Extensive new research shows that three of four PV owners would have reconsidered solar power investment without the renewable energy tax credit. The Blue Planet Foundation recently announced key findings of a statewide study on the impacts of the state renewable energy tax credit on solar photovoltaic (PV) adoption behavior by Hawai'i residents. The quantitative study shows that installation costs and the potential cost savings from solar power heavily influence consumer attitudes toward solar PV systems. Among the study results, the top two most compelling reasons for PV owners to install a PV system were to lower or eliminate their electricity bill or to take advantage of the tax credit.
The study was the first of its type in examining exactly how the credit affects solar adoption behavior in Hawai'i. Previous economic analysis by Blue Planet found that the use of solar benefited the state economy, with each dollar of tax credit yielding $2 to $3 in direct benefit to the state budget.
"The tax credit clearly works," said Blue Planet Foundation CEO Jeff Mikulina. "This market research demonstrates just how effective it is in motivating homeowners to go solar. Without the incentive, Hawai'i wouldn't have had the success we've had in replacing oil with sunlight."