In today’s eco-friendly world, consumers need to look for alternatives to fossil fuel. One consideration is Hawaii solar panels. For residents who decide on Hawaii solar energy, installation may offer even more benefits than just saving money on the monthly electric bill.
HI solar power takes light energy from the sun and convert it to electricity that turns on lights, runs the television and keeps the air conditioner going. When you add solar power, you get a certain percentage of the electricity needed to keep the house working at no charge, because light energy is renewable. On top of the obvious perks, homeowners can look for rebates and credits that reward them for choosing HI solar energy.
Federal Tax CreditsHomeowners who install
Hawaii solar energy to their primary residence in Hawaii are entitled to a federal tax credit. The credit is available for both solar water heaters and
HI solar power installation, according to Energy Star. This credit does not apply to rental or second homes. With some credits, half of the energy must come from solar power in order for the it to take effect.
State Credit for Solar and Wind Energy
The state tax credit has been around for decades to promote the use of renewable energy. It is available for both homeowners and corporations. After the installation of either Hawaii solar panels or a wind energy system, you can take credit on your taxes for that year. The credit is meant to rebate for the cost of the equipment.
- Single-family homes can claim 35 percent or $2,250, whichever is less, for solar thermal energy. Multi family establishments get 35 percent or $350 dollars credit.
- Single-family homes can claim 35 percent or $5,000, whichever is less, for solar panel installation. Multi family establishments get 35 percent or $350 dollars credit.
Local Credit
Local credits may not be as readily available as tax incentives, but in some areas, you will find the municipal government provides reward for use of HI solar installers. For example, Honolulu give a property tax exception for alternative fuel such as solar power. Solar water heating and photovoltaic panel installation means 100 percent property tax exemption for 25 years on your home. Check your area for local benefits of solar power.
Statistics show that using solar power in Hawaii will pay for itself in a few years. If you are lucky enough to get additional tax credits, rebates and exemptions, the pay off comes much sooner. Not to mention you will be reducing our dependence of a fuel source that is quickly depleting. It has taken millions of years to accumulate the fossil fuel resources. Once gone, it may be millions before more form. Turning to renewable energy sources is not just smart, it is necessary. Call local HI solar installers today to get a quote for your property!