San Francisco | Homeowners In Hawaii Get Windfall With Solar Power | Mortgage residential and commercial home loans SF

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While the federal government has created incentives for going solar, they are but a drip in the bucket compared to incentives being offered in Hawaii.

Homeowners In Hawaii Get Windfall With Solar Power

There is a move afoot to wean ourselves from fossil fuels. The federal government has attempted to promote the use of solar among homeowners through tax credits. The state of California has recently supported this by passing over three billion dollars in similar incentives. Alas, Hawaii has trumped them all, making it foolish not to go with solar power.

Governments are infamous for promoting societal changes via peoples’ bank accountants. Do what the government asks and you save money. Fail to do so, and you will spend far more. Hawaii has taken this approach to a new level.

To promote solar use by homeowners, the state has passed some amazing incentives. Homeowners converting their residences to solar get an upfront tax credit of up to $5,000. A tax credit is far more valuable than a tax deduction because it is applied directly to the amount of tax you owe, not your gross income. In this case, going solar more or less wipes out any state tax bill you would have. Talk about motivation!

On top of panel systems, Hawaii has moved to promote thermal and water heating through solar. Those installing solar thermal systems get back 35 percent of the actual cost or $2,500. If you prefer to go with a solar water heating system, the state is forcing utilities to give it to you for free upfront. A small monthly payment is then added to your utility bill until the system is paid off. Given the cost savings of solar water heaters, this essentially means you get the system for free.

Showing that the state is serious about solar, it has offered outrageous tax credits to commercial property owners as well. If a commercial property is converted to solar in Hawaii, the owner can get between $250,000 and $500,000 in tax credits. That is an absolutely huge number.

Obviously, Hawaii is a state with year around sun. Now homeowners can enjoy it at the beach and on their tax return.

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