Maui Business

Hawaii Energy Increases Solar Water Heater Rebate

March 11, 2013, 11:59 AM HST
* Updated March 11, 12:01 PM
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Courtesy photo.

Courtesy photo.

By Sonia Isotov 

For a limited time, Hawaii residents will be able to receive a $1,000 instant rebate for the installation of a new, qualifying solar water heater, according to a news release by Hawaii Energy, the energy efficiency and conservation program for Hawaii, Honolulu and Maui counties.

Hawaii Energy recently increased increased its instant rebate on new, qualifying solar water heating systems from $750 to $1,000.  Residents are advised to act soon, as this rebate is only for a limited time.

“If residents haven’t already done so, now is the time to take advantage of our increased rebate for solar water heating systems,” said H. Ray Starling, the program director for Hawaii Energy, in a written statement.

“Don’t put it off until next year, or wait for that old energy-guzzling electric water heater to fail, because rebates, as well as state and federal tax credits are subject to change.”

For residents that would like to avoid upfront expenses, Hawaii Energy offers an interest buy-down option called “Hot Water, Cool Rates.”  Available in lieu of the instant rebate and through participating lenders, Hawaii Energy provides a $1,000 to the lender to buy down the interest on a qualifying solar water heating loan.

The lender then provides a zero to low interest loan depending on the applicant’s credit and other factors determined by the lender.  Residents can choose from a list of local banks and credit unions.

“With the average cost of a solar water heater approaching $7,000, many homeowners may seek financing to pay for their systems,” added Starling.  “Hawaii Energy’s Hot Water, Cool Rates option makes it possible for more Hawaii residents to afford these great energy-saving systems.”

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