29 a month for residential customers, which has already totaled about $21.5 million as of June 30.

The reinvention of GEMS needs to come sooner rather than later. It is unac-ceptable for $150 million to be sitting idle when it could and should be used to finance worthwhile green energy projects.