Unfortunately, we all know electricity rates in Hawaii are the highest in the nation, this leaves us with few options to mitigate and overcome the elevated cost of energy on the islands.

Cash Purchase

Many customers elect for a cash purchase of their system, this is the quickest path to ownership alleviating all financing options. While the upfront cost can be considerable, in Hawaii we have one of the quickest return on investments in the nation due to our elevated cost of Electricity! When you factor in Tax credits and the monthly savings the average customer will have a 4-7 year return on investment! As electricity rates continue to climb over time the return on investment time frame shortens.

Financing Options

Option One

For a large number of customers financing a solar system makes the most financial sense, The first of the most favorable solar loan options in Maui are with HSFCU (Hawaii State Federal Credit Union). With this option the first 18 months of the 8 year loan term come at no payment no interest. This is ideal, it gives you plenty of time to save on your monthly power bill, realize the Tax rebates and throw a large payment at the loan before the 18th month mark. This will re-amortize your loan for the remainder of the term. There is no penalty for paying off the entire loan early, many customers utilize the first 18 months for the benefit of having no payment no interest and pay off the loan before the payments and interest begin. To qualify you must be a Hawaii resident and open a savings account temporarily. HSFCU will loan up to 75,000 for your renewable energy system!

It’s easy! We will help you every step of the way! Learn more on their website. https://www.hawaiistatefcu.com/pv-loans/

Option Two

Maui County Federal Credit Union offers an excellent solar loan option as well. Similar to our first option Maui county Federal will loan you up to 75,000 for a solar loan with no pre payment penalty. Chose from a short 1-5 year loan or a longer 5-10 year loan option. To qualify for either of these two options you must be a Hawaii resident. Learn more here https://www.mauicountyfcu.org/borrow/solar-loans/

Option Three

Home Equity Line of Credit. A HELOC loan is another excellent option that typically offers a low interest rate. Contact your personal bank for more information about this option.