Solar SME, Inc.
Unlocking Solar in Maryland
Comprehensive Guide for Homeowners and Businesses
Maryland is making significant strides in growing its clean and renewable energy sources and solar energy is playing a pivotal role. Thankfully, that means that everyone benefits in the move toward renewable energy. Both the state and its utilities offer generous incentives to help homeowners and businesses go solar in the state.
Read on to learn more about many of the most popular incentives in the state that allow you to take advantage of its geographic location and the government’s commitment to sustainability. These are offered in the state in addition to federal programs like the 30% Investment Tax Credit (ITC) for homes and businesses, making solar and renewable investments even more worthwhile in the state.
Maryland Solar Incentives for Homeowners:
1. Residential Clean Energy Rebate Program:
Maryland’s Residential Clean Energy Rebate Program incentivizes people to install solar and geothermal projects in Maryland with rebates. The rebates are based on the system’s size and can significantly offset the upfront costs of going solar or adding a geothermal system to their home. But the funds are limited so you have to act quick to get them.
2. Solar Renewable Energy Certificates:
Homeowners in Maryland can benefit from the state’s Solar Renewable Energy Certificates (SRECs) program. For every megawatt-hour of solar energy a system produces, it earns an SREC that the homeowner can sell on the state’s SREC market. In Maryland, homeowners have up to three years to choose when to sell an SREC at its highest value, or let it expire.
The SRECs are purchased by energy producers and other polluters to pay for the emissions they produce. Purchasing the SRECs help encourage more clean energy development while offering solar homeowners an additional opportunity to benefit from their clean energy choices.
3. Net Metering:
Installing solar in Maryland allows homeowners to net meter and receive credits on their utility bills for the excess electricity generated by their solar systems. This makes solar energy an even more attractive option, as homeowners can effectively reduce their electricity bills further with net metering.
4. Property Tax Exemption:
Adding a solar energy system won’t increase your property taxes in Maryland. The state offers a property tax exemption for the added value of a solar installation, providing homeowners with the long-term financial benefits of lower property taxes.
Maryland Solar Incentives for Businesses:
1. Clean Energy Grant Program:
Maryland’s Clean Energy Grant Program offers financial incentives to commercial and industrial entities investing in clean energy systems, including solar. Businesses can receive grants based on the size and impact of their clean energy projects.
2. Commercial Clean Energy Rebate Program:
The State of Maryland offers Clean Energy Rebates through the Commercial Clean Energy Rebate Program (“C-CERP”). This program is for businesses, nonprofit organizations, government organizations and departments that set up clean energy systems on properties in the state. However, Clean Energy Grant is available on a first-come, first-served, basis.
3. Property Assessed Clean Energy (PACE) Financing:
Installing solar in Maryland allows businesses to finance solar installations through property tax assessments. It enables property owners to finance energy-efficient upgrades, such as solar panels or insulation, with low-interest rate payments tied to property taxes. This financing mechanism facilitates sustainable investments while spreading costs over time. This makes it easier for businesses to invest in solar energy without a significant upfront financial burden.
Maryland's Commitment to Sustainability:
Beyond individual incentives, Maryland has established an ambitious Renewable Portfolio Standard (RPS), which mandates that 50% of its energy must come from renewable sources by 2030. That’s helping drive the demand for solar energy and ensuring a growing market for solar installations in the state.
Conclusion:
Maryland is a beacon of solar energy in the Mid-Atlantic region, offering a range of incentives and rebates for both homeowners and businesses. With a commitment to sustainability and a supportive regulatory environment, the state provides an ideal landscape for harnessing the power of the sun.
Let's talk
As you embark on your solar journey, consider SolarSME as your trusted partner. Together, we can contribute to a cleaner, greener future for Maryland. Contact us today to explore the possibilities of solar energy for your home or business.
