You’re likely here because you’re a residential property owner in Maryland. If so, moving forward, you’ll want to take extra care when deciding how to power your home.
If you’ve been thinking about installing solar panels, doing it within this year is key if you want to maximize the savings they bring to the table. Sticking to the old way of powering your property could mean missing out big time on federal tax credits, but that’s just the beginning!
In this post, we’ll fill you in on all of the programs available exclusively to Maryland residents
– some of which will even earn you money.
Be sure to take advantage of them while they’re still around!
Residential Clean Energy Grant
Looking to bring in an extra $1,000? This program makes doing so extraordinarily simple. All Maryland homeowners have to do is install a system at their primary residence that falls within the range of 20 kilowatts or less. If you choose to have Lumina install your panels, we’ll even take care of all the paperwork for you.
So, to recap, that’s a fairly effortless extra grand in your pocket. All you have to do is say yes to technology that will continue to bring in savings each month, while simultaneously reducing your carbon footprint!
What’s not to like?
Solar Renewable Energy Certificate
The state of Maryland aims to have 20% of their total energy coming from renewable sources by the year 2022. In order to speed the process along, they have instituted the solar renewable energy certificate program.
This program allows solar panel users to get paid for the excess energy that their panels produce. Those participating in the program can bring in 1 credit per megawatt-hour of excess energy produced by their system, which they can then sell in the programs marketplace.
Maryland Net Metering
Net metering was originally introduced back in 1997, and it has been expanded and reworked a few times since then to grow with the changing energy technology.
If you don’t wish to sell the excess energy that your panels produce, you can “bank it” in the form of credits with your utility company. In the case that your panels slightly underproduce, you can tap into your credits to avoid having to pay the utility company for the extra energy your household used.
Tax Breaks With Solar Panels
In addition to the awesome programs mentioned above, there are also some state tax exemptions that you’ll be able to take advantage of. These state tax relief programs are designed to ensure that Maryland residents are getting the most out of their commitment to renewable energy.
Property Tax Exemption for Solar and Wind Energy
Solar panels have the added bonus of increasing property value – and by quite a bit! Most homes that install panels see their homes increase in market value by about $20,000. This tax exemption protects homeowners by ensuring that any property value increases as a result of installing solar panels do not, in turn, increase property taxes.
Sales and Use Tax Exemption for Renewable Energy Equipment
This one is fairly straightforward. It allows Maryland residence to purchase their solar panels and other renewable energy equipment without being charged sales tax. Solar power has grown increasingly affordable over the years, and this exemption takes that affordability a step further!
If you weren’t already excited about solar technology, we hope that these programs have at least piqued your curiosity!
Are you ready to get the ball rolling with your installation? We’re here to help make the process simple.
For a play by play of how the process goes, check our our case study below. It includes real-life examples of how homeowners like you have saved in the past. Reach out to our expert team today to get started.