Don't Miss Out on Solar Money
     
  1. Learn the basics
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  2. Provide an electric bill with usage chart
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  3. See exactly what you qualify for
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  4. Get a free consultation
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Maryland's Goals
I'm sure youv'e heard of Maryland's Renewable Portfolio Standard. It sets the standard for how energy is produced in the state. Utilities are held accountable to these standards by getting fined for falling short. Previously the aim was for 25% renewable energy by 2020 and now its a whopping 50% by 2030! That's right, half of their energy will come from renewable sources. In 2019 Governor Larry Hogan took it to the next level with the Clean and Renewable Energy Standard (CARES) to get the state to 100% clean electricity by 2040 with zero carbon emissions.
 
With big goals come big action. The big action is supported with programs that support residential, commercial, and community solar projects. It's now up to the customer to take advantage of these incentives to help maryland hit its goals.
SRECs
So, have you heard about Maryland's Renewable Energy Credit (REC) program? It's pretty sweet! Basically, a Maryland-Eligible REC is a certificate that represents the environmental benefits of 1,000 kilowatt-hours of energy generated by a renewable energy system.
 
Let's say you have a solar array that produces 4,000 kWh of energy in a year. That means you'll receive 4 Solar RECs (SRECs) for your renewable energy production. The cool thing is, these RECs have a monetary value! You can sell or trade them to help meet a supplier's annual compliance obligations as part of Maryland's Renewable Portfolio Standard (RPS).
 
Now, here's where it gets interesting. Electricity suppliers in Maryland need to purchase and retire SRECs to meet their compliance obligations. If they don't have enough SRECs, they have to pay a Solar Alternative Compliance Payment. So, by selling your RECs, you're actually helping out the suppliers and driving down the cost of deploying renewable energy technologies. How much are your SRECs worth? Just check out SRECTrade.com
MEA Grant
The Maryland Energy Administration (MEA) offers grants for clean energy systems installed at primary residences in Maryland through its Residential Clean Energy Grant Program. This means that you can get some financial assistance to help you make the switch to clean energy. Pretty cool, right?
 
Currently the grant is for $1,000, its easy to apply for and the money comes pretty quickly after your install. It's great to see a state taking such a proactive approach to promoting renewable energy and helping its citizens and communities make the transition. Did I say that we love Maryland?
Federal Tax Credit
And now, the biggest government incentive of all! It's called the federal residential solar energy credit, and it's pretty awesome. Basically, it's a tax credit that you can claim on your federal income taxes for a percentage of the cost of a solar PV system that you paid for.

So, if you installed a solar PV system in 2020 or 2021, you're eligible for a 26% tax credit. And get this - in August 2022, Congress passed an extension of the ITC, raising it to 30% for installations between 2022-2032. How cool is that?  To qualify for the tax credit, you just need to have a solar PV system located at your residence, or you purchased an interest in an off-site community solar project where the electricity generated is credited against your home's electricity consumption. It's that simple!

Now, before you go claiming a tax credit, it's always a good idea to seek professional tax advice and make sure you're eligible. Once you've done that, you can complete and attach IRS Form 5695 to your federal tax return (Form 1040 or Form 1040NR). If you need help filling out the form, don't worry - instructions are available here.
So, there you have it! Let's keep making progress towards a cleaner, greener future! 🌞💰
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