In Hawaii as in in other areas of the country, rising energy rates have prompted some homeowners to take a closer look at the cost of solar panels and the process for installing these panels on their property. This is a state that is known for its plentiful sunshine and high cost of living, so investing in solar energy makes sense for many residents. Hawaii is a state that has been particularly active in encouraging its residents to invest in Hawaii or Oahu solar energy projects. Through its various incentives, the interest in solar Hawaii projects has skyrocketed in recent years, and some people are now wondering if there may now be too much solar power generated in Hawaii.
The Growing Interest in Solar Projects
Before a homeowner contacts Hawaii solar installers to schedule service, it is important to consider the costs and benefits associated with solar Hawaii projects. The cost of solar panel installation can be expensive, but the state has offered rebates and other tax incentives to encourage residents to take advantage of the services of Hawaii solar installers. The government’s interest in promoting solar power projects has worked, and the number of individuals who are pursuing the installation of home solar projects has soared.
The Current State of Affairs
In fact, the government incentives were so successful that the state government has had to cut down on the incentives it is offering to local residents. In 2012, the solar Hawaii tax credits cost the state about $173.8 million in lost revenue. This is substantially higher than the figure of $34.7 million in lost revenue just two years before. Because of this huge increase in interest, the state has halted some of its credits and rebate offers for 2013, and Hawaii solar installers are now backlogged. In fact, some individuals have stated that the entire process for obtaining permits and waiting for installers to provide service is taking up to or more than a year. Some have stated that there is now currently too much solar energy in Hawaii. However, with how high the energy rates are for electricity in Hawaii, interest in Hawaii and Oahu solar energy is likely to continue.
Hawaii solar installers are now busier than ever, and the state has been forced to reduce its rebates and tax incentives on solar energy system installations due to the incredible popularity of solar energy in the state. However, the fact is that rising energy rates in the state coupled with the desire for homeowners to save money on their personal expenses may help to buoy demand for the installation of new solar energy projects in Hawaii despite the decreased financial incentives offered by the state.