Financing

Renewable energy is so beneficial in so many ways that our government has established programs to promote it and make it more affordable to homeowners and business owners to take advantage of the technologies available.

For a full description of the financing of renewable energy systems go to http://www.dsireusa.org/, DSIRE is a comprehensive source of information on state, local, utility and federal incentives and policies that promote renewable energy and energy efficiency.

You will find a brief description of the incentives we have available for homes and businesses from the State of Hawaii as well as the Federal government.

State of Hawaii Incentives

 

Renewable Energy:
solar water heater, solar space heater, solar thermal electric, PV and wind.
Sectors:
commercial, residential, multi-family.
Incentives:
Commercial: up to 35% or $250,000;
Single Family Residential: up to 35% or $2,250;
Multi-family Residential: up to 35% or $350 per unit.

 

Federal Incentives

The Federal Government provides a few different types of tax credit, grants, loans and exemption programs, they are well listed and detailed at DSIREUSA.org. Access them by clicking here for a full description on each program offered by the Federal Government.

Here is a summary of two basic types of Federal Incentives that are the best fit to most of our customers:

  • Business Energy Investment Tax Credit (ITC)
  • Residential Renewable Energy Tax Credit

 

Business
Incentive Type:
Corporate Tax Credit
Eligible Renewable/Other Technologies:
Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Solar Thermal Process Heat, Photovoltaics, Wind, Biomass, Geothermal Electric, Fuel Cells, Geothermal Heat Pumps, CHP/Cogeneration, Solar Hybrid Lighting, Fuel Cells using Renewable Fuels, Microturbines, Geothermal Direct-Use
Applicable Sectors:
Commercial, Industrial, Utility, Agricultural
Amount:
30% for solar, fuel cells and small wind;*
10% for geothermal, microturbines and CHP*
Maximum Incentive:
Fuel cells: $1,500 per 0.5 kW
Microturbines: $200 per kW
Small wind turbines placed in service 10/4/08 - 12/31/08: $4,000
Small wind turbines placed in service after 12/31/08: no limit
All other eligible technologies: no limit
Eligible System Size:
Small wind turbines: 100 kW or less*
Fuel cells: 0.5 kW or greater
Microturbines: 2 MW or less
CHP: 50 MW or less*
Equipment Requirements:
Fuel cells, microturbines and CHP systems must meet specific energy-efficiency criteria
Residential
Incentive Type:
Personal Tax Credit
Eligible Renewable/Other Technologies:
Solar Water Heat, Photovoltaics, Wind, Fuel Cells, Geothermal Heat Pumps, Other Solar Electric Technologies, Fuel Cells using Renewable Fuels
Amount:
30%
Maximum Incentive:
Solar-electric systems placed in service before 1/1/2009: $2,000
Solar-electric systems placed in service after 12/31/2008: no maximum
Solar water heaters placed in service before 1/1/2009: $2,000
Solar water heaters placed in service after 12/31/2008: no maximum
Wind turbines placed in service in 2008: $4,000
Wind turbines placed in service after 12/31/2008: no maximum
Geothermal heat pumps placed in service in 2008: $2,000
Geothermal heat pumps placed in service after 12/31/2008: no maximum
Fuel cells: $500 per 0.5 kW
Eligible System Size:
Fuel cells: 0.5 kW minimum
Equipment Requirements:
Solar water heating property must be certified by SRCC or a comparable entity endorsed by the state where the system is installed. At least half the energy used to heat the dwelling's water must be from solar. Geothermal heat pumps must meet federal Energy Star criteria. Fuel cells must have electricity-only generation efficiency greater than 30%.
Carryover Provisions:
Excess credit generally may be carried forward to next tax year
Start Date:
1/1/2006
Expiration Date:
12/31/2016
Web Site: