The recent passage of the Inflation Reduction Act brings clean energy benefits and means great news to homeowners who want to Go Solar. $370 billion in renewable energy and climate change is part of the Act, along with extending the Solar Investment Tax Credit until 2032 and increasing it to 30%.
The Solar Investment Tax Credit (ITC) means homeowners could get back nearly a third of the cost of their Solar system. Beginning in 2023, the 30% tax credit can also be applied to a Solar battery for energy storage.
“It’s going to alleviate some stress towards the end of this year. Customers have some time to plan their Solar projects now. Ultimately for planet Earth, it’s a great thing, because it’s going to continue to incentivize people to go Solar, which is going to help us save the planet one house at a time.” – says Ben Parish, president and owner of SunPower by Eco Solar Hawaii
How to know if you’re eligible for the Solar Investment Tax Credit and what’s included
If you purchased and installed a new solar photovoltaic (PV) system for your primary or secondary residence between January 1, 2006 and December 31, 2034, you are eligible for the tax credit. Your credit applies to your panels or cells, labor costs, other equipment, batteries and other energy storage devices, and your sales tax.
What is the Hawaii Solar Tax Credit?
In addition to the Federal Tax Credit, Hawaii residents can also get a 35% Renewable Energy Technologies Income Tax Credit (RETITC) when purchasing a home Solar system. The credit is capped at $5,000 per 5 kW system. Visit the Hawaii State Energy Office to learn more.
Now is the best time to Go Solar
In addition to your pocketbook, installing or upgrading your SunPower by Eco Solar system has other benefits. Solar power reduces use of coal and other fossil fuels, helping Hawaii get closer than ever to its 100% clean energy goal. It’s an easy way to help reduce your individual carbon footprint and limit your personal pollution. Plus, the tax credits and incentives make it simple to offset your investment costs. With the cost of electricity rising year over year, the best time to Go Solar is now.
Ready to Go Solar or upgrade your existing Solar System with SunPower by Eco Solar? Contact your Solar System Designer to get started.