The cost of solar in Hawaii depends on various factors. These factors make the actual cost of solar in Hawaii different from one home to the next.
Whenever the cost of solar in Hawaii is mentioned, we’re usually referring to the entire solar installation, not just the panels. The total installation includes both the equipment (panels, inverters, and wiring) and the labor.
Keep in mind that the entire ROI, or return on investment, is what you’re after, not just the system price. Solar is an investment, and in states like Hawaii, the cost of solar is modest when compared to the amount of electricity you will save over the system’s lifetime. Solar is the only home improvement that pays for itself, as we like to point out.
Tax credits, rebates, and incentives can help to cover a significant amount of the cost of solar in Hawaii. Check out our previous posts on the Hawaii solar tax credit and solar incentives.
Let’s take a look at the price and the types of numbers you might see since you’re interested in the cost of solar in Hawaii.
What’s the cost of solar in Hawaii?
The true cost of solar in Hawaii, of course, is determined by a number of factors. Prices will vary based on the quality of the modules, where and by whom they were built, the size of your residential system, and the amount of space needed to install the panels.
In the end, a new solar system for your home could be far less expensive than you anticipate. However, you should speak with a professional to acquire a precise estimate of the price of solar panels in Hawaii.
Return on investment for a 5kW solar array
Expect a 4-5 year payback time for this solar system. That’s right, while you may be out a few thousand dollars at first, your solar (investment) system will pay for itself in a matter of years. There are certainly other financing options, but we’re presuming you want the fastest payback, which can only be obtained by purchasing the system entirely.
More so, you’ll most likely make six figures in electricity savings over the following 20 years. If you plan on living in your home, solar panels are a financial no-brainer. (Even if you don’t, the panels will increase the property’s worth).
Electricity bills will be reduced by over $200 per month. Considering the current cost of electricity in Hawaii, going solar is a smart choice on the island.
How to estimate the cost of solar panels for your home?
Getting a solar quote from a reputable solar installer is the best method to discover the true cost breakdown for your home.
Before using quote software, bear the following in mind: A solar installer would typically inspect your roof for things like shadowing and appropriate panel positioning. They’ll also size the system to fit your needs, which is the most critical aspect of the system’s cost as well as calculate the number of solar panels installed on your roof.
Just keep in mind that the price of solar in Hawaii is affected by a variety of factors, but going solar will save you a lot of money in the long run.