Hawaii Tax Credit For Solar Water Heater

For all other technologies the credit is not available for systems whose construction commenced after december 31 2016.

Hawaii tax credit for solar water heater. We provide two rebates to help you offset costs. 2 renewable energy production tax credit ptc summary. The average solar water heating system can cost between 6 300 and 7 200 depending on the tank size and need. 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. 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. 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. Hot water cool rates.

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. The cost of a solar water heating system. 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. We help to make getting a solar water heating system installed in your home both easy and affordable.

Credit requirements to claim this credit you must complete and attach to your hawaii income tax return or hawaii franchise tax return. Honolulu solar roofs initiative. State solar hot water incentives. 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. 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.

Your home s largest energy consumer is your electric water heater. 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. 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. When you switch to more energy efficient options you can save up to 40 on your electric bill.