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Important: These are estimates based on current rates and incentive programs. Actual savings depend on site conditions, shading, roof orientation, and final system design.
Tax credit and depreciation values are estimates. Consult your tax advisor for advice specific to your situation. MACRS depreciation benefits assume the business has sufficient tax liability to utilize them.
HECO rates and programs are subject to change. Rate data current as of April 2026.
Key concepts that affect your commercial solar ROI
The base federal credit is 6%, increased to 30% for projects meeting prevailing wage and apprenticeship requirements (or under 1 MW). Additional adders for domestic content (+10%) and energy communities (+10%) can push the total to 50% or more.
Commercial solar qualifies for 5-year accelerated depreciation. The depreciable basis is reduced by 50% of the federal ITC — so with a 30% credit, you depreciate 85% of cost. Plus 20% bonus depreciation in 2026 front-loads the tax benefit.
Hawaii offers a 35% state tax credit on commercial solar, capped at $500,000 per system. Credits can carry forward or be elected as refundable with a 30% reduction. This stacks with federal benefits.
Schedule J and P customers pay $16–25 per kW for their peak 15-minute demand. Solar alone reduces demand charges 7–25%. Adding battery storage can reduce them 25–40% by shaving peak draws.
HECO's Smart Renewable Energy program pays $0.135/kWh daytime, but $0.329/kWh at peak (5–9 PM). With battery, you can shift exports to peak for 2.4x the credit value.
Tax-exempt organizations can access the federal ITC through Section 48E elective pay (direct payment from IRS), no PPA required. This makes solar accessible without any tax liability.
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