Hawaii Tax Credit For Solar Water Heater

Your home s largest energy consumer is your electric water heater.

Hawaii tax credit for solar water heater.

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. State solar hot water incentives. 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. 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.

Hot water cool rates. We help to make getting a solar water heating system installed in your home both easy and affordable. 2012 01 pdf temporary administrative rules relating to the renewable energy technologies income tax credit retitc. 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.

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. Local solar hot water incentives. Tax information release no. Credit requirements to claim this credit you must complete and attach to your hawaii income tax return or hawaii franchise tax return.

See below for more information. 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. 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. The average solar water heating system can cost between 6 300 and 7 200 depending on the tank size and need.

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. We provide two rebates to help you offset costs. When you switch to more energy efficient options you can save up to 40 on your electric bill. 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.

2 renewable energy production tax credit ptc summary. 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. Retitc forms shortcut to form n 342 and instructions form n 342a form n 342b and instructions and form n 342c and instructions. 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.