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Lower your electric bill, increase your property value, reduce your tax liability, and help the environment.
Being one of the sunniest states in the country makes Hawaii an ideal place for Solar Power. So it comes as no surprise to find the state ranking 3rd overall for solar capacity per capita (watts per person). But why is this? Well, for one, Hawaii offers its residents generous, year round sunshine. But the state’s solar incentives along with the federal solar tax credit also contribute greatly to the widespread homeowner participation in moving to Solar.
Hawaii’s conventional electricity rates are through the roof - literally the highest in the country. So it makes sense that more and more homeowners are turning to solar. To make up for the loss of net metering, Hawaii has introduced a Performance Based Incentives program, or PBI. If your solar panel system has an output less than or equal to 20kW, you’ll earn $0.22 per kWh for a 20 year term.
Any homeowner who purchases a solar panel system in the state of Hawaii is eligible for a property tax exemption, making the value added to your home by going solar deductible from the assessed value of your property.
The ITC, also known as The Federal Investment Tax Credit, is also available to Hawaii homeowners who purchase their solar panel system outright. This credit amounts to 30% of your solar system’s cost after deducting the value of your state rebates. But this one isn’t going to be around forever. By the end of 2019 ITC credits will drop from 30% to 26%. The following year, after 12/31/2020, the tax credits for installations will drop to 22%. This is one of many reasons why it makes sense to go solar now.
Agreements and loan terms can be customized based on your needs, resulting in complete solar panel system installations with zero out of pocket upfront for the homeowner. Our specialists will work with you hand in hand to ensure you take advantage of all the state and federal incentives, credits, and rebates that are available to the Hawaii homeowner. We’ll even handle all of the paperwork, streamlining the process for you to get your solar panel system installed hassle free. So just sit back and watch as your energy bill gets crunched in half.
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