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.
