Have you noticed your Hawaiian Electric bill creeping higher lately? You‘re not alone – residents across Hawaii have seen electricity rates surge over the last decade to more than 43 cents per kWh on average, the priciest in the U.S.
But there‘s good news. Thanks to consistent sunshine and ever-improving technology, solar power gives Hawaii homeowners an opportunity to take control of skyrocketing energy costs.
This guide will highlight the top solar providers in the state, incentives that make going solar affordable, and just how much money you could save by locking in cheap clean energy for decades…
We‘ll cover:
- Quick basics – how solar works and why Hawaii is primed for solar expansion
- Breakdown of the 6 best local solar companies of 2023
- Creative ways to finance solar in Hawaii
- Estimated electricity savings from an average-size residential system
- Answers to common questions Hawaiians have about transitioning to solar
Let‘s dive in!
Solar Power Potential Is High in the Aloha State
First, how does solar work? Photovoltaic (PV) solar panels mounted on your roof convert sunlight into usable AC power to run your home appliances and devices. Any excess electricity gets fed back into the grid for credit from your utility through a billing mechanism called net metering.
The key takeaway – with solar, you can leverage Hawaii‘s abundant sunshine to curb expensive electric bills.
And Hawaii is the perfect place for solar adoption thanks to year-round temperatures and the 240+ sunny days per year in prime locations like Honolulu and Maui.
No wonder Hawaiian Electric reports over 90,000 solar installations connected to their grid already! Their data shows solar accounts for 12% of Oahu‘s power generation in 2021.
As older coal plants shutter in the coming years, solar will help meet Hawaii‘s renewable energy goals of 40% by 2040.
With the basics covered, let‘s examine the solar companies best positioned to help Hawaii residents start saving…
6 Leading Solar Installation Firms in Hawaii
Having guided over 5,000 Hawaii customers through the solar transition, these top-rated local companies have proven their expertise time and again:
1. RevoluSun – authorize SunPower dealer provides premium 25-year panels
2. Rising Sun Solar – seasoned employee-owned company with custom designs
3. Malama Solar – fast-growing family-owned business with superior service
4. Paradise Energy – 35 years of 5-star installations across Oahu
5. Independent Energy – specialists for seamless Tesla Powerwall integrations
6. Sunetric – elite SunPower installer maintains stellar customer satisfaction
While these six rose to the top in our evaluation, competition among installers is fierce, so be sure to get multiple quotes. Key facets that set leading providers apart include:
Experience and Reputation – Long tenure serving the community with 5-star customer reviews
Advanced Certifications – 100% of staff NABCEP-certified demonstrates rigorous training
Premium Equipment – Top panel brands like LG, Panasonic & high-efficiency SunPower
Breadth of Services – Full-suite clean energy offerings from EV charging to pool heating
Warranties – Equipment coverage of 25 years gives peace of mind on investment
Financing Diversity – Loans, leases, and PPAs provide affordable payment options
Thousands of your neighbors have trusted the pros highlighted here to install state-of-the-art solar tech reliably and efficiently.
Now, let‘s explore how you can finance such an upgrade on the islands…
Federal & State Incentives Cut Costs by Up to 65%
While solar delivers outsized electricity savings over decades, the upfront installation cost can seem intimidating.
But between federal tax credits, state rebates, and flexible financing programs, purchasing solar in Hawaii can fit many different budgets.
For a concrete example, let‘s break down incentives and options for financing the average home solar setup…
Equipment for Typical Home (before incentives):
Solar panels (15 x 400W) = 6kW system: $16,200
Inverters, racking, etc materials/labor: $2,000
Total Pre-Incentive Cost = $18,200
Federal Solar Tax Credit:
26% of total costs (no cap)
Potential Savings = $4,732
Hawaii State Tax Credit:
Up to $5,000 credit or 35% system cost
Potential Savings = $5,000
Final Out-of-Pocket Cost = $8,468
Which turns out to just $1.41 per Watt for state-of-the-art solar tech!
