Thanks to the increasing affordability of solar technology and the generous solar rebates offered by the state of Maryland, installing solar panels on your roof is as easy as having some of the state’s world-famous crabs! And if you want to learn more about the constantly plummeting expenses of solar energy in Maryland, we’ve prepared a quick rundown of all the available solar rebates for you below!
The best solar programs in the state of Maryland
The most significant solar rebate offered by the federal government is the ITC — the Investment Tax Credit. However, while this flagship solar program effectively lowers the expenses of the average solar energy system by a whopping 26 percent — there are also a few excellent solar incentives on the state level for the citizens of Maryland. And these policies also increase the value of your solar energy system while lowering the up-front installation costs.
Residential clean energy grant
This clean energy program is genius due to its utter simplicity. For any homeowner who’s installing solar panels on their roof, the state of Maryland will provide a one-time payment of $1,000. It’s as simple as that.
You just need to fulfill the following requirements:
- Your installer needs to have the appropriate NABCEP certification
- The solar panels need to be installed in your primary residence
- The solar equipment needs to be smaller than 20 kilowatts (kW).
SREC — Solar Renewable Energy Certificate
Many states have policies that aim to increase their reliance on renewable energy — and Maryland is no different. The current goal is for solar energy to reach a yearly output of 2.5% of all the electricity used across the state.
Homeowners who install solar panels and start producing solar energy will receive a single Maryland SREC credit for every megawatt-hour of renewable energy; these can be sold on the SREC market.
Net metering in Maryland
There are also net metering policies in effect in Maryland right now. For example, suppose you produce surplus electricity via your solar panels. In that case, this will be reflected on your electricity bills — basically, you can “bank” the extra power and use it for free later when your panels can’t meet your home demand.
Solar power tax benefits in Maryland
All of the policies, rebates, and incentives we’ve described above make solar energy in Maryland the most affordable it’s ever been — and the state also offers an additional tax break in this regard.
While home values go up significantly with the installation of solar panels, the state Property Tax Exemption for Solar and Wind Energy Systems means you won’t need to pay higher property taxes as a result. There’s also a tax exemption that makes the purchasing of solar energy panels tax-free.