Hawaii Tax Credit For Solar Water Heater

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.

Hawaii tax credit for solar water heater.

We provide two rebates to help you offset costs. 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. When you switch to more energy efficient options you can save up to 40 on your electric bill. Your home s largest energy consumer is your electric water heater.

We help to make getting a solar water heating system installed in your home both easy and affordable. 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. Honolulu solar roofs initiative. 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.

The cost of a solar water heating system. 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. For all other technologies the credit is not available for systems whose construction commenced after december 31 2016. Credit requirements to claim this credit you must complete and attach to your hawaii income tax return or hawaii franchise tax return.

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. The average solar water heating system can cost between 6 300 and 7 200 depending on the tank size and need. 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. Hot water cool rates.

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. State solar hot water incentives. Local solar hot water incentives. 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.

2 renewable energy production tax credit ptc summary. 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. See below for more information. Tax information release no.