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Solar Incentives in Hawaii

We believe that green is gold. Our goal, like yours, is to make a positive environmental impact that makes economic sense.

26% Federal Tax Credit

The investment tax credit (ITC), also known as the federal solar tax credit, allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes. Don’t wait! The federal ITC steps down to 22% in 2023 for businesses and homeowners. The residential market will drop to 0% while the commercial and utility markets will stay at a permanent 10% credit beginning in 2024.

Going solar incentives graphic

Example:

Total System Cost = $50,000

The ITC (Federal Income Tax Credit) = $13,000 ($50,000 x 0.26 = $13,000).

Any amount the homeowner owes to the IRS for income taxes would be reduced by $13,000 for Tax Year 2021.

The Residential ITC is scheduled to step down next year and be eliminated altogether in 2022, making TODAY the best day to go solar!

*Sunspear Energy are not licensed tax professionals; please consult with your CPA or licensed tax professional. The information provided within is to serve as an illustrative guide and is from publicly available sources.

35% Hawaii State Tax Credit

The Hawaii Energy Tax Credit allows owners of single-family homes to claim a State income tax credit up to 35% of the actual cost of the system or $5,000, whichever is less.

Each ‘System’ is defined as 5 kilowatts (kW); therefore, a 10kW would be eligible for up to $10,000 in Hawaii State Tax Credits (see example calculation below). The system must be fully installed and “operational” by 12/31/2021 to claim for the 2021 tax year.

Example:

A 7.5 kW system costs $40,000, the first 5kW ‘system’ would receive a $5,000 state tax credit.  The remaining 2.5kW ‘system’ (1/3 of the total system size) would receive an additional 35% credit pro-rated ($40,000 x 33% x 35% = $4,620).

The Hawaii Tax Credits on a 7.5kW system would be $5,000 + $4,620 = $9,620

Alternately, Homeowners also have the option to claim a “refundable credit” if they do not have sufficient Hawaii State Tax Liability to take advantage of the full 35% credit.  The refundable credit is reduced by 30%, making the effective rate 24.5%.  Therefore the $5,000 per 5kW cap becomes $3,500 per 5kW for homeowners who claim the refundable credit.  Hawaii State cuts a check directly to the system owner for the credit amount.

Learn More About Incentives

*Sunspear Energy are not licensed tax professionals, please consult with your CPA or licensed tax professional.  The information provided within is to serve as an illustrative guide and is from publicly available sources.

HECO BATTERY REBATE

Hawaiian Electric will pay a cash incentive for customers on Oahu to add energy storage (a battery) to an existing or new rooftop solar system. This one-time incentive is positioned to add more renewable resources to the grid in the short-term when the AES coal-fired plant is retired in September 2022. Learn more.

*Sunspear Energy are not licensed tax professionals, please consult with your CPA or licensed tax professional.  The information provided within is to serve as an illustrative guide and is from publicly available sources.

Your Home Value Goes Up Up Up

Having a residential solar energy system on your home is a ‘capital improvement’ which adds to your property’s value. This means that you can potentially sell your home faster and for more than homes without solar. Your investment in efficient, clean solar power also adds to the tax basis of your home. When you sell the home, this tax basis investment can be deducted from the sales price, reducing the taxable profit on the sale. This may help you avoid capital gains taxes on appreciation.

March Mania

We got you covered. What’s better than $0 down solar? How about we cover the first 6 months of payment for your solar system! For a limited time, go solar with Sunspear for zero down and get a VISA Reward Card rebate equivalent to your first six months payments!*

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March Mania Rebate TERMS: 

* Offer available to qualified customers. Customers who choose not to make their monthly payments via automatic payments (ACH) will not be compensated in the Reward Card for the difference in their higher monthly payment. Sales taxes are not reimbursed in Reward Card. Customer must pay their monthly solar loan or lease payments as directed by their Loan Agreement. Funds from Reward Card cannot be applied toward loan payments. 1 Rebate Terms: Before rebate costs will vary, depending on system. Customer must sign SunPower contract between 02/15/2022 and 03/31/2022. Check with your SunPower dealer to confirm participation with this offer. To qualify, customer must finance a SunPower Equinox system through Technology Credit Union (TCU). Excludes customers who are purchasing a new home in communities where solar is included. Void where prohibited. Reward Card: SunPower Visa Reward Card issued by The Bancorp Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Reward Card expires six months from the date of issuance. Reward Card is subject to The Bancorp Bank’s terms, restrictions, and conditions, available at: https://www.thebancorp.com/support/fisgift/terms/;. This Reward Card is not redeemable for cash. This promotion is not sponsored by or endorsed by The Bancorp Bank or Visa. 2 Based on datasheet review of websites of top 20 manufacturers per IHS, as of April 2021. 3 Jordan, et. al. Robust PV Degradation Methodology and Application. PVSC 2018. 4 SunPower 400 W, 22.6% efficient, compared to a Conventional Panel on same-sized arrays (280 W multi, 17% efficient, approx. 1.64 m²), 8% more energy per watt (based on PVSim runs for avg US climate), 0.5%/yr slower degradation rate (Jordan, et. al. Robust PV Degradation Methodology and Application. PVSC 2018).

By HECO & SWELL Energy

If you have a solar + Tesla Powerwall system, the Home Battery Rewards program allows you to maximize its value to lower or eliminate your monthly utility bill — and potentially get a check each month.

How it Works

Swell Energy partners with HECO to manage your system along with all participants in the Home Battery Rewards Program. The system responds to a specific need on the grid, this includes holding energy in the battery to be able to respond to grid conditions, taking excess energy off the grid, or shifting energy from your battery to your home and the grid. The value of the program is based on the fact that your system can intelligently respond in real time.

Program Benefits

  • Your HECO bill will be reduced by the amount of the incentive, including reducing or eliminating all power charges and fees. If the incentive exceeds your minimum bill, you receive a check for the credits.
  • Your ability to back up your home or be prepared for major weather events is not affected.
  • You are making a meaningful contribution to Hawaii’s 100% renewable energy goal.
  • There is no cost to join, and you can opt out at any time.

Program Requirements

You must have a Solar + Tesla Powerwall System and be a Hawaiian Electric customer on O‘ahu, Maui, or Hawai‘i Island.

GET STARTED

Whether you’re just getting started with Solar and looking for more information or want to set up a hassle-free consultation, we’re here to help!