Use one form n 342 for each system.
Hawaii solar tax credit form.
All or part of the credits and the revocation of the election to composite file.
1 income tax paid to another state or foreign country n 11 n 15 and n 70np filers attach copy of tax return s from other state s or federal form s 1116.
The credit is applied the same year when the system is installed and it is limited to 5 000 per system per year.
Since a pv system is defined as 5 kw installing a more powerful system would mean you d have 2 systems installed.
Fast tax reference guide 2017 4 pages 227 kb 02 16 2018.
A summary of state taxes including information on tax rates forms that must be filed and when taxes must be paid.
The state of hawaii also offers at 50 75 rebate for solar attic fans via local utility companies.
What is the solar tax credit in hawaii.
As a result of sb 855 in 2003 the tax credits were revised and extended to the end of 2007.
The expiration date for solar technologies and wind is based on when construction begins.
Since originally enacted in 1976 the hawaii energy tax credits have been amended several times.
2012 01 pdf temporary administrative rules relating to the renewable energy technologies income tax credit retitc.
Not bad just for putting up solar panels.
As we ve discussed on the hawaii solar incentives page here at hawaiisolarhq the tax credit in the aloha state is 35 of the cost of the solar installation or 5 000 whichever is less.
Outline of the hawaii tax system as of july 1 2019 4 pages 59 kb 2 26 2020.
While buying a solar system outright will make you directly eligible for hawaii s solar tax credits and incentives you also have the option to lease your system from as little as 0 down our flexible leasing options pass down solar incentives in the form of a low predictable monthly.
At sunrun we understand that everyone s financial situation is different.
Tax information release no.
The nice part about credit is that it combines with the federal solar tax.
See tax return instruction booklet for more information.
The federal business energy investment tax credit itc has been amended a number of times most recently in december 2015.
Retitc forms shortcut to form n 342 and instructions form n 342a form n 342b and instructions and form n 342c and instructions.
The hawaii solar tax credit allows homeowners to save up to 35 of the total cost of installing a solar pv system.
What s more with hawaii energy s rebate combined with state and federal tax credits you can save nearly 70 on the system purchase price in the first year.
General instructions purpose of form use form n 342 to figure and claim the renewable energy technologies income tax credit retitc under section 235 12 5 hawaii revised statutes hrs.
Reference sheet with hawaii tax schedule and credits.
