HI SB2821

Increases the renewable energy tax credit cap for solar water heating systems in multi-family residential properties from $350 to $750 per unit per system.

Eliminates the renewable energy tax credit for solar energy systems (other than those primarily used for water heating) for single-family residential, multi-family residential, and commercial properties after December 31, 2024.

Preserves the tax credit for commercial solar energy systems installed under power purchase agreements approved by the Public Utilities Commission prior to December 31, 2019, capped at 35% of actual cost or $500,000 per megawatt direct current, whichever is less.

Maintains existing tax credit caps for solar water heating systems in single-family residential ($2,250 per system) and commercial ($250,000 per system) properties, and for wind-powered energy systems.

Effective date is July 1, 2050, and applies to taxable years beginning after December 31, 2019.