The average home solar-system ranges anywhere from $10,000 - $50,000. In order to ease the financial burden of upfront, out-of-pocket costs, Hawaii Energy Smart is working with First Hawaiian Bank and other “Green Lenders” to assist you with upfront costs.
Federal and State credits for 2010:
For Residential Solar Electric Systems:
-30% Federal Energy Tax Credit (no cap)
-35% State of Hawaii Tax Credit ($5000 cap)
For Commercial Solar Electric Systems:
-30% Federal Business Energy Tax Credit (no cap)
-35% State of Hawaii Energy Conservation Tax Credit ($500,000 cap)
-Federal and State Accelerated Depreciation
Let’s use an example:
Say your system cost is $30,000.
The Federal Credit would be $9,000 along with the State Credit of $5000.
That’s a total combined credit of $14,000.
So:
| System Cost: |
$30,000 |
| Fed & State Credit: |
- $14,000 |
| Total Cost: |
$16,000 |
If you finance the installation, often times your loan payment
will be less than what your monthly power bill was. |
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