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The average solar water heating system can cost between $6,300 and $7,200 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 two rebates to help you offset costs:
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.
Our Hot Water, Cool Rates offer helps Hawaii residents finance a new solar water heating system through one of our many Participating Lenders. We provide a $1,000 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.
To make it easy for you, we’ve provided you with the examples below, which shows how Hawaii Energy’s solar water heating rebates, combined with federal and state tax credits, can substantially reduce the cost.
|Average Cost of a Solar Water Heating System*||$6,600+|
|30% Federal Tax Credit
($5,600 X 30%)
|35% State Tax Credit
($5,600 X 35%)
|NET SYSTEM COST TO CUSTOMER||$1,960|
|Average Cost of a Solar Water Heating System||$6,600+|
|30% Federal Tax Credit
($6,600 X 30%)
|35% State Tax Credit** ($6,600 X 35%)||($2,250)|
|Potential Interest Charges for Financing SWH System||$1,000|
|Interest Buy Down Rebate
(Paid to Participating Lender)
|NET SYSTEM COST TO CUSTOMER||$2,370|
*$6,600 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. **Hawaii Revised Statue § 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.
For both rebates, first find and contact a Hawaii Energy Participating Contractor to learn more today.
For those interested in the Hot Water, Cool Rates offer, after you’ve selected a Participating Contractor, contact one of our many Participating Lenders in Hawaii, Honolulu or Maui county to learn more today.
For questions or additional information, please call Hawaii Energy at (808) 537-5577 or toll-free at (877) 231-8222.