Maryland has an extremely high cost of electricity (13th highest in the US) and with the average cost increasing by 4.35% every year, many Maryland homeowners are looking for alternatives from the traditional electric companies. Solar is a great option for many, made even more affordable through State, Local, and Federal incentives.
In this article, we will explore the different incentives available in St. Mary’s County, Maryland, that can help you save thousands on your electric costs! See the list below and please don’t hesitate to reach out with any questions!
Incentives in St. Mary’s County
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Federal Tax Credit: The federal tax credit for solar lets you deduct 30% of the cost of a solar system installed between 2022-2032 from your federal income taxes. This means that if your solar system costs $50,000, you can save $15,000 immediately.
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Read more about the Federal Tax Credit here.
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MD Residential Clean Energy Rebate: If the solar is placed on your primary residence, you are eligible for a $1,000 check from the State of Maryland!
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Solar Renewable Energy Credits: Your system will produce electricity, measured in kilowatt-hours (kWh). For every 1,000 kWh that you produce, you will receive one Energy Credit. These credits are currently being sold for around $50-$60. Over the course of 30 years, a typical solar system lifetime, you will make thousands of dollars!
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Net Metering: During the day, when their solar panels generate excess electricity, it flows back into the grid, spinning your meter backwards and earning credits. These credits can be used to offset the cost of electricity consumed from the grid at night or on cloudy days, effectively lowering your overall electricity bill and potentially even eliminating it entirely.
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Sales Tax Exemption: This exemption excludes solar systems from having a sales tax, reducing the overall cost of the system.
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Property Tax Exemption: Solar systems are exempt from state and local property taxes! Essentially, this means that your property taxes cannot increase due to the installation of a solar system.
Eligble Areas
All the incentives below can be redeemed in St. Mary’s County, which includes (but is not limited to) the below areas:
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California
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Callaway
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Charlotte Hall
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Golden Beach
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Lexington Park
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Mechanicsville
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Piney Point
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St. George Island
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Tall Timbers
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Wildewood
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Abell
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Avenue
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Beachville-St. Inigoes
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Beauvue
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Bushwood
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Chaptico
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Clements
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Coltons Point
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Compton
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Dameron
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Drayden
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Great Mills
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Helen
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Hollywood
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Hopewell
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Huntersville
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Hurry
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Loveville
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Maddox
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Morganza
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Oakley
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Oakville
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Oraville
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Ridge
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St. Inigoes
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St. Mary’s City
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Scotland
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Spencers Wharf
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Valley Lee
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Leonardtown
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Summary
These incentives definitely make switching to solar more affordable, but that does not necessarily mean solar is right for your specific situation. There are a variety of factors that go into solar and you want to be able to make sure it makes financial sense for your home. We can help with that. As a local company, we believe in serving our customers fairly and honestly. Reach out today and we can determine if solar is the right choice!