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Estimated/Sample Cost
(Single Family, one story, asphalt single roof)
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*Average Cost of solar water heating system $6,600
Less Hawaii Energy ** Instant Rebate -$750
Customer Payment to the Contractor $5,850
Federal Tax Credit (30%)* ($5,850 X 30%) - $1,755.00
State Tax Credit (35%)* ($5,850 X 35%) - $2,047.50
NET SYSTEM COST TO CUSTOMER $2,047.50
*$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.
**Hawaii residents who replace their electric water heater with a solar water heating
system, without financing through the “Hot Water, Cool Rates” program, may receive
a limited-time bonus rebate of $750. This will double the current $750 instant rebate
to $1,500. This increased rebate will be available until funds run out (increased
funding provided by ARRA) or until May 31, 2011.
This example is for illustrative purposes only and should NOT be considered tax
advice. Consult with your tax advisor, IRS, or state tax office to determine how these
credits should be calculated for your own individual situation.
** HE Rebate Program applies to replacement of electric
heaters only
Governor Signs Bill To Help Reduce Energy Usage
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