Solar Panel Incentives for Homeowners
There has never been a better time to install solar panel electric systems. If you decide to purchase your system, federal and state governments offer a number of incentives that add up to HUGE savings on the cost of installation and make it easy to earn money from the power your solar panels generate. Don’t worry, we take care of all the paperwork so you take full advantage of these programs – we’ll explain and determine your eligibility as part of our Free Home Analysis, but here are the highlights:
The solar energy that you produce and return to the grid is a tradable commodity that you own. The tradable commodity is known as a Solar Energy Renewable Credit or SREC. We set you up with a third party company that manages the process automatically. You just enjoy the money you earn. Essentially, this is how you sell your energy back to the open market, where 1 SREC = 1 megawatt hour of electricity. Click for more detail.
Get Money Back from your Utility Company with Net Metering
If you generate more electricity than you use, the excess goes back to your utility company, spinning the meter backward and giving you a credit for the electricity your solar panel system generated. In simple terms, net metering allows residential and commercial customers to get money back from their utility company. Click for more detail.
One-Time Credits Greatly Reduce the Cost of Installing Solar Panels
Consumers who install solar energy systems and solar electric systems receive a 30% federal income tax credit for systems placed in service before December 31, 2017
State and Local Solar Energy Grant Programs are in place for the following:
- Solar Systems – maximum award $1,000
- Each county’s program is different but it can add up to $2500 or more in tax credits.
Click HERE for details and updates on Maryland’s solar panel incentives and tax credits
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