Boston-based GTM Research recently released a report stating that the cost of photovoltaic (PV) panels fell an average of 50 percent per Watt last year in Hawai'i. Currently down to 90 cents per Watt from its previous high of $1.80, the report expects the price to fall as low at 70 cents before the end of 2012.
According to local industry experts, the falling costs amount to a savings of 20 percent off of the total cost of an installed PV system. The lower prices are a result of reduced costs of the panels themselves, along with higher competition among PV installers throughout the state.
Hawai'i and the federal government currently offer tax credits for new solar PV system installs. Systems installed before 2016 qualify for a 30 percent federal tax credit. The Hawai'i Energy Tax Credit allows a claim of 35 percent of the cost of PV equipment on income tax refunds.
Solar energy is becoming more affordable in Hawai‘i.
For more information, visit www.hawaiienergy.com/16