Traditional sources of power are becoming less popular and more expensive, while photovoltaic (PV) electricity is an increasingly valuable resource that will never run out! Despite a few cynics out there, PV panels have become an affordable and smart investment for many Hawaii homeowners.
Here are some of the most valuable benefits of installing PV panels:
Financial Incentives: It is a great time to invest in solar panels because there are state and federal tax subsidies to further promote renewable energy technologies. Homeowners in Hawaii can claim an income tax credit of 35 percent of the cost of equipment and installation of PV systems. The federal tax credit is equal to 30 percent of qualified costs. Another financial advantage of PV panels include feed-in tariffs, which are based on system size, technology and island. Property tax exemptions for alternative energy improvements in Honolulu and Kauai counties are also available. For more detailed information on these incentives, visit Hawaii State Energy Office.
Increase Property Value: Some experts say panels can increase the value of home property by 3 to 4 percent. PV panels have become less expensive and easier to install over the years, are very quiet and easy to maintain. Homeowners enjoy all the benefits of solar power while they live in their home, and can recover their costs with a significant return on investment when they sell. To calculate how you could financially benefit from PV panels, visit Economic Research Organization at the University of Hawai’i.
Reduce Electricity Bills: After PV panel installation, you may notice an immediate reduction in your electricity bill saving hundreds of dollars per month! PV panels can pay for themselves in a few years, and continue to save you money now that you rely on solar power. Additionally, future electricity bills will not increase as utility rates rise.
Improves National Security: Energy is derived from limited resources such as coal and natural gas. The more solar power produced, the United States will be less dependent on foreign oil and gas.
Environmentally Friendly: Solar technology produces zero harmful emissions, which combats climate change. PV is a clean, renewable resource provided by nature. Not only are PV panels cost effective, they also create a healthier environment with less air pollution making a positive impact for generations to come.
PV panels are a large investment, so ensure it is right for you. It is important to conduct research and compare options for panels and financing.
If you are interested in installing a PV panel system, Hawaii State Federal Credit Union offers its members a PV financing option of a 0 percent interest rate and no monthly payments for the first 24 months. To learn more, click here.