The US government provides a 30% tax credit for solar installations, which can be transferred from year to year if the customer is not required to take advantage of the credit in a tax year. Other energy sources such as fossil fuels, nuclear fuels, or geothermal energy are not eligible for this exemption. The Hawaii Foreign Trade Zones Program supports manufacturing and small business activity in Hawaii by encouraging companies to compete in export markets and encouraging the growth of new companies that import and export goods, including renewable energy and energy efficiency equipment. The 26% Efficient State Incentives Database for Renewable Energy (DSIRE) is a free and open resource that provides a searchable database of incentives and policies available for clean energy in each state.
Through this initiative and other incentives such as tax credits, a regulated rate, the current net metering program, and low-interest loan programs, Hawaii helps its residents make the transition to solar energy and its renewable cousins. Hawaii Energy, a public benefit fund managed by third parties, provides incentives for energy efficiency and conservation to customers of Hawaiian Electric Company (HECO) and its subsidiaries, Maui Electric Company (MECO) and Hawaii Electric Light Company (HELCO). The GreenSun Hawaii program works with several Hawaii lenders to provide financing for renewable energy and improved energy efficiency. A number of renewable energy technologies are classified as five-year properties (26 USC § 168 (e) ((B) (vi)) under the MACRS, which references Article 48 (a) (A) of 26 USC, often referred to as the Energy Investment Tax Credit or ITC to define eligible property.
This legislation also details the requirements for renewable energy and energy efficiency in Hawaii public schools. Under the Clean Energy Initiative, the DOE will help Hawaii's smallest islands transition to 100 percent renewable energy by 2030. Hawaii has established simplified interconnection rules for small renewable energy and independent standards for the rest of distributed generation (DG). Generating and storing your own solar energy at home can provide you with the renewable energy you need and the security you deserve for decades to come.
The Hawaii Department of Taxation oversees Hawaii's Renewable Energy Technology Income Tax Credit.
