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Solar vs. grid power: how much can you save?
Electricity rates are on the rise. The U.S Energy Information Administration (EIA) estimates that electricity prices in the U.S. rose 6.2% in 2023 alone.
Homeowners across the country are looking for ways to reduce their energy costs and many are turning to solar energy. But just how much can you save with solar and is it worth the investment?
Solar customers can often save tens of thousands of dollars over the lifespan of their solar system. To determine exactly how much you can save, you’ll have to do a little math.
Compare your current cost per kW from Hawaii Electric Light Co Inc with the cost per kW of your solar system. Then calculate your monthly or yearly expenses across a 25-year period. Finally, subtract your total cost of energy with solar from your total of energy from the grid to determine your savings
A simpler way to estimate your savings potential is to compare your current monthly energy costs with your projected solar payments. If your energy costs are higher than your solar payments, there is a good chance you will see savings.
At Solar Cost Calculator, we suggest that anybody paying more than $100 a month for electricity should consider solar.
What solar incentives Hawaii Electric Light Co Inc does offer?
Category : Regulatory Policy
Website : https://www.hawaiianelectric.com/products-and-services/customer-renewable-programs/rooftop-solar
Applicable Sectors : Commercial, Industrial, Local Government, Nonprofit, Residential, Schools, State Government, Federal Government
Incentive Amount :
Implementing Sector : State
Category : Financial Incentive
Website : https://www.hawaiienergy.com/for-homes/rebates/water-heating
Applicable Sectors : Commercial, Residential, Federal Government
Incentive Amount : Residential Solar Water Heating: $1,250 upfront, or Residential Solar Water Heating Interest Loan Buy-Down: $1,250 Commercial: $250 per ton de-rated output
Implementing Sector : State
Category : Financial Incentive
Website : https://www.hawaiienergy.com/for-business/rebates
Applicable Sectors : Commercial, Industrial
Incentive Amount : Vending Occupancy Sensor: $50/unit Window Film: $0.43/sq. ft. or $0.85/sq. ft. Food Service Equipment: Varies Custom Measures: $0.08 - $0.12/kWh; plus demand reduction incentives HVAC Equipment: Varies Lighting: Varies ECM Motor (Fan Coil): $55/motor ECM Motor (Refrigeration): $85/motor VFD Domestic Water Pump System: $3,000 plus $80/HP reduction VFD Pool Pump System: $225/HP Refrigeration Equipment: Varies Heat Pump Water Heater: $0.12 per kWh saved + $125 per kW saved between 5 to 9pm
Implementing Sector : State
Category : Financial Incentive
Website : https://www.hawaiienergy.com/for-homes/rebates
Applicable Sectors : Residential
Incentive Amount : CFL Bulbs: Instant in-store rebates Heat Pump Water Heater: $500 Central A/C: $1,000 Window Air Conditioner Trade-Up: $45 Mini-Split A/C: $450 Air Conditioner Tune-Up: $75 Solar Attic Fans: $750 Whole House Fans: $100 Refrigerator/Freezer Recycling : $75 New Refrigerator Purchase (with Trade-in): $250 Variable Frequency Drive (VFD) Pool Pump: $150
Implementing Sector : State
Net metering with Hawaii Electric Light Co Inc
Category : Regulatory Policy
Website : https://www.hawaiianelectric.com/products-and-services/customer-renewable-programs/rooftop-solar
Applicable Sectors : Commercial, Industrial, Local Government, Nonprofit, Residential, Schools, State Government, Federal Government
Incentive Amount :
Implementing Sector : State
Installing and connecting your solar system
When you install a solar system in Hawaii Electric Light Co Inc territory, these are steps you can expect to go through:
Once you’ve hired a contractor, you will need to communicate with Hawaii Electric Light Co Inc to prepare the interconnection paper. Your contractor will handle most of these responsibilities
After the interconnection agreement has been finalized, your contractor can begin the installation process.
Once your system is installed, it needs to be inspected for safety and code compliance.
After the final inspection, you will receive a written notice within a few days that your system is approved to operate. You can turn on the system yourself or you can contact your installer for further assistance.
Most homeowners prefer to do it themselves. The whole process should only take 10 - 15 minutes.
Is solar worth it for Hawaii Electric Light Co Inc customers?
The short and sweet answer is a resounding YES. Going solar is definitely worth it for Hawaii Electric Light Co Inc customers. The average homeowner in _UtilityCompanyName_ can save an estimated #### over the lifespan of their solar system.
Going solar is a long game so you need to think several years ahead. It can take a few years to hit your break even period. But between net metering and solar incentives, you can drastically reduce that timeframe.
Want to get an idea for what it will cost you to go solar with Hawaii Electric Light Co Inc? You can use our Solar Cost Calculator to generate a customized estimate instantly. We take into consideration a wide range of criteria including location, electric bill, roof size, and other factors. Try it out today and start planning for your future.
