Converting your home to solar energy brings the obvious benefits of a reduced carbon footprint and lower, or even eliminated monthly energy bills. That consideration alone has convinced millions of American homeowners to make the smart switch to solar. However, there is still a desire from the government to push more people to increase their overall usage of renewable energy. With growing climate change and diminishing fossil fuel reserves, the United States government, at both federal and state levels, offers a variety of incentives meant to make renewable energy more affordable and accessible. In this blog, we will be going over the Maryland Residential Clean Energy Program so that you can be well-informed and ensure that you get the most out of the solar incentives available to you.
What is the Maryland Residential Clean Energy Program?
Offered by the Maryland Energy Administration, the Maryland Residential Clean Energy Program provides a financial incentive for eligible Maryland homeowners who have installed a qualifying renewable energy generating system in their primary residence. Homeowners who are eligible for the program can receive a $1000 rebate per renewable project that they install in their homes.
To qualify for the Maryland Residential Clean Energy Program, you must meet the following eligibility requirements.
- The solar system that you install must be rated at a minimum output capacity of 1 kilowatt and a maximum output capacity of 20 kilowatts.
- Your application for the Maryland Residential Clean Energy Program must be submitted to the Maryland Energy Administration within 12 months of the solar installation.
- Your solar installer must be certified by the North American Board of Certified Energy Practitioners
- You must be a resident of Maryland and use the home that you are applying for as your primary residence
Benefits of the Maryland Residential Clean Energy Program
The main benefit of the Maryland Residential Clean Energy Program is its relative simplicity when compared to the other incentives. Simply meet the qualifications and receive $1000 from the state of Maryland. The qualifying factors are significantly less than the other incentives as well, making it widely available to a variety of renewable energy generator owners.
Other Maryland Solar Incentives
When making the smart switch to solar, it is important to combine every solar incentive that is available to you in order to maximize your savings. Be sure to discuss solar incentives with your solar provider to ensure that you take advantage of everyone that you qualify for.
Solar Renewable Energy Credits (SREC)
Solar renewable energy credits allow you to sell your excess renewable energy to the local energy utility via the SREC market. Each additional megawatt hour that your system produces is worth one renewable energy credit. This program is intended to encourage home and business owners to convert to solar by offering a way to sell their extra solar energy.
Solar Panel System Sales Tax Exemption
Maryland allows you to avoid paying any state sales or use tax on eligible solar equipment that you purchase.
Solar Property Tax Exemption
This incentive allows you to avoid paying property taxes on your solar-equipped home. With property taxes having a wide range of costs, this incentive can end up saving you a significant amount of money.
Federal Solar Tax Credit (ITC)
Along with Marylands’ solar incentives, the federal government also offers one of the most advantageous solar incentives. The federal solar tax credit gives you the opportunity to deduct 30% of the cost of your solar panel system from your federal tax returns. There is currently no cap on the amount that you can deduct and the 30% will remain available until 2033 when it will drop to 26%.
Comprehensive Maryland Solar Services
If you are searching for a solar provider in Maryland that provides a comprehensive set of solar services, look no further than Lumina Solar. Our solar representatives will expertly guide you through the entire process, ensuring that you take advantage of every solar incentive available to you. We strive to make solar energy a possibility for everyone. If you are ready to take the first steps in your solar conversion, call or contact Lumina Solar to get started today!