HI SB2511

Expands the renewable energy technologies income tax credit to include two new categories: firm renewable energy systems (available 24/7 at rated capacity) and long-duration renewable energy storage systems (charged at least 75% by renewable energy, dispatchable, and capable of discharging at rated capacity for at least 6 hours).

Establishes a 20% tax credit for both firm renewable energy systems and long-duration renewable energy storage systems, capped at $750,000 per system with at least 1,000 kilowatts of alternating current capacity.

Limits annual tax credits claimed by individual taxpayers to $3,500,000 per taxable year and caps total statewide credits for these new systems at $20,000,000 per calendar year, with credits apportioned by rated capacity if claims exceed the limit.

Makes the new systems eligible for refundable tax credits under the same conditions as solar energy systems, allowing taxpayers to reduce credit amounts by 30% and receive refunds of excess credits.

Extends the deadline for eligible renewable energy systems to claim credits from their previous sunset date through January 1, 2046.