Financing and Incentives for Renewable Energy Projects
A critical component to any successful project and business venture is the ability to access and utilize capital. Understanding which resources and incentives that are available to you is an important step in this process. Within these pages, you will find:
Renewable Fuels Production Tax Credit
DBEDT is accepting notifications from renewable fuels producers planning to pursue Hawaii’s new renewable fuels production tax credit (RFPTC). Taxpayers wishing to claim the credit are required to provide written notification to DBEDT of their intent to begin production of renewable fuels. Additionally, they are required to file a notification 30 days before the start of production. Please see the “Notice of Intent/Notice to Start Production Form” and instructions below.
Starting in 2018 calendar year, to qualify for the RFPTC, taxpayers must produce at least 2.5 billion British thermal units (Btu) of renewable fuels per year. The credit is equal to 20 cents per 76,000 Btu of renewable fuels. The credit is capped annually at $3 million per taxpayer, and $3 million in the aggregate. Additionally, after a full year of production, Taxpayer must completely fill out and submit to DBEDT the “RFPTC – Independent Third Party Certified Statement” forms. Please reference form instructions on guidance on how to fill out each of the forms.
For the complete details of the RFPTC requirements, Taxpayers should review and follow: (1) Hawaii Revised Statutes, 235-110.31 as amended to date; and (2) the Department of Taxation’s Tax Information Release (TIR) No. 2018-03.
Renewable Fuels Production Tax Credit Process/Timeline Graphic
(Click to enlarge)
These resources are advisory and for informational purposes only and may not be relied upon to determine the available incentives. Contact the appropriate agencies and entities for information on local, state, and federal incentives for renewable energy. The listings, associations, and contacts herein are provided for informational purposes only and are not meant to be all inclusive. The Hawaii State Energy Office does not endorse or certify the individuals, firms ,or businesses on these lists. If you are a firm that engages in the specialization of commercial scale renewable energy project development, finance, consulting or investment services and wish be to added to the content found in these following summary pages, we welcome you to contact us and provide your information for listing.
For comments or questions about the Developer & Investor Center, please contact the Hawaii State Energy Office.