While you can receive this amount as a tax credit you can also choose to receive a slightly reduced amount as a tax refund.
State tax credit for solar panels hawaii.
Check with your tax professional on the specifics of your project regarding this incentive.
2012 01 pdf temporary administrative rules relating to the renewable energy technologies income tax credit retitc.
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.
5 minutes last updated on august 27 2020.
State of hawaii incentives 1 hawaii renewable energy technologies.
Hawaii solar and renewable energy 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.
This webpage offers examples of the variety of local state and federal incentives designed to encourage the growth and proliferation of renewable energy technologies.
Federal tax credits include 30 of the cost of solar hot water systems with no cap same federal tax credit for pv systems applies.
Combine the falling cost of solar equipment and installation sky high electric rates state tax credits property tax exemptions and the 30 federal tax rebate and you have compelling reasons to go solar in hawaii.
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.
Tax information release no.
Contact the appropriate regulatory agency for more information.
These credits work the same as any tax credit.
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.
Tax credits do a lot to make solar affordable and hawaii is no exception to states offering large and lucrative tax credits for putting solar panels on your roof.
Retitc forms shortcut to form n 342 and instructions form n 342a form n 342b and instructions and form n 342c and instructions.
You put the cash up front and then write off that amount the next time you file your taxes.
If you re considering solar you ve probably heard about the federal solar tax credit also known as the investment tax credit itc the federal itc makes solar more affordable for homeowners and businesses by granting a dollar for dollar tax deduction equal to 26 of the total cost of a solar energy system.
Hawaii s renewable energy technologies income tax credit 3 can cover about 5 000 of your solar installation costs depending on the total cost of your system.
