Hawaii Incentives

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Hawaii Solar Power

Hawaii is ranked sixth for statewide solar electric capacity, and comes in seventh for installed solar capacity. As one of the nation’s top leaders in renewable energy, the Aloha state has set ambitious goals for itself. Hawaii is attempting to obtain 40% of its electricity needs from solar sources by 2030.

In fact, in 2012, the state’s Department of Education proposed that solar panels be installed on every public school within five years. The process would surprisingly require little to no upfront costs when the savings were considered. In the first year alone, after they decided to buy solar panels Hawaii, they are expected to save close to five million dollars in electricity costs.

The utility companies in Hawaii have programs that let individual households receive monetary credit for power generated by their solar panels that exceed their own usage. In addition, Hawaii Electric Company and Maui Electric Company offer one-time $1,000 rebates for installing solar water heaters. Solar power isn't just good for homeowners, it helps save endangered species too!

Further, since Hawaiians typically pay three times as much for electricity than mainland residents, starting with a residential solar panel Hawaii installation can be an easy way to make up for the cost of electricity. Save more by combining solar with a home energy evaluation to lower your utility bills.

Hawaii State Tax Incentives

Hawaii has generous tax incentives for people buying and installing solar panels on their homes and businesses, but certain limitations do apply.

Each year, a single-family household can apply for a state tax credit worth 35% of the cost of their solar panel installation, starting with a single solar panel Hawaii, but that credit amount maxes out at $5,000.

Homeowners can also apply for a tax credit on their solar heating system. The solar water heating tax credit is worth 35% of the system, with a max value awarded of $2,250. Both of these credits can be used in conjunction with federal tax incentives for renewable energy.

To qualify for the state’s deductions, you need to fill out Hawaii Renewable Energy Tax Credit Form N-342 and file it with the rest of your tax forms. You can start saving now with 123SolarPower whether you are trying to get solar panels Honolulu or anywhere else in the archipelago. Visit DsireUSA to learn about all the savings incentives provided in Hawaii.

Federal Solar Tax Incentives

On a national level, state residents can also receive tax benefits for installing solar panels Hawaii in their homes. Under the Investment Tax Credit (ITC), you can deduct 30% of the cost of a new solar system purchased in a tax year from your reported income tax.

For example, if you go ahead and purchase solar panels Honolulu HI, all you have to do to receive this federal tax credit is file IRS form 5695 along with your tax return. Form 5695 outlines the costs associated with your new solar power system, and that same amount can be listed on your 1040 as a deduction. The federal government also lets you roll over credit to the next year if the credit you receive is larger than the amount you owe.

Making Hawaii Solar Easy

123SolarPower makes installing residential solar panels Hawaii as easy as 1-2-3. We have solar professionals standing by to help you. Let us provide you with a free estimate on total installation costs, yearly savings, state and federal tax credits, and financing options available to you. Whether you are looking for solar panels for sale Hawaii or searching for more information about solar power, do not hesitate to contact us. Please fill out our form about your specific needs so a solar expert can create a quote for you. If you prefer to speak with a solar energy consultant directly, please call us at: 800-294-2397.

Frequently Asked Questions

When making any modifications to the home, questions always arise. In order to discern whether adding solar panels is a good idea for a given home, having answers to the most frequently asked questions can help. These answers can not only help a homeowner decide whether or not to install solar panels on their home, but they may also help to alleviate some fears and/or concerns that homeowners have about solar power.

Will solar panels benefit my home if I do not have constant access to the sun?

It is a myth that only sunny places like California and Hawaii can benefit from the installation of solar panels. While solar panels do generate more power in areas that have more access to the sun, there are solar panels that are capable of capitalizing on diffused solar rays. These are the kind of solar rays that fall on overcast days.

What incentives are available to me?

There are many incentives in place to help convince homeowners to install solar panels. For example there are tax credits at both the state and federal levels. While the tax credit value varies by state, to the credit ranges to upwards of 25% on installation up to $1,000. Furthermore, most solar power devices are sales tax exempt. The federal tax credit is 30% on installation with no limit. For more information about tax incentives in your state, call 800-294-2397 to speak with a solar consultant.

What is the difference between on the grid and off the grid?

On the grid refers to one still being attached to the electric grid and essentially creates a solar/electric hybrid system. Off the grid refers to relying solely on solar power as the home is completely disconnected from any electric grid.

While solar panels may be expensive to install, the long-term savings (both personally and as a member of society) really outweigh the upfront costs. Moreover, the tax breaks available (through 2016) can also help to recoup some of the costs.

Adding solar panels to your home can benefit you in many ways—including tax credits and a decrease in your electric bill. For more information, please complete the online form or call 800-294-2397.

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