HONOLULU — New figures show Hawaii paid out $112 million in tax credits for renewable energy investment in 2014, the largest state tax credit that year.
HONOLULU — New figures show Hawaii paid out $112 million in tax credits for renewable energy investment in 2014, the largest state tax credit that year.
According to the tax credits report released by the Department of Taxation earlier this year, claims for renewable energy systems totaled $112.1 million for tax year 2014, down slightly from the $118.3 million in 2013, The Honolulu Star-Advertiser reported.
The Renewable Energy Technologies Tax Credit offers taxpayers who install rooftop solar systems a credit for 35 percent of the cost and a 20 percent credit for wind-powered systems. For single-family homes, the amount of the credit was capped at $5,000 for solar energy systems and $1,500 for wind-powered systems. For commercial operators, the credit was capped at $500,000 for wind or solar systems.
The Renewable Energy Technologies Tax Credit was 35.2 percent of the total tax credits claimed in tax year 2014.
About 14,902 claims were filed for the renewable energy systems credits in 2014. The majority of the credits were for solar systems with 14,144 solar claims filed. Roughly $55 million in tax credits went to individuals who installed solar systems. Corporations received $42 million in tax credits for solar systems.
Marco Mangelsdorf, president of Provision Solar, said claims for renewable energy technology will likely be lower in later reports, as the cost of solar energy systems have dropped significantly since 2014.
Hawaii taxpayers also received credit for Income Tax Paid to Another State or to a Foreign Country, with taxpayers claiming $38 million; the High Technology Business Investment Tax Credit, with taxpayers claiming $37 million; and the Motion Picture, Digital Media and Film Production Income Tax Credit, with taxpayers claiming $34 million.