Financial incentives are high (but they won’t be around forever!).
If you’re wondering, “Should I buy solar panels now or wait?” The answer is “you might as well do it now to ensure you get all tax benefits of going solar.” The federal income tax credit is set to expire on Dec. 31, 2023.
In addition, “Unlike the
federal tax credit, the state tax credit has no expiration,” says Mallory Fujitani, public information officer
and state legislative coordinator for the State of Hawaii Department of Taxation. However, it is always within the purview of the state legislature to amend the law if it believes that the state’s policy of offering a tax credit needs to be modified.” In fact, due to the disastrous impact of the COVID-19 virus on Hawaii’s economy, the state credit is being re-evaluated right now by the State Legislature.