Few Key Questions About the Hawaii Solar Tax Credit You Must Ask


 

As solar energy continues to capture the energy industry across the country, homeowners in Hawaii are setting examples in solar panel installation. An increasing number of households in the island town are interested in the solar system today than they were earlier.


Studies showing solar permits in Hawaii have increased to 70% this time around last year, a depiction of growing demand in the market. However, one of the major attractions to shift to green energy is the Hawaii tax credit changes and incentives that allow solar customers to claim an income tax credit for the new equipment purchased and installed. It is a huge temptation for solar system customers. Moreover, they get the most affordable solar panels on the island using tax credit changes.


About Tax Credits and Incentives

You can reduce the cost of solar system installation by availing the Hawaii solar tax incentives and reliefs that you are entitled to. With the installation of solar panels, you provide a renewable source of energy to power your entire house. You not only save money on your electric bills; even the tax credit reduces the overall costs for this upgrade. Here are a few questions that you must ask to learn more about the tax benefits of solar installation.


  1. How does it work?

Households can save up to 35% on the overall cost of the solar system installation. The tax credit applies to the same year in which the installation is done. The credit limit is capped at $5,000 per system per year. But this credit can be availed only for the standard 5 kW system. If you are installing an extra powerful system, then you can opt for two smaller products to be eligible for the credit.


  1. Is combining tax credit with other offers possible?

Yes, it is. The households or homeowners get an extra 26% discount on the total installation cost from the federal tax credit system, which is total savings of up to 61% on the overall installation. There is no limit on the amount of money you save on every system. But there is a decrease of 4% every year on the savings.


  1. What are the other solar appliance incentives?

Solar hot water systems and attic fans are also entitled to this federal Solar Tax Credit Hawaii for up to 30% on the total installation cost with no limits. State credits of up to 35% of the system’s cost are also available.


  1. For how long are these credits and incentives available? 

The tax credit and incentives will phase out slowly as the federal credit system is set to expire by 2022. Though there is an expectation that the offer will extend, but locking an installation by the next two years will assure tax savings.


How Can Pro Solar Hawaii Help You?

If you are planning for solar system installation in Hawaii, and willing to take this benefit of Hawaii tax credit changes, then contact Pro Solar Hawaii to schedule an appointment for quick inspection and installation services. The company provides installation in both domestic and commercial sectors and offers tax credits and incentive programs as well as free consultations. It has fully licensed professionals to undertake the installation job.


If you are planning for solar system installation in Hawaii, and willing to take this benefit of Hawaii tax credit changes, then contact Pro Solar Hawaii to schedule an appointment for quick inspection and installation services. The company provides installation in both domestic and commercial sectors and offers tax credits and incentive programs as well as free consultations. It has fully licensed professionals to undertake the installation job.


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