If you're wondering if solar panels are right for you, Maryland is a good place to start. Maryland's Renewable Portfolio Standard program and Solar Renewable Energy Credit program promote solar energy. Maryland has a goal to produce 20% renewable energy by 2020. Its renewable energy target includes 2% solar power.
Maryland solar panel prices
Maryland solar panel installation costs can vary widely. Prices can vary depending on factors such as the size and shape of the roof. There are up to four estimates from 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 will pay $12,500 to $17,000 for a 5-kW system. However, prices for solar panels will vary depending on where you install them. It is a smart idea to get multiple quotes on your Maryland solar installation to ensure you find the most cost-effective system. After all, solar panels only make up about a third of the overall cost. The other costs of a solar system are labor and overhead costs.
Tax credits
Maryland residents have the opportunity to take advantage of tax credits for purchasing solar panels. Maryland homeowners are eligible to receive a $2,500 tax credit for the installation of solar energy systems. These credits are available for the tax year that solar was first installed. These credits can be carried forward by Maryland homeowners for up to two additional years. Maryland also has a statewide net metering program, which allows homeowners to sell excess solar energy back to the grid. These credits are available to help reduce future utility bills.
The Residential Clean Energy Rebate Program in Maryland offers tax credits for solar panels. The Residential Clean Energy Rebate Program offers tax credits for homeowners who install solar panels on their primary residence. They must also use a NABCEP certified installer to install the system. Maryland residents can get a $500 rebate on solar water heating systems.
Net metering
You can get net metering credits from the electricity provider if you have solar panels installed in Maryland. Maryland's net meters policy allows you to receive credit for all energy that you export. Surplus credits are transferable month-to-month at the retail rate. In April, they are reconciled at the utilities’ supply rate. The size and capacity of your solar system determines how many electricity credits you will be able to receive.
The state offers numerous incentives and programs to promote sun 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.
There are many options for energy storage
If you live in Maryland, you may be considering adding energy storage to your solar panels. This type is a battery backup system that can provide resilience in the event of power cuts or extreme weather. It protects your investment by protecting you home in case of natural disasters. Maryland is the only state to have passed legislation to encourage energy storage. Maryland's climate solutions law, which was recently passed, increases the economy-wide emission reduction target from 40% to 61% by 2022.
Residential and commercial properties can install smaller battery storage systems in addition to large-scale utility-scale storage. A residential property could store up to 500 kilowatts of power, which is quite a bit of back-up power. The battery system could power up to three days of electricity, especially considering the Maryland average home uses 975kilowatt-hours every month.