Solar Water Heater Hawaii Tax Credit

Local solar hot water incentives.

Solar water heater hawaii tax credit. Credit requirements to claim this credit you must complete and attach to your hawaii income tax return or hawaii franchise tax return. Wind facilities commencing construction by december 31 2019 can qualify for this credit the value of the credit steps down in 2017 2018 and 2019. Hawaii allows a 35 state tax credit with a cap of 2 250. With hawaii energy s limited time rebate of up to 1 500 state and federal tax credits you can get solar water heating for under 2 500.

For all other technologies the credit is not available for systems whose construction commenced after december 31 2016. 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 available for homes built after 2009. Hot water cool rates. See below for more information.

2012 01 pdf temporary administrative rules relating to the renewable energy technologies income tax credit retitc. Tax information release no. A 120 gallon solar water heater system starts at around 7 400 tax minus the rebate of 1 500. System as a substitute for a required solar water heater system under section 196 6 5 hrs then you must reduce your credit by the lesser of 35 of the actual system cost or 2 250.

An owner of real property that has a single family dwelling ohana dwelling farm dwelling duplex or double family dwelling unit s and who installs a solar water heater on the owner s property on or after january 1 2008 shall be entitled to a one time tax credit per tax map key of up to 300. 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. With hawaii energy s rebate combined with state and federal tax credits you can save an incredible amount on the system purchase price in the first year. 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.

State solar hot water incentives. Honolulu solar roofs initiative. Retitc forms shortcut to form n 342 and instructions form n 342a form n 342b and instructions and form n 342c and instructions. Solar water heater tax credit 1.

See our tax benefits page for links to tax forms. 2 renewable energy production tax credit ptc summary.