How a photovoltaic system in Hawaii will save you money
Hawaii’s tropical weather can benefit your home and your wallet.
No matter what time of year, Hawaii is never more than a few days away from sunny skies. The naturally temperate climate of our Islands presents ideal conditions for getting the most out of a photovoltaic (PV) system – translating to lower energy bills and a better environment for all.
Beyond the upfront costs of installing such a system in your home, think about the long-term savings on energy bills and other auxiliary costs that can add up over time. David Gorman, RevoluSun SmartHome general manager, says that utilizing solar panels can potentially save you more than $100,000 over the span of 25 years, as opposed to using a nonrenewable energy system.
“At HawaiiUSA, we strive to make the conversion to green energy affordable through our loan solutions.”
– Lei Bagayas, Kahului Branch Service Manager, HawaiiUSA FCU
Factors to Consider
Future Proof
If you expect your energy needs to increase in the future, choose solar panels that are able to accommodate those needs, even if you don’t need them now.
Workmanship Matters
Installation will require holes to be drilled into your roof. Ask your installer how they plan to prevent leaks from happening.
$ Good: Hyundai 280-285W
Rigorously field-tested and approved, Hyundai’s panels contain high-efficiency solar cells to capture the best light and turn it into electricity for you and your family. Backed by a 25-year warranty, these solar panels are built to withstand Hawaii’s tropical rain and sunshine.
- 10-year product warranty.
- Approximately $108,939* in potential savings on your electric bill over 25 years.
- Guaranteed to perform to 90 percent capacity at year 10 and 80 percent at year 25, at minimum.
$$-$$$ Better: Panasonic 325-330W
These Panasonic solar panels are highly efficient, thanks to their unique dual-layer architecture, which allows them to absorb more of the light that hits it. They are also able to perform significantly better in high heat than conventional panels, thanks to having one of the lowest temperature co-efficient on the market.
- 25-year product and labor warranty.
- Approximately $116,870* in potential savings on your electric bill over 25 years.
- Guaranteed to perform to at least 91 percent capacity at year 25.
- Available in all black panels.
$$-$$$ Best: SunPower 320-360W
Considered one of the most efficient solar panels available today, the SunPower X Series is more effective at absorbing different kinds of light than other products on the market. This translates to greater electricity reserves for your home during sunrise, sunset and even on cloudy days.
- 25-year product and labor warranty.
- Approximately $118,239* in potential savings on your electric bill over 25 years.
- Guaranteed to perform to at least 92 percent capacity at year 25.
- Available in all black panels.
Source: RevoluSun
*The figures above are based on a typical system size of 7.2kW, which is roughly equivalent to a $250 monthly Hawaiian Electric bill at today’s rate. Savings are calculated based on the warranted minimum power and 4 percent annual inflation.
Jump-start Your Solar Home Project
Discover great ways to finance your clean home energy system.
Photo: Thinkstock
Not only do photovoltaic systems save you money, in the long run, but they’ll add to your home’s overall market value too. It makes sense, then, to invest in a quality PV system for your home, whether you plan to sell soon or live there for the foreseeable future.
With both hard and soft costs for solar panels, it can be difficult to determine a budget by yourself. Work with your solar contractor to establish an estimate you’re comfortable with, then explore your financing options and pick the one that best suits you.
A short-term personal loan is a great and flexible way to finance just about anything. Typically, loan terms will vary between one and five years, with the interest rate set based upon your credit. These types of loans also come with a quick turnaround time, affording you the financing you need if you’re in a hurry.
Many banks and credit unions are starting to offer green loans, too. These are special loan programs that have unique stipulations for homeowners looking to invest in a new clean energy system. These loans may have exclusive rates and payment terms as they work directly with participating contractors, so be sure to weigh your options before applying.
Once you’ve installed your clean energy system, be on the lookout to see if you qualify for any tax credits or rebates being offered. Consult with your credit union, bank or tax adviser to be sure.
Source: HawaiiUSA FCU
HawaiiUSA FCU is not affiliated with RevoluSun or their respective suppliers.
“No two financial needs are the exact same. We’re proud to serve our members with our ‘Life matters’ commitment and help bring their unique financial dreams to life.”
– Lei Bagayas, Kahului Branch Service Manager, HawaiiUSA FCU
HawaiiUSA FCU
Kahului Branch
285 W. Kaahumanu Ave. #101A
Monday – Thursday, 9 a.m. to 5 p.m.; Friday; 9 a.m. to 6 p.m.; Saturday 8:30 a.m. to noon.
808-872-1200
hawaiiusafcu.com
