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Maryland is making significant strides in growing its clean and renewable energy sources and solar energy is playing a pivotal role. Thankfully, that means that everyone benefits from the move toward renewable energy. Also, Maryland solar incentives and its utilities offer generous rebates to help homeowners and businesses go solar in the state.
Read on to learn more about many of the best solar incentives in the state that allow you to take advantage of its geographic location and the government’s commitment to sustainability. These are offered in the state in addition to federal programs like the 30% Investment Tax Credit (ITC) for homes and businesses, making solar and renewable investments even more worthwhile in the state.
Maryland Solar Incentives for Homeowners
Residential Clean Energy Rebate Program:
Maryland’s Residential Clean Energy Rebate Program offers incentives to people for installing solar and geothermal projects in Maryland. The rebate amounts vary and are based on the system’s size. You can significantly offset the upfront costs of solar system installation or adding a geothermal system to your home. However, these incentives are for a limited time and may expire soon. So, to take full advantage, you need to plan to switch to solar and act quickly.
Solar Renewable Energy Certificates
Homeowners in Maryland can benefit from the state’s Solar Renewable Energy Certificates (SRECs) program. For every megawatt-hour of solar energy a system produces, it earns an SREC that the homeowner can sell on the state’s SREC market. In Maryland, homeowners have up to 3 years to sell an SREC at its highest value or let it expire. The SRECs are purchased by energy producers and other polluters to pay for the emissions they produce.
Net Metering
Installing solar in Maryland allows homeowners to net meters and receive credits on their utility bills for the excess electricity generated by their solar systems. This makes solar energy an even more attractive option, as homeowners can effectively reduce their electricity bills further with net metering.
Property Tax Exemption
Adding a solar energy system won’t increase your property taxes in Maryland. The state offers a property tax exemption for the added value of a solar installation, providing homeowners with the long-term financial benefits of lower property taxes.
State Incentives for Businesses
Maryland’s Clean Energy Grant Program offers financial incentives to commercial and industrial entities investing in clean energy systems, including solar. Businesses can receive grants based on the size and impact of their clean energy projects. These rebates help commercial solar owners to offset their system’s upfront cost.
Commercial Clean Energy Rebate Program
Maryland offers Clean Energy Rebates through the Commercial Clean Energy Rebate Program (“C-CERP”). This program is for businesses, nonprofit organizations, government organizations, and departments that set up clean energy systems on properties in the state. However, Clean Energy Grant is available on a first-come, first-served, basis.
Property Assessed Clean Energy (PACE) Financing
Maryland's Commitment to Sustainability
Beyond individual incentives, Maryland has established an ambitious Renewable Portfolio Standard (RPS), which mandates that 50% of its energy must come from renewable sources by 2030. That’s helping drive the demand for solar energy and ensuring a growing market for solar installations in the state.
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Frequently Asked Questions
Maryland provides some of the best solar incentives in the country, including net metering, tax exemptions, and big rebates. You can't afford to go solar in Maryland when you factor in its comparatively high electricity rates.
The new Maryland Solar Access program, which is part of the Brighter Tomorrow Act of 2024 that Governor Wes Moore recently signed, will encourage solar growth in the state and make it easier for more Marylanders to lower their carbon footprints and energy costs.
Installing solar panels in Maryland can save you annually on electricity bills. With Maryland’s Solar Renewable Energy Certificates (SRECs), tax credits, and solar rebates, you can offset installation costs and maximize long-term savings. Over 25 years, you could save $20,000 or more while reducing carbon emissions.
Solar SME is one of Maryland's best solar installers, offering affordable residential and commercial solar solutions with flexible financing options. If you are looking for local solar companies near me, SolarSME is here to make your solar journey convenient.
Maryland SRECs is another excellent opportunity to maximize your solar savings because of the reduced energy costs and solar incentives. Businesses can meet their renewable energy targets without producing the energy themselves by using solar renewable energy credits, or SRECs.
