Family First Solar Helps Hawai’i Residents Take Advantage of State and Federal Tax Credits

With individuals, families, and businesses continually feeling the stress of inflation and the rising prices of petroleum, Family First Solar provides Hawai’i residents with a way to become energy self-sustaining.

Learn more about Family First Solar and its offerings at www.familyfirstsolar.com.

HECO, or Hawaiian Electric Company, has already been increasing rates, with many residential consumers commenting that their bill has doubled in the last year. But electric users on Oahu can expect another rate hike come January 2023 if the proposed HECO change is accepted.

A recent report from local news shared that Hawaiian Electric claims they aren’t profiting from the rate hikes but merely have to pass along increases in their own operating costs.

Still, for those interested in other options, Family First Solar provides a way for residents to trade their energy bill for a solar panel financing plan and lock in their energy independents partnering with local banks right here on the islands. Consumers who own their system outright benefit from free or very low-cost energy that will last a lifetime.

Family First Solar owner, Kevin Medeiros, is making sure that Hawai’i residents know about both the federal and state tax credits that are available to help offset the upfront cost of going solar. The federal tax credit will give a dollar-for-dollar reduction of taxes for 30% of the install cost. This percentage will go down over time, although the Solar Investment Tax Credit (a part of the Inflation Reduction Act) will allow consumers to take advantage of the credit for longer than initially stated.

And on top of that, Hawai’i offers a 35% tax credit. With these credits available for a temporary period and energy bill increases a very present reality, more and more Hawaii residents are turning to solar to save money and to reduce their environmental footprint. Medeiros explained,

“Some of our competitors only offer cookie-cutter solar systems, which often leaves the homeowners paying two bills, one to the electric company and the other to the finance company. We customize all our proposals based on a homeowner’s actual usage, so we can create solutions that will knock out that utility bill. That way, they are only paying one fixed bill.”