Solar Guide for Hawaiian Electric Co Inc Customers

If you're a Hawaiian Electric Co Inc customer considering solar energy, you're making a smart financial decision. With residential electricity rates averaging 42.87 cents per kWh, solar panels can dramatically reduce or even eliminate your monthly electric bill. The typical Hawaiian Electric Co Inc customer spends approximately $343 per month on electricity — money that could be working for you instead of going to the utility.

Hawaii service area

Hawaiian Electric Co Inc has a reduced rate net metering policy. While the buyback rate of 30.01¢/kWh is lower than the 42.87¢/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 Hawaiian Electric 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 $6,278 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 Hawaiian Electric Co Inc customers are estimated at $156,950 — and that's without accounting for the likely 2-3% annual increase in electricity rates that would make your savings even greater.