Page 5 - Hawaii Renovation - June 6, 2021

REVOLUSUN
COVER STORY
JUNE 6, 2021
HAWAII RENOVATION 5
We are frequently asked, “Is now still a good time to go
solar?” Our response is, and has always been, “The best time to go solar was yester- day, the second best time is today!”
That statement has al- ways been true, and this year it’s proving more rel- evant than ever. The fact is, we’ve never had a client say, “I should’ve waited.” Instead, they always say, “I wish we’d installed solar sooner!” This year, due to shifts in the material market, solar incen- tives and production issues,
that statement couldn’t be more true. Here are three reasons to go solar.
DEMAND FOR MATERIALS
Current demand for ma- terials could potentially affect the price of going solar in the future. Rare earth minerals that pro- duce elements like lithium and cobalt are starting to see price increases. Driven by an increased demand for producing batteries for the booming electric vehicle market, these rare minerals are the same ma- terials used in residential
solar battery systems.
A recent study by the In- ternational Energy Agency indicated that “Lithium, used in EV batteries, is expected to grow 70 times in the next
few decades.”
However, this study isn’t
taking into consideration the growing demand for residential solar and stor- age. The study also points out a major supply chain constraint, noting that “In 2019, 70% of the world’s co- balt production came from the Democratic Republic of the Congo.”
That’s just one country producing nearly three- fourths of the world’s supply of this precious and neces- sary material, which leads to a very high possibility of price fluctuations.
SOLAR INCENTIVES
We often hear misinfor-
mation regarding solar in- centives. There have been numerous stories about the “fate of solar tax credits,” and if you haven’t been fol- lowing the tax credit con- versation closely, it’s hard to
know what’s available.
Here is the current state of solar incentives for Ha- waii homeowners: The 26% federal solar tax credit is available for residential solar systems installed by Dec. 31,
2022. In 2023, the tax credit will step down to 22%. In 2024, the tax credit for resi- dential solar ends. Act today for big tax incentives.
In addition to the federal solar Investment Tax Credit, there are also state tax cred- its, financial assistance pro- grams and tax exemptions that you may be able to take advantage of.
THE CHIP SHORTAGE
No, not the yummy kind you pick up at the grocery store, thankfully. We are talking about microchips, also known as semiconduc- tors. These are found in just about everything you use in your day-to-day life in- cluding gaming consoles, smartphones, air condition- ing units, electric vehicles and solar products. While prices are currently stable, a combination of increased demand and production de- lays are causing a shortage which will affect prices as we head into the fourth quarter of the year.
Considering all of these factors, we stand by our saying that “The best time to go solar was yesterday.” And while you can’t go back in time, you can visit revolusun. com or call 808-748-8888 today to get started.
REVOLUSUN
CONTACT 808-748-8888 ADDRESS 660 Ala Moana Blvd. No. 220A, Honolulu
WEB revolusun.com
COVER STORY