Across Hawaii, traditional sources of power are becoming more expensive and less popular. In contrast, renewable energy is an increasingly valuable resource that homeowners and businesses are currently embracing.
In fact, a solar system in Hawaii has become a smart and affordable investment for many homeowners across the island.
But why are PV panels so popular here?
First of all, Hawaiians love nature. And when you pair this with the fact that solar systems are environmentally-friendly (solar panels generate ZERO harmful emissions!), there’s no doubt that investing in a solar system in Hawaii is well-worth it!
Solar energy is a clean, renewable resource offered by nature. Solar systems are also cost effective and they contribute a great deal to creating a healthier environment with less air pollution. This will make the entire island environmentally healthier and safer for generations to come.
Right now, Hawaii is committed to generating 100% clean energy by 2045. We’re keeping our fingers crossed for this to happen! And thanks to incentives, rebates, and tax credits, the Aloha State is on track to achieve its goal.
That said, the state also helps homeowners regain a portion of the cost of a home solar system. Since the electricity rates here are among the highest across the nation, going solar is definitely a great option.
Solar System in Hawaii – Rebates, Tax Credits, and incentives
Here are some facts you need to know on rebates, tax credits, and incentives you can take advantage of when you choose the cleanest renewable energy on the planet in Hawaii:
Hawaii Renewable Energy Technology Income Tax Credit
Based on the overall cost of your system, Hawaii Solar Incentives can cover up a nice percentage of your solar installation costs.
Both the state of Hawaii and the US federal government offer tax credits for new solar installations. Combined, these incentives can lower the cost of your new system by up to 61%!
Federal Solar Tax Credit
If you decide to buy your home solar system outright, you’ll be qualified for the federal solar tax credit in addition to the state of Hawaii solar incentives.
At the moment, the “Federal Investment Tax Credit” covers 26% of equipment and installation costs for solar PV systems. However, in 2021, the value of the tax credit will be slashed to 22%. And after 2023, the residential credit will drop to zero. Tax credits for residential solar will ends so, if you plan on going green, now is definitely the best time to do so.