The Cost of a Solar Water Heating System
In Hawaii, the average solar water heating system can cost about $8,500 on average depending on the tank size and need. Our programs aim to make getting a solar water heating system installed in your home both easy and affordable. Check out these options to help you offset costs:
Instant Rebate
$1,500 INSTANT REBATE
This instant rebate immediately reduces the amount you pay to your contractor. Work with one of our Clean Energy Allies to receive the instant 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 $1,500 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
This example shows how, after rebates and tax credits, installation costs are much more affordable.
*$8,500 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.
Resources
Tax Credits
In addition to Hawaii Energy’s rebate, you may be eligible to receive additional tax credits through the state and through the Inflation Reduction Act. These can greatly reduce the amount of tax you owe dollar-for-dollar. Federal and state tax credits are subject to change, as such, please consult your tax professional for further information.
How To Get Started
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.
Why Switch to Solar Water Heating?
Switching to a solar water heating system can save you up to 40% on your electric bill (over $1,900) a year. That’s enough to buy 800 pounds of rice!
Start saving today, contact a Participating Contractor: