Understanding the NEM+ TariffHonolulu County, which consists of the entire island of Oahu, is pushing nearly 1 million residents, according to United States Census Bureau estimates. With more than 70% of Hawaii’s population living in Honolulu, energy independence and affordability on the island is of paramount importance, sending homeowners in search of solar panel installation in Honolulu.
Solar energy in Honolulu helps provide energy independence and affordability, as Honolulu boasts an average of 271 sunny days per year. More than one-third of homes on Oahu now have solar energy powering them, with nearly 6,000 new solar energy systems installed islandwide in just 2020.
The cost of electricity on Oahu is about three times higher than the average electric bill nationwide, due to the state of Hawaii not producing natural gas or other fossil fuels for its own energy consumption. However, residents of Honolulu can install solar panels and erase a lot of that need for outside electricity.
To help, Hawaiian Electric and local energy officials have been upgrading the energy grid to accommodate for more user-generated electricity. Further, KumuKit™ has smart-battery technology integrated into its systems to allow for solar energy that was generated in the day to be stored for nighttime use, increasing efficiency. The KumuKit™ battery, which comes preprogrammed to adapt to evolving energy requirements, even has an emergency backup feature to help keep you powered if there is a grid outage.
Honolulu is also a terrific place to harness solar energy because realtors and real estate experts say it helps boost home value on the resale market, given it’s a feature many home seekers search for when looking to make a purchase. Whether they want to help mitigate the effects of climate change, have the ability to use more solar and less electricity to help save money, or both, having solar energy in Honolulu has transitioned from being an amenity into a necessity.
Getting solar panel installation in Honolulu has never been easier and it’s more affordable than you may realize. The cost of purchasing a solar energy system in Honolulu has dropped by more than 80% in the last decade and generous tax credits are available, both from the state and federal governments.
The state provides the Renewable Energy Technologies Income Tax Credit (RETITC), which allows residents to claim a 35% credit of up to $5,000 in savings when they file their taxes. The federal government is providing a federal tax credit of 30% through the end of 2023, and then the percentage is set to decrease to 22% in 2023 before the credit is altogether phased out by the end of that year, unless the federal government makes changes to its incentive program.