Renewable Energy Technologies Income Tax Credit (RETITC)

Each individual or corporate taxpayer that files an individual or corporate net income tax return in Hawaii can apply this tax credit for every eligible renewable energy system installed and placed in service on or after July 1, 2009. Section 235-12.5 of the Hawaii Revised Statutes defines eligible technologies and the credits they can claim. For solar thermal systems used to heat water on commercial properties, it is 35% of the actual cost or the cap amount of $250,000, whichever is met first. For all other solar thermal systems on commercial properties, the cap is $500,000.