Going solar in Hawaii can offer many benefits, including:
Reduced energy bills: Hawaii has some of the highest electricity rates in the country, so investing in solar panels can provide significant savings on your monthly energy bills.
Energy independence: By generating your own electricity with solar panels, you can reduce your reliance on the grid and have greater control over your energy usage.
Environmental benefits: Solar energy is a clean and renewable source of energy, which can reduce your carbon footprint and help combat climate change.
Increased home value: Homes with solar panels often have higher resale values than those without, as many homebuyers are willing to pay a premium for energy-efficient homes.
In Hawaii, net metering policies vary by utility company, but all of them offer some form of net metering. Here are the net metering policies for the top utilities in Hawaii:
Hawaiian Electric Company (HECO): HECO offers net metering for residential and commercial customers with solar panel installations up to 100kW. Excess energy generated by the system is credited to the customer's account at the retail rate.
Maui Electric Company (MECO): MECO offers net metering for residential and commercial customers with solar panel installations up to 50kW. Excess energy generated by the system is credited to the customer's account at the retail rate.
Kauai Island Utility Cooperative (KIUC): KIUC offers net energy metering for residential and commercial customers with solar panel installations up to 50kW. Excess energy generated by the system is credited to the customer's account at the retail rate.
Overall, Hawaii's net metering policies are some of the most favorable in the country, making solar energy a viable option for many homeowners and businesses in the state.
Hawaii offers several rebates and incentives for homeowners and businesses to go solar:
State Tax Credit: Hawaii offers a state tax credit of 35% of the total cost of the solar panel system, up to a maximum of $5,000 per system. This credit is available to both residential and commercial customers.
Federal Tax Credit: Homeowners and businesses can also take advantage of the federal solar investment tax credit (ITC), which allows for a credit of 26% of the total cost of the solar panel system.
Property Tax Exemption: Hawaii offers a property tax exemption for residential and commercial solar systems. This means that the value of the solar system will not be included in the property assessment, reducing the property tax liability.
Solar Loan Program: The Hawaii Green Infrastructure Authority offers low-interest loans for residential and commercial solar projects. These loans can cover up to 100% of the total project cost, with repayment terms up to 20 years.
Net Energy Metering: As mentioned earlier, all three of Hawaii's main utility companies offer net energy metering, which allows solar customers to receive credits for excess energy they produce and feed back into the grid.
Overall, these incentives and rebates can significantly reduce the upfront cost of installing solar panels in Hawaii, making it an attractive option for homeowners and businesses looking to save money and reduce their environmental impact.