The Cost of a Solar Water Heating System
In Hawaii, the average solar water heating system can cost about $8,000 on average depending on the tank size and need. We help to make getting a solar water heating system installed in your home both easy and affordable. We provide some options to help you offset costs:
Instant Rebate $750 INSTANT REBATE
This instant rebate immediately reduces the amount you pay to your contractor. Once your installation is complete and verified, we reimburse your contractor for the amount of the rebate. It’s a win-win for all.
Hot Water, Cool Rates Financing Program
Our Hot Water, Cool Rates offer helps Hawaii residents finance a new solar water heating system through one of our many Participating Lenders. For a limited time, we provide up to a $750 incentive for Participating Lenders to buy down the interest on your loan. The lender will then provide you with a zero or low interest rate loan depending on your credit and/or the financial institution.
Sample Cost Savings
To make it easy for you, we’ve provided the example below, which shows how Hawaii Energy’s solar water heating rebates, combined with federal and state tax credits, can substantially reduce the cost.
*$7,000 is the average system cost for existing home retrofits. Your cost may vary as different household needs require different sizes of solar water heating systems. Contractor prices may also vary. Check with an appropriate taxing authority for your tax credit eligibility. **Hawaii Revised Statute § 235-12.5 (b)(1)(A) caps the credit at $2,250 per system for single-family residential properties.
In addition to Hawaii Energy’s rebate, you may be eligible to receive additional federal and state tax credits. Tax credits often reduce the amount of tax you owe dollar-for-dollar. State and federal tax credits are subject to change, as such, please consult your tax professional for further information.