Maryland is a great starting point if you want to know if solar panel technology is right for your needs. Maryland's Renewable Portfolio Standard program and Solar Renewable Energy Credit program promote solar energy. Maryland plans to make 20% of its energy renewable by 2020. Maryland targets 2% of its renewable energy goals.
Maryland Solar Panels Cost
Maryland's solar panels can be expensive. The size of the roof and other factors can influence the price. Up to four quotes may be provided by local solar companies. The amount you save will depend on the cost of your electric bill. However, solar energy can bring you savings of over $1700 per calendar year.
Maryland homeowners can expect to pay between $12,500 and $17,000 for a 5-kW solar system. The prices of solar panels can vary from one installer to the next. To get the best deal on your Maryland solar panel installation, it is a good idea for you to get several quotes. The cost of solar panels is only about a third. The overhead and labor costs that come with a solar system also add up.
Tax credits
Maryland residents have the opportunity to take advantage of tax credits for purchasing solar panels. Maryland residents are eligible for a $2,500 one-time property tax credit when they install solar energy systems. These credits are available for the tax year that solar was first installed. Maryland homeowners can also carry these credits forward up to two years. Maryland also has a program called statewide net meters that allows homeowners and businesses to sell excess solar energy back onto the grid. These credits may be used to reduce your future utility bills.
Through the Residential Clean Energy Rebate Program, tax credits are available for Maryland solar panels. The Residential Clean Energy Rebate Program offers tax credits for homeowners who install solar panels on their primary residence. Installers must be NABCEP-certified. Maryland residents may also qualify for a $500 rebate when they install solar water heating systems.
Net metering
If you live in Maryland, and have solar panel installation, you will be eligible to receive net metering credit from your electricity provider. Maryland's net billing policy gives you 100% credit for energy you export to your utility. Surplus credits are transferable month-to-month at the retail rate. In April, they are reconciled at the utilities’ supply rate. The amount of electricity credits you can receive is dependent on the size of your solar system.
Other than net metering the state has other incentives and programs for solar energy. Maryland residents have the opportunity to receive rebates on solar power as well as federal tax credits. Maryland also has a renewable portfolio standard. These incentives can be used to reduce your electric bill.
Options for energy storage systems
Maryland residents may want energy storage for their solar panels. This type of battery backup system can offer you resiliency against power outages in times of extreme weather. It will also protect your investment by protecting the home from natural disasters. Maryland was the first state to adopt legislation encouraging distributed energy storage. Maryland's climate solutions law has increased the target to reduce economy-wide carbon emissions by increasing it from 40% up to 61% by 2022.
You can install smaller batteries storage systems for residential or commercial use in addition to utility-scale storage. For example, a residential battery system could store 500 kilowatt-hours worth of energy. This is an impressive amount of back up power. This battery system could provide power for up to three days, considering that an average Maryland home consumes 975 kilowatt hours per month.