Hawaiian Electric’s new ‘Battery Bonus’ Program to offer O‘ahu customers cash incentive to add energy storage to rooftop solar systemPosted on Jul 23, 2021 in Hot Topics
Hawaiian Electric is now accepting applications for Battery Bonus, a new program that will pay a cash incentive for residential and commercial customers on O‘ahu to add energy storage (a battery) to an existing or new rooftop solar system.
The Public Utilities Commission has capped the program at a total 50MW supplied from storage.
- Customers accepted in the program for the first 15 megawatts will receive $850 per kilowatt. (For example, 5 kilowatts would yield a $4,250 payment.) Customer must fulfill the obligation discussed below to receive the full amount.
- Customers who sign up for the next 15 megawatts will receive $750 per kilowatt.
- Customers who sign up for the last 20 megawatts will receive $500 per kilowatt.
The owner of the solar-plus-storage system will receive the incentive. That can be the residential or commercial customer owning the system or a company that leases the system to the homeowner or business.
This incentive payment is considered income. Hawaiian Electric will provide participants with tax forms and report information to the IRS and Hawaii Department of Taxation. Hawaiian Electric cannot offer tax advice. Consult a tax preparer with concerns about individual circumstances. In some cases, federal tax credits may be available.
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