If you are a home or business owner in Maryland, deploying solar infrastructure can help you earn valuable incentives on the local, state, and federal level. You only have to sit back and Solar Resources LLC makes sure you’re taking advantage of every financial opportunity your solar panel system has to offer. The pay-off time for most system is less than 8 years, for those than own their systems.

Why Solar Incentives in Maryland?

The state of Maryland’s Renewable Portfolio Standard requires that 2.5% of the state’s energy (or about 1,500 megawatts) come from solar by 2020. As of December 2013, Maryland had only reached approximately 158 megawatts of installed capacity. That is why the state is offering incentives to encourage more Maryland homeowners and businesses to make the switch to solar.

  Solar Grants in Maryland

The Maryland Residential Clean Energy Grant Program currently offers homeowners $1,000 in grants for Maryland solar panels up to 20 kilowatts. The Maryland Commercial Clean Energy Grant Program offers similar incentives for Maryland businesses, non-profits, and government offices that go solar.

Maryland Solar Renewable Energy Certificates (SRECs)

In Maryland, your solar panel system can actually help you generate income through what’s known as Solar Renewable Energy Certificates or Credits (SRECs). Under Maryland’s Renewable Portfolio Standard, you can earn one SREC for every 1,000 kilowatt-hours your solar panels produce. You can sell your SRECs to traders or directly to utility companies, which purchase SRECs to help them meet their solar energy quotas. Maryland has proven to have a stable SREC market since its inception in 2008.

Local Solar Tax Credits in Maryland

Counties in Maryland have various tax credits that they offer. A few of the tax credits are listed below.

• Anne Arundel County: One-year property tax credit of up to 50% of your total installation costs (up to $2,500)
• Baltimore County: Property tax credit of up to 50% of your total installation costs OR $5,000 (whichever is lesser). Maximum credit determined your property taxes.
• Harford County: Property tax credit of up to $2,500
• Prince George’s County: Property tax credit of up to 50% of your total installation costs (up to $5,000).

Federal Solar Incentives for Maryland Homeowners and Businesses

The Federal Investment Tax Credit (ITC) allows you to claim a credit of 30% of qualified expenses for a solar project installed at your home or business. This federal rebate is ensured through the end of 2019, after which it will begin to decrease incrementally. It will be 26% in 2020 and 22% in 2021; in 2022, it will step down to 10% for third-party-owned residential, non-residential, and utility PV projects. Businesses are also allowed to recover solar infrastructure related investments through depreciation deductions.

More Financial Incentives for Going Solar:

• Solar panels and solar energy products are exempt from Maryland sales tax.
• Maryland electricity rates have increased 78% since 2002. Switching to solar protects you from this volatile market and saves you thousands of dollars in long-term energy costs.
• Maryland is a sunlight-rich state. Weather tracking shows that Maryland gets 50% more sunlight per day than Germany, a country that leads the world in solar panel installations.
• Solar panel systems increase your home or building’s value. An energy-efficient home often sells faster and at a premium.