The cost of installing solar panels has dropped dramatically, making it an affordable investment for Maryland homeowners who are looking to save money on electricity bills. And with the state’s generous solar rebates and Practically Green’s research, you can install some panels on your roof without sacrificing anything but the time it takes to pick a couple of Maryland’s famous blue crabs.
What are the top solar programs in Maryland?
The federal government’s flagship solar Investment Tax Credit (ITC) is an effective way to reduce the cost of installing solar panels on your home. Maryland has other great incentives, too, that lower up-front costs and increase the amount of money generated by your system.
Residential clean energy grant program
If you live in Maryland and are thinking about installing solar panels on your home, the state has an offer for you. The MD Solar Rebate Program pays homeowners $1,000 to install a system smaller than 20 kilowatts (kW) at their primary residence, as long as they have the standard NABCEP certification.
A typical residential solar panel system costs around $20,000 after installation and can produce up to 10% of all electricity needs for that house over time. The program is available until June 30th 2017 or until funds are depleted.
To qualify for this rebate program: Your system must be smaller than 20 kW; it must be installed on your primary residence; and your installer must have the standard NA BCEP certification.
Solar Renewable Energy Certificates (SREC)
Maryland homeowners, if you’re considering installing solar panels in your home to reduce your electricity bill and help the environment, now is the time. Maryland has set a renewable portfolio standard goal to produce 2.5% of its electricity from solar resources by 2020, and there are some great incentives for homeowners who install them before December 31st of this year.
Maryland residents can get paid for installing solar panels under an innovative program called Solar Renewable Energy Certificates (SREC). For every megawatt-hour that your panels produce, you’ll be granted one Maryland SREC that you can then sell in the SREC market. That means even on cloudy days when sunlight isn’t available as much as it is during sunny days, you will still be producing revenue for your panels.
Can You Really Get Paid to Install Solar Panels?
Absolutely! Maryland SREC prices are at an all-time high, meaning that now is one of the best times you can install solar panels.
Maryland net metering
If you live in Maryland and are considering installing solar panels, you should know that the state has a net metering policy that will credit full retail value for electricity generated by your panels at any given time. This means that during times when you produce more power than you need, it can be “banked” with your utility company to draw from later on.
Save on your taxes with solar power in Maryland
Maryland homeowners: Saving on your taxes with solar power is now easier than ever.
Maryland solar tax benefits include a property tax exemption for renewable energy equipment and sales and use tax exemptions on qualifying purchases like new solar panels. For Marylanders considering going green, it’s never been more affordable to make the switch to clean, renewable energy!
If you’re still not convinced that this is something you want to do right away or if you have questions about the financial benefits of solar panels in general, you can check out this article by Practically Green.
The federal solar tax credit
Your home is a major investment. And since Maryland is one of the top 10 states for solar energy, it’s important to consider how you can save money and protect your family with solar panels.
Simply put, installing a PV system on your roof can provide you with significant savings on monthly bills – as much as 50% off what you pay each month! But like any big investment, there are some things to keep in mind before taking the plunge.
One of the most significant is the federal solar tax credit. The ITC can reduce the cost of your PV solar energy system by 26%. Keep in mind that the ITC applies only to those who buy their PV system outright (either with a cash purchase or solar loan) and that you must have enough income for the tax credit to be meaningful.
If you’ve been considering solar panels for your home, now is the time to act. Maryland has set ambitious clean energy goals and there are some great incentives on offer to you.
