Solar Incentives in Maryland

In an earlier blog post that can be found here, we showed how to calculate if it makes sense to make the switch to solar. However, it’s important to understand all the programs in Maryland that make it so affordable. You don’t want to rely on these incentives, only to figure out that you don’t qualify! See below for a comprehensive breakdown of all incentives in Maryland for homeowners:

Federal Solar Tax Credit

This is the big one! Also known as the Residential Clean Energy Tax Credit, you can calculate how large of a tax credit you will receive by taking the cost of your system (and any qualifying additions) and multiplying it by 30%. Can’t claim in all in one year? No problem, any amount left rolls over to the next year! The credit is available through 2032 before it decreases to 26% in 2033 and 22% in 2034. 

Solar Renewable Energy Credits (SRECs)

Solar systems produce electricity measured in kilowatt-hours (kWh). For every 1,000 kWh you produce, you earn one SREC. SRECs can be sold on the market, where they are ultimately purchased by electricity suppliers so that Maryland can fulfill its Renewable Portfolio Standard. In 2023, we are seeing SRECs sell for about $55 per SREC. If your system produces 13,000 kWh a year, then that’s an extra $715 every year!

Maryland Rebate Program

As long as the home you are installing solar on is your primary home, you are eligible for the Residential Clean Energy Rebate Program, meaning you can receive $1,000 just for going solar in Maryland!

Sales Tax Exemption

You do not have to pay sales tax for solar energy equipment! A nice change.

Property Tax Exemption

As long as the solar equipment is for your home, they cannot increase your property taxes due to solar.

Navigating Incentives

We’re here to assist every step of the way. Our team is well-versed in the intricacies of these initiatives and can provide guidance to ensure you maximize your benefits. Don’t miss out on the opportunity to harness the power of solar while reaping the rewards of Maryland’s incentives. Schedule a consultation with us today!