Free yourself from expensive electric costs in the Free State
Residential Solar Installation in Maryland
There is a lot of potential for solar in Maryland. If you weren’t sure where to look, look no further ─ Suntuity Solar has a location in Lanham after expanding to its neighbor, Pennsylvania. Only 3.64% of the state’s current electricity generation comes from solar, but recent pushes within the local government anticipates a healthy trajectory over the next 5 years.
It’s time to jump on the bandwagon and expand your solar community! Lower your monthly expenses while reducing harmful emissions and then recommend your family and friends ─ we’ll offer you a cash reward with every completed solar installation.
The ITC is a strong force behind rising residential solar panels adoption in the USA. The proof is in the data: since its implementation in 2006, solar installation has increased by over 1600% with an average annual growth rate of 76%.
The tax credit is available for purchased solar systems is worth 26% of the cost of the system, which is paid back to the homeowner and determined by the amount of the individual’s taxable income that year.
While not as strong of a market as other states, SRECs are still an added perk for switching to cleaner energy in Maryland. One SREC (solar renewable energy certificate) is earned for every 1,000 kilowatt-hours (kWh) of solar energy that your system produces, incentivizing carbon-neutral energy in the form of credits that can be sold back to Maryland in 2018.
Net metering is a utility billing system the will credit homeowners for any excess electricity that their solar system produces. The excess power is sent back into the grid for community use through a bidirectional meter. The credits provided are meant to supplement the homeowner’s energy use at night or when it’s cloudy when the system isn’t producing as much.
While state’s SREC value leaves something to be desired (and still better than zero), Maryland’s Energy Administration (MEA) implemented what they refer to as the “Residential Clean Energy Grant Program” or R-CEGP, for homeowners that have completed clean energy systems on their homes or property. The program naturally includes solar panel systems, but also offers grants for solar hot water and geothermal heating and cooling. The application can be found online. For a standard solar panel system installation, you could receive up to $1,000 from MEA.
The Property Tax Exemption for Solar and Wind Energy Systems does not allow extra taxes on the increased value of your home as a result of the installation, and the Sales and Use Tax Exemption for Renewable Equipment is 100% tax-free.
Want to take advantage of these great tax incentives?
With several larger scale projects in the works and a ramp up of residential solar adoption in recent years, Maryland is projected to add 1,432 megawatts (MW) of solar to its renewable portfolio over the next 5 years. With over 1,200 MW of solar capacity already installed, the Free State is in a good position to help more of its residents transition to cleaner energy.
Solar pricing in Maryland has dropped 38% in the last 5 years, so there’s never been a better team to make the switch. Here are some additional stats regarding Maryland’s solar landscape: