On Maui, homeowners have a unique opportunity to take advantage of various federal and state solar tax credits to help make the switch to solar even more affordable. Let’s explore the solar tax credits and incentives available to Maui residents, and how you can reap the rewards.
Federal Investment Tax Credit (ITC)
One of the most substantial incentives for homeowners is the Federal Investment Tax Credit (ITC). This credit allows you to deduct 30% of the cost of your solar energy system from your federal taxes. It’s important to note that this percentage is subject to change in the coming years. If you’re considering a home solar power installation, now is the best time.
Learn more about the Federal ITC
State of Hawaii Renewable Energy Technologies Income Tax Credit
In addition to the federal tax credit, Hawaii offers its own Renewable Energy Technologies Income Tax Credit. This credit allows homeowners to claim up to 35% of the cost of a solar energy system. With both federal and state incentives combined, homeowners in Maui can significantly reduce the overall investment required for a solar installation.
Explore the Hawaii State Tax Credits
Additional Benefits
In addition to tax credits, Maui residents in the past were able to take advantage of other benefits like net metering, which allows homeowners to sell excess energy back to the grid. This can offset the initial investment and lead to substantial long-term savings.
Conclusion
Investing in a solar energy system is not only a sustainable choice for Maui homeowners but also a financially savvy one. By taking advantage of federal and state tax credits, you can significantly reduce the cost of your solar installation.
Don’t wait! Join the growing community of eco-conscious homeowners in Maui.
Contact Maui Sun Solar and learn more about tax savings when you install a solar energy system on your home.
