Solar energy in Hawaii is more than twice as cost-effective vs. other states.1
Hawaii’s solar panel price drop over the last five years.2
State electricity generation that will come from clean energy sources by 2045, thanks to the Hawaii Clean Energy Initiative (HCEI).3
Hawaiians pay the highest electricity rates in the nation.4 But making the switch with a Hawaii solar company like Sunrun will do more than just help you put high electric bills in the past. As the leading home solar and energy storage company in the U.S.,5 we’re here to make sure you get the most out of all the solar incentives that the Aloha State has to offer.
|Solar Savings Types||Value of Savings|
|Property Tax Exemptions||Property tax exemption on added home value from solar system 2|
|Federal Solar Tax Credit||26% federal solar tax credit is available for home solar systems installed by December 31, 2020 3|
**Customer’s ability to monetize rebates, incentives and tax credits depends on several factors, including, without limitation, continued state subsidization of these policies, the applicable Sunrun product type, and whether a customer purchases or leases a solar system from Sunrun.
Buy and install a new home solar energy system in 2020 and qualify for the 26% federal solar tax credit. The residential ITC drops to 22% in 2021 and ends in 2022.6**
Average-sized 5-kilowatt (kW) system cost in Hawaii: $13,534 Approximate system cost after the 26% ITC in 2020 in Hawaii: $10,2867
Buy a new home solar system in Hawaii and get a 35% credit of its total cost against your personal income taxes owed in that year.8**
The maximum state tax credit in a taxable year can’t exceed $5,000 for each home solar installation. If your RETITC exceeds your taxes due, you can carry your credit forward until it’s consumed.8
Eligible renters and low- and moderate-income homeowners in the State of Hawaii can get special on-bill financing for rooftop solar PV systems, home batteries, solar water heaters, and other Hawaii energy improvement systems.9
To qualify for GEMS, you must get your power from Hawaiian Electric (HECO), Maui Electric (MECO), or Hawaiian Electric Light (HELCO).9
Installing solar is an investment for today, next year and the long term. If you’re considering buying a home solar system, act today for a big tax incentive.
*Customer’s ability to monetize rebates, incentives and tax credits depends on several factors, including, without limitation, continued state subsidization of these policies, the applicable Sunrun product type and whether a customer purchases or leases a home solar system from Sunrun.
**We recommend contacting a tax professional to most accurately determine the impact of the solar Investment Tax Credit (ITC) on your federal taxes.