The Big Island has the highest electric rates in the nation.
A solar hot water system is a great way to cut your electric bill up to 40%!
What are the incentives for installing a solar hot water system?
- Helping Hawaii reach energy independence of 100% by 2045
- 35% State of Hawaii Tax Credit
- 30% Federal Tax Credit
- $300 Property Tax Credit
- $500 Rebate from Hawaii energy (Expires 6,2017)
The biggest incentive is how much you will save over the lifetime of your system: $12,000 to $30,000! This is money in your pocket. If electric rates go higher—as we all imagine they will—you will save even more.
How Much Will This Cost Me?
First, we do have several programs that offer 0% down AND 0% interest rate financing. If you qualify, you can use your savings to pay for the system. Typical payback period is a few years.
|Average Cost of Solar Water Heating System||$7,300|
|35% State of Hawaii Tax Credit||-$2,250 max.|
|30% Federal Tax Credit||-$2,127|
|$300 Property Tax Credit||-$300|
Note: Costs and tax credits are subject to change. Contact Kona Solar Service at 808-557-9988 for current costs and credits
The Bottom Line: Big Savings!
The payback time for a family of four with a $250 monthly electric bill and average usage (40%; $100/month for hot water) is about two years! Over the next 18 year (expected life of system), savings will be over $20,000!