No one understands the importance of protecting our planet and making a positive environmental impact more than homeowners in Hawaii. Because of this, many homeowners are considering installing solar panels on their property. Most people know that having solar panels can help you save money on energy bills. But did you know that you can also save money on solar panel installation with Hawaii solar incentives? There are several federal, state, and local incentives you should know about. Today, our seasoned solar team at Attyx will help you get familiar with the different Hawaii solar incentives and tax credits out there that you can take advantage of when you install solar panels on your property.
What Hawaii Solar Incentives Are Available to Me?
Residential Clean Energy Credit
In 2022, the federal government passed the Inflation Reduction Act. The Residential Clean Energy Credit is available through it. This is a solar incentive that Hawaiians can use to deduct 30% of their total solar installation costs from their federal taxes. The cost of solar panels, batteries, and installation are all eligible solar expenses. To make the credit even more appealing, there’s no limit on the maximum amount you can claim. You have until 2032 to enjoy this federal tax credit. If you want to switch to solar this year, it’s a credit you can’t ignore.
Hawaii Solar Tax Credit
In addition to the federal incentive, Hawaii has its own solar tax credit. The Hawaii Solar Tax Credit lets homeowners claim 35% of their solar installation costs as a state tax credit. This Hawaii solar incentive applies to both the cost of solar panels and installation expenses. Unlike some other states, Hawaii does not put a limit on the size of a credit you can claim. This tax credit is set to continue through 2025, making now a great time for Hawaiians to take the plunge and invest in solar energy.
Hawaii Net Energy Metering (NEM)
Hawaii’s Net Energy Metering (NEM) policy is another Hawaii solar incentive. It is designed to benefit homeowners who generate excess electricity through their solar panels. Through the program, if your panels produce surplus energy, you can send it back to the grid. Then, your utility company will apply a credit to your bill that is equal to the market rate of the energy you sent to the grid. Net Energy Metering creates a fair system to compensate Hawaiians for any energy they contribute to the grid. With it, you’ll save even more when you install solar panels.
Local Hawaii Solar Incentives
There are also some local solar incentives offered for Hawaiians. Reach out to your utility provider or your local government to learn about any opportunities to save even more when you make the switch to solar. Whether your local programs include solar cash rebates, financing options, or grants, these incentives can be a great way to further smooth over making a sizable financial investment in a solar system for your home.
The Solar Experts at Attyx
If you’re still on the fence about investing in a solar installation, hopefully understanding these Hawaii solar incentives and credits will help you make a decision. You have the chance to help your wallet and your planet at the same time when you take advantage of these solar credits.
If you’re ready to explore solar energy for your home, turn to Attyx. Our expert team specializes in solar panel installations and helps you maximize your savings and benefits from these programs. Let us help you make the transition to clean, renewable energy today.