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• Solar Water Heater Rebate-Hawaii Energy

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As of May 25, 2011, the additional American Recovery and Reinvestment Act (ARRA) funds directed by the Department of Business, Economic Development and Tourism (DBEDT), State Energy Office to fund the $1,000 solar water heating incentive have been exhausted.

However, Residents who wish to finance their solar water heating systems may still take advantage of the Hot Water, Cool Rates (solar loan interest buy down) offering. For cash purchased solar water heating systems, Hawaii Energy will immediately be taking a waitlist for its next program year beginning July 1, 2011 upon approval of program funding by the Hawaii Public Utilities Commission. State and federal tax credits are still available.

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Hot Water, Cool Rates

The Hot Water, Cool Rates program aims to install 1,355 solar water heating systems on Hawaii, Maui and Oahu. This effort will help to reduce the state's dependency on imported oil and lower electricity costs by encouraging energy efficient and renewable energy technologies.

Why Solar Water Heating?

• 30% Federal tax credit*
  
• 35% State of Hawaii tax credit*
  
• One-time property tax credit for County of Hawaii
  
• 90% of the energy used to heat water is provided free by the sun, which could save about $10 to $15 per person each month or $600 per year for a family of four
  
• Water heating costs account for 35% or a majority of the average residential electricity bill (in a non-air conditioned home)
  
• Participating Contractors are trained, licensed, insured and in good standing with the Better Business Bureau (BBB)
  
• Participating Lenders are offering a 0% interest or low interest loans available to qualified applicants

Financing Your Solar Water Heating System
Hawaii residents who finance a new solar water heating system to replace their old electric water heater through a Particupating lender are eligible to participate in this program that currently offers select financial institutions (Participating Lenders) a $1,000 incentive to buy-down the interest rate to 0% or a low rate for borrowers.

Average Cost of a Solar Water Heating System	$6,600+
30% Federal Tax Credit ($6,600 X 30%)	($1,980)
35% State Tax Credit ($6,600 X 35%)	($2,310)
Potential Interest Charges for Financing SWH System	$1,000
Interest Buy Down Rebate (Paid to Participating Lender)	($1,000)
NET SYSTEM COST TO CUSTOMER	$2,310

The average family of four saves $50 per month.
+ $6,600 is the average system cost for the average size system for existing home retrofits. Your price will vary as different household needs require different sizes of solar hot water systems. Contractor charges also vary.
++ $2,250 is the maximum state tax credit.
ref no:9926

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