Are you looking for the best solar financing options on Maui?
Financing a solar system on Maui is a lot easier than most people assume on the island. There are lots of solar financing options on Maui making it easier for many homeowners to go green with a solar system.
Affordable solar financing options on Maui
We’ve made a list here to make it easier for you to choose the right solar financing options on Maui:
Clean Energy Credit Union
Clean Energy Credit Union is a leading financial institution that is committed to offering solar financing options on Maui in the form of loans to homeowners assisting them in acquiring clean energy services and products. These various services and products include solar systems for generating clean energy.
Home Equity Line of Credit (HELOC) loan is one of the solar financing options on Maui. One of the key perks of HELOC loans include increased savings and low interest rates. Some of the homeowners on Maui have successfully financed their solar systems with HELOC loans. You can read more about Maui solar financing and PV loans.
Some homeowners solar financing options on Maui include personal loans. These loans are some of the easiest to get. If you have a good credit score, you can easily access various personal solar loans in no time. You can read about the key factors to consider before getting solar loans on Maui.
Unsecured loans are among the easiest types of loans to get. These loans are among the various solar financing options on the island. The best part is these types of loans are easy to get. However, their interest rates aren’t deductible and can vary from 5% to 10% depending on the amount of the loan and the terms.
Maui residential solar tax credits
Maui residential solar tax credits are various federal and state government incentives that makes going solar affordable for homeowners on the island through various solar financing options. The following are the various types of Maui residential solar tax credits:
Federal solar investment tax credit
Homeowners who install a solar system until December 31, 2022 are eligible for the federal government’s 26% solar tax credits.
Regardless of if you buy your solar system with or without a home battery, you’re still eligible for the 26% federal tax credits as long as your solar system is installed before the deadline. On Maui, the residential investment tax credit will be lowered to 22% by 2023 and ends in 2024. Getting a solar system now and not later is the easiest way to make the most of this tax credit.
Renewable Energy Technologies Income Tax Credit (RETITC)
RETITIC is a 35% state solar tax credit. This tax credit is available to purchased residential solar system in Hawaii. RETITC rewards homeowners with a maximum of $5000 tax reduction. One of the key perks of this incentive is that if your RETITC is higher than your taxes due, you can carry your credit forward until it is used.
Green Energy Money Saver Program (GEMS)
Moderate income homeowners on the island are eligible for special on-bill financing for their solar system. Some of these special billings include solar water heaters, home batteries, and other Hawaii energy boosting systems.
If you’re interested in becoming eligible for GEMS, it is mandatory for your power source to be either Hawaiian Electric (HECO), Hawaiian Electric Light (HELCO), or Maui Electric (MECO).