Solar Guide for Hawaii Electric Light Co Inc Customers

If you're a Hawaii Electric Light Co Inc customer considering solar energy, you're making a smart financial decision. With residential electricity rates averaging 48.31 cents per kWh, solar panels can dramatically reduce or even eliminate your monthly electric bill. The typical Hawaii Electric Light Co Inc customer spends approximately $386 per month on electricity — money that could be working for you instead of going to the utility.

Hawaii service area

Hawaii Electric Light Co Inc has a reduced rate net metering policy. While the buyback rate of 33.82¢/kWh is lower than the 48.31¢/kWh retail rate, solar remains highly economical. The key is to size your system to match your daytime consumption as closely as possible, maximizing direct savings at the retail rate. Any excess generation still earns you credits, just at the reduced buyback rate.

An 8kW solar system for a Hawaii Electric Light Co Inc customer costs approximately $24,080 before the 30% federal Investment Tax Credit. After the ITC, your net cost drops to about $16,856. This system produces enough clean energy to save you approximately $7,074 per year, resulting in a payback period of roughly 2.4 years.

After your system pays for itself, you'll enjoy 21+ years of dramatically reduced electricity costs. Over a 25-year period, total savings for Hawaii Electric Light Co Inc customers are estimated at $176,850 — and that's without accounting for the likely 2-3% annual increase in electricity rates that would make your savings even greater.