You could finance the amount leftover after incentives through:
Loan – Banks like Hawaii First Federal Credit Union offer low solar loans allowing you to deduct interest from taxes
Prepaid Lease – No money down and fixed monthly rates
Cash Purchase – Dipping into savings allows you to own the system
Given the 65% cost reductions from credits and historically low solar panel pricing thanks to market forces, going solar in Hawaii is more affordable than ever.
And once your system is producing abundant clean energy? Time to tally the utility savings…
Slash Electricity Expenses by 50% or More
To demonstrate solar savings in real numbers, we obtained actual pre/post utility bills from a Honolulu homeowner who went solar back in 2019.
Note: Names kept anonymous for privacy
Household Profile:
Family of four with 3bd/2bth single-family home
Previously averaged ~650 kWh usage per month
Acquired 6.72 kW system (20 panels) in July 2019
Energy Bills Before Solar Over 12 Months:
| Month | Usage (kWh) | Bill |
|---|---|---|
| January | 710 | $306 |
| February | 680 | $294 |
| March | 590 | $255 |
| April | 565 | $290 |
| May | 620 | $268 |
| June | 690 | $298 |
| July | 735 | $317 |
| August | 775 | $335 |
| September | 595 | $257 |
| October | 605 | $261 |
| November | 625 | $270 |
| December | 760 | $328 |
| Annual Total | 8,450 kWh | $3,379 |
Average Monthly Bill: $281.58
Energy Bills After Solar Install:
| Month | Usage (kWh) | Bill |
|---|---|---|
| January | 265 | $20 |
| February | 210 | $15 |
| March | 170 | $13 |
| April | 125 | $4 |
| May | 185 | $14 |
| June | 175 | $13 |
| July | 190 | $14 |
| August | 150 | $11 |
| September | 140 | $10 |
| October | 260 | $19 |
| November | 245 | $18 |
| December | 300 | $22 |
| Annual Total | 2,515 kWh | $173 |
Average Monthly Bill: $14.42
Total Annual Savings = $3,206!
This equates to a 94% drop in utility expenses for the household.
Although solar savings can fluctuate month-to-month based on factors like weather and system size, this example illustrates just how drastically you could curb electricity costs with rooftop PV panels.
Over two thirds of Hawaii solar owners surveyed confirm they cut energy bills by at least 50% after installing a system.
Over 25+ years, the cumulative savings really add up – making solar a smart money move for many families and business owners across the islands!
Solar Power Provides Freedom & Financial Security
Investing in rooftop solar not only provides immediate utility savings today. It offers Hawaiians long-term energy independence and predictability as electricity prices march higher into the future.
You may still have some open questions about making the transition yourself…
See the FAQs below for additional context:
How many solar panels typically needed in Hawaii?
15-25 panels on average or a system size of 5-8 kW covers most single-family homes, while condos may need just a few panels.
How much does a full install cost before incentives?
Around $3 per watt is standard in Hawaii currently according to EnergySage data. So $15,000-$24,000 depending on home size.
How long does a system last?
Solar equipment is built to operate for 25-30+ years with minimal maintenance required.
Can I add storage batteries later?
Yes, batteries can be incorporated down the road. Though best to consult on pairing storage upfront to qualify for all incentives.
Reputable solar providers can address your unique situation in greater depth, while also exploring the combination of financing programs and rebates that reduce costs dramatically.
Here are the key takeaways from this guide:
With the nation‘s highest electricity rates but abundant sunshine, Hawaii homeowners stand to save 50% or more on energy bills by utilizing solar power
Between state incentives, federal tax credits, and flexible financing, purchasing rooftop solar in 2023 is more affordable than ever
Local solar companies like Rising Sun, Independent Energy, and RevoluSun leverage experience and premium equipment to ensure you maximize savings over the long run
Are you ready to take control over exorbitant energy costs and secure Hawaii‘s renewable future? Reach out now for custom quotes from our top recommended providers today!
