With hawaii energy s limited time rebate of up to 1 500 state and federal tax credits you can get solar water heating for under 2 500.
Hawaii tax credit for solar water heater.
2 renewable energy production tax credit ptc summary.
All new single family dwellings built in the state of hawaii are required to have a solar water heater hrs 196 6 5 a request for a variance from this state law can be submitted to the dbedt hawaii state energy office if it meets the criteria for a variance as attested and submitted by an architect or mechanical engineer licensed to do business in the state of hawaii.
See below for more information.
When you switch to more energy efficient options you can save up to 40 on your electric bill.
State solar hot water incentives.
Retitc forms shortcut to form n 342 and instructions form n 342a form n 342b and instructions and form n 342c and instructions.
Credit requirements to claim this credit you must complete and attach to your hawaii income tax return or hawaii franchise tax return.
2012 01 pdf temporary administrative rules relating to the renewable energy technologies income tax credit retitc.
Hot water cool rates.
Local solar hot water incentives.
With hawaii energy s rebate combined with state and federal tax credits you can save an incredible amount on the system purchase price in the first year.
Honolulu solar roofs initiative.
If you re able to claim both tax credits you could be looking at a net year 1 cost of 5 265 to wipe out your 2 300 annual bills.
System as a substitute for a required solar water heater system under section 196 6 5 hrs then you must reduce your credit by the lesser of 35 of the actual system cost or 2 250.
The average solar water heating system can cost between 6 300 and 7 200 depending on the tank size and need.
Solar water heating new up to 1 500 rebate for families of 3 or more installing a solar water heater in your home is the best way to save money on your electric bill.
For all other technologies the credit is not available for systems whose construction commenced after december 31 2016.
Tax information release no.
Adding another 4 5 kw of solar panels should eliminate most of the rest of your 190 monthly bills and cost somewhere around 12 000 15 000 before the 26 federal tax credit and hawaii s own 35 tax credit.
The state of hawaii offers a personal tax credit of 35 of the cost of the system or 2 250 whichever is less as well as a one time 750 rebate for existing homes not available for homes built after 2009.
What s more with hawaii energy s rebate combined with state and federal tax credits you can save nearly 70 on the system purchase price in the first year.
The cost of a solar water heating system.
Wind facilities commencing construction by december 31 2019 can qualify for this credit the value of the credit steps down in 2017 2018 and 2019.
We can help you finance a new solar water heating system with a zero to low interest loan through one of our many participating lenders.
