Homeowners in Honolulu, Maui and Hawaii counties are no longer able to claim a $1,000 instant rebate for the installation of solar water heating systems because federal funding for the program has been exhausted.
However, there is still a $750 rebate available to those who choose to finance their solar water heating systems with a low- or zero-interest loan offered by participating lenders, according to Hawaii Energy, the program charged with administering the state’s energy efficiency program. In addition, homeowners can still claim a 35 percent state tax credit and a 30 percent federal tax credit for installation of the systems. Using all available incentives the $6,600 average cost of a solar water heating system can be reduced to $2,048, according to Hawaii Energy.
Hawaii Energy also said it is planning another enhanced incentive program starting July 1, and has started a wait list for interested homeowners.
For more information on Hawaii Energy’s interest rate buy-down program visit: http://hawaiienergy.com/94/hot-water-cool-rates.