Government Rebates for Solar Panels
The Economic Benefits of Solar Energy
Federal Tax Credits
The federal Solar Investment Tax Credit is currently 26% and applies to the cost for Photovoltaic or Solar Hot Water Systems along with any necessary costs to prepare your Roofing System. You will need to act soon to take advantage of this credit because it has been “stepping down” rapidly and will step down to 0% in 2024.
Hawaii State Tax Credits
The Hawaii State Energy Tax Credit is currently 35% and applies to the cost for Photovoltaic or Solar Sot Water Systems.
The credit is capped at $5000 per 5KW for Photovoltaic Systems and capped at $2250 for Solar Hot Water Systems.
As always, we highly recommend you consult with your accountant on all matters tax related.