Federal, state and local governments offer tax incentives to encourage homeowners and businesses switch to solar. Solar Energy World makes sure you’re taking advantage of every financial opportunity your solar panel system has to offer.
Federal Solar Incentives
The Federal Residential Renewable Energy Tax Credit allows you to claim a credit of 30% of qualified expenses for a solar panel or solar energy system installed at your home. This federal rebate is ensured through the end of 2019, after which it will begin to decrease incrementally. In 2021, the rebate will be locked at 10%.
Maryland Solar Grants
The Maryland Residential Clean Energy Grant Program currently offer homeowners $1,000 grants for Maryland solar panels up to 20 kilowatts. The Maryland Commercial Clean Energy Grant Program offers similar incentives for Maryland businesses, non-profits, and government offices that go solar. Visit the Maryland Department of Energy’s Solar Progress site to learn more.
Local Solar Tax Credits in Maryland
Maryland’s statewide push to go solar has compelled many Maryland counties to offer solar tax credits as well. Solar Energy World stays on top of the latest local solar incentives for you, so that you don’t have to worry about missing out.
- Anne Arundel County: One-year property tax credit of up to 50% of your total installation costs (up to $2,500)
- Baltimore County: Property tax credit of up to 50% of your total installation costs OR $5,000 (whichever is lesser). Maximum credit determined your property taxes.
- Harford County: Property tax credit of up to $2,500
- Prince George’s County: Property tax credit of up to 50% of your total installation costs (up to $5,000).
$2,500 – $5,000 Credits
THIS JUST IN! New Local Incentives Now Available for Solar Lease/PPA:
- Baltimore County: To be eligible for the credit, applications but be submitted within the 12 months immediately following the installation date, Estimated 2-3 year wait, Incentives: The lesser of 50% of materials and installation costs or $5000
- Anne Arundel County: Applications must be submitted on or before June 1, 2016 for tax credits for the taxable year beginning July 1, 2016, Incentives: 50% of the cost of materials and installation of the solar energy equipment, maximum credit of $2,500
Maryland Solar Renewable Energy Certificates (SRECs)
In Maryland, once your system is installed you can earn money by selling excess power you generate back to the grid. We calculate how much excess energy you are likely to generate and we will set up the automatic system so you can earn and sell your Solar Renewable Energy Certificates (SRECs). Click for more on how this process works.
More Financial Incentives for Going Solar:
- Solar panels and solar energy products are exempt from Maryland sales tax.
- Maryland electricity rates have increased 78% since 2002. Switching to solar panels and solar energy protects you from this volatile market and saves you thousands of dollars in long-term energy costs.
- Maryland is a sunlight-rich state. Weather tracking shows that Maryland gets 50% more sunlight per day than Germany, a country that leads the world in solar panel installations.
- Solar panel systems increase your home or building’s value. An energy-efficient home often sells faster and at a premium.