Take Advantage of Maryland Solar Incentives, Tax Credits and Rebates
Solar incentives make solar panels affordable to millions of homeowners. Thanks to tax credits and rebates from federal, state and local governments, solar power prices are competitive with other energy sources. Maryland solar incentives help homeowners like you go solar. From Baltimore and Annapolis to Columbia and Fredericksburg, more Maryland homeowners are cashing.
What Are the Solar Incentives in Maryland?
Financial incentives for solar energy come in various forms, including tax credits and rebates. They help you save money by reducing your tax liability and reducing the cost of solar panels. Numerous Maryland solar incentives are available, including:
- Clean Energy Production Tax Credit — Sponsored by the State of Maryland, this tax credit lets homeowners claim a credit on their state income tax. The tax credit varies depending on how much electricity your solar system generates. The credit is earned at a rate of $0.0085 per kilowatt hour; credits are limited to a five-year period. The minimum credit is $1,000 per year, which means your solar panel system must produce a minimum of 23,530 kWh per year.
- Sales and Use Tax Exemption for Renewable Energy Equipment — Since July 2008, solar energy equipment has been exempt from sales and use tax in Maryland. This means you don’t have to pay the normal sales tax of 6% when buying solar materials. This adds up to significant savings on the purchase price of solar panels.
- Sales and Use Tax Exemption for Residential Solar and Wind Electricity Sales — The sale of electricity generated by your solar panels is exempt from sales tax. So, if you sell the credits you earn, neither you nor the buyer have to pay sales tax.
- Residential Clean Energy Grant Program — This program encourages residents to invest in solar products. The State of Maryland will give homeowners up to $500 toward the installation of a solar hot water heater and up to $1,000 for PV panels, provided the products certain specifications.
In addition to the statewide programs, there are local government incentives for homeowners to install solar panels. For more information on Maryland solar incentives, visit the Database of State Incentives for Renewables and Efficiency (DSIRE) website.
Cash In on Maryland Solar Tax Credits and Rebates
For sales tax exemptions, you don’t have to do anything to reap the benefits; you simply won’t be charged sales tax and won’t have to collect sales tax if you sell your solar credits. For other credits and rebates, some paperwork may be involved. The Clean Energy Production Tax Credit requires completion of a form from the Maryland Energy Administration website. More details and instructions for each program are included on their respective pages on the Maryland Energy Administration website.
Let Renewable Energy Corporation Do the Paperwork for You!
What’s easier than filling out applications for solar tax credits and rebates? Letting us do it for you! Renewable Energy Corporation takes the hassle out of financing solar panels by handling all the paperwork for tax credits, rebates, and other incentives.
There’s more: You may be eligible for Maryland solar incentives you’re not aware of or don’t realize you’re eligible for. By letting Renewable Energy Corporation install your solar panels, you can be assured of taking full advantage of all incentives available.
Free Solar Evaluation