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Save Money this Summer with Maryland Energy Storage Tax Credit
February 24, 2021 at 12:00 AM
Vivint Solar - Solar Panels on roof of brick home with window and Adirondack chairs.

If you’re looking for an effective way to save on your bills and contribute to more sustainable energy use, solar energy is probably an option you’re heavily considering.

Incentives for switching to solar energy keep increasing, however, so it’s also likely that you’re not factoring in all of them.

At Solaris Solar Solutions, customers often ask us about the Maryland energy storage tax credit initiative.

In this article, we’ll explain that program along with other reasons why solar energy is good for both your finances and the environment.

What is Maryland energy storage tax credit?

The Maryland energy storage tax credit program is an initiative by the Maryland state government to support greater adoption of energy storage systems.

Under the initiative, you can receive 30% of the total costs of an energy storage system you’re planning to install in your home. For residential properties, that’s capped at $5000, while a commercial property can receive up to $150,000.

A residential property that qualifies needs to meet three criteria:

  • It must make use of equipment certified by a nationally recognized lab
  • The system needs to e installed by a licensed professional
  • The property must be in compliance with all relevant building and fire codes

The storage systems that Solaris Solar Solutions installs automatically cover all three.

The enabling statute used by the initiative limits the amount it can give to homeowners to only $750,000, meaning satisfying the requirements doesn’t necessarily mean an applicant will receive a residential tax credit certificate.

The program is offered on a first-come, first-served basis, so getting your energy storage system installed early is a good way to increase your chances.

Are there other savings opportunities?

In addition to the Maryland energy storage credit program, there are other initiatives that can help you save money with a new solar system.

One is the Residential Clean Energy Rebate Program. Under this initiative, you can receive $1000 from the state government after installing a solar system.

In addition, the federal government offers a tax credit program that you qualify for by installing a solar PV system for your home. The federal solar tax credit is not compromised by any rebates or incentives you receive from the Maryland state government.

Also, you’re exempt from any property taxes that result from your home’s new solar system adding to its value. And you won’t have to pay additional taxes for any upgrades you make to your home’s solar equipment.

Of course, you also save through the other ways you expect with solar energy. After reducing your reliance on the public grid, your energy bills resultantly fall. Powering your household with solar energy, which is free and renewable, means you’ll be paying much less for electricity.

How do you save the environment by installing a solar system?

Adopting solar energy is also an effective way to play a part in driving greater sustainability. Having a solar system in your home cuts your carbon footprint by up to 60%, which, for a single household, is an impactful contribution to the fight against climate change.

The ready availability of affordable electricity that a solar system provides also makes it easier to make other lifestyle changes that have a positive effect on the environment. For example, you’ll find it easier to store energy for future, economical use.

Are you ready to save money and the planet?

If you think it’s time to adapt your home’s energy use to a system that’s efficient, cost-effective, and supported by state and federal programs, a solar system is exactly what you’re looking for.

Solaris Solar Solutions’ highly skilled team is ready to help you make the worthwhile switch to affordable, sustainable solar energy.

Get started by reaching out to us today for a free consultation.