How Much Money Do Solar Panels Save For Hawaii Resident

How much money you can save with solar depends on which island you live on and how much electricity you use.

How much money do solar panels save for hawaii resident. 30 federal solar tax credit 6000. Fortunately for us that gets knocked down quite a bit by the following. On average solar panels will save you over 1 100 per year on your electricity bills. Hawaii solar panel cost breakdown 5kw install.

The nice part about credit is that it combines with the federal solar tax credit which is also 30 off the the top of installation costs. Solar panel cost in hawaii the average cost for an installed residential solar system in hawaii is currently 11 837 after claiming the 26 federal solar tax credit. You can save money by going solar in hawaii the average hawaiian can spend an astronomical amount of money on their monthly utility bill. Everyone in hawaii can grab the us federal solar tax credit now stepped down to 26 of your costs still a significant savings.

State solar tax credit 5000. For an average sized 6kw solar system installed anywhere in the country solar panels will save about 1 500 annually. Many hawaiians report spending a nywhere from 300 to 400 a month on their electricity bill mainly due to the cost of importing energy from the mainland. Not bad just for putting up solar panels.

These savings are very real and their relative strength depends on the availability of local city and state incentives. And while the cost of solar panels has dropped more than 70 since 2010 according to the solar energy industries association batteries can cost as much as 10 000 to 15 000 including installation according to solar united neighbors. For an average size system of about 5 kw the out of pocket cost of the solar array would be 25 000. The time to go solar in hawaii is now if solar power here is almost 240 more cost effective than the rest of the nation 5 it wouldn t be wise to let another sunny hawaiian day go to waste.

In a nutshell a standard 5 kilowatt system will net you an estimated 11 000 back from both credits 4 while building home equity. As we ve discussed on the hawaii solar incentives page here at hawaiisolarhq the tax credit in the aloha state is 35 of the cost of the solar installation or 5 000 whichever is less. This is assuming a system size of 6 kilowatts which is common in the us. But the true cost of solar panels and whether they ll help you save money depends on a few key factors.