Cost & Savings – Rebates & Tax Credits
There is a 30% Federal Tax Credit, and on top of that there is a 35% Hawaii State Tax Credit up to $5,000 for residential homes or up to $500,000 for commercial business.
Cost per KW
Line tied systems are typical and require no batteries or generators cost approximately $5,000 per kilowatt installed.
Off grid systems that require large battery banks and backup generators typically cost about $8,000 per kilowatt for a complete installation.
Sizing your System
To size your system, you’ll need to estimate your power requirements. It is best to eliminate any large resistance loads. For cooking and clothes drying, gas should be considered. Domestic water heating should be done with solar water heating panels. If you have any existing electrical bill, you can refer to it to obtain your monthly kilowatt-hour load. Your daily load divided by the number of sun hours (4-6), will determine the size of your system.
EXAMPLE: (you will need a copy of your electrical bill to work this equation yourself)
A typical home using 25 Kilowatt Hours (KwH) per day with 5 actual Sun Light Hours per day. (this means your system will need to create the 25 KwH you use in 24 hours, in the 5 hours that the sun is shining)
25 KWH’s/day ÷ 5 Sun Hours/day = 5 KW System needed (this means that every hour the sun is shining you need to create 5 KiloWatts of power)
5 KW x $4000 (price per KW to install) = $20,000 est. cost. (our price per KW to install can fluctuate depending on equipment cost and job difficulty, it is best to obtain this from a SEC representative)
Net Cost After Tax Credits = $9,000.00 (the federal tax credit is 30% and the state tax credit is 35%(max $5,000) of the system cost)
Return on Investment: At 33¢/KWH = 18 months (at the current rate of 33¢/KwH, it will take just 36 months to earn back the money you invested on your solar system!)