Maryland is the best place to begin if you're unsure whether solar panels are right. Maryland's Renewable Portfolio Standard, and Solar Renewable Energy Credit program, encourage solar energy. Maryland plans to make 20% of its energy renewable by 2020. Maryland targets 2% of its renewable energy goals.
Maryland's solar panels cost
The cost of installing solar panels in Maryland can vary greatly. The size of the roof and other factors can influence the price. You can receive as many as four quotes from solar companies in your area. The total savings will depend on your electric bill, but you can expect to save over $1700 per year with solar energy.
Maryland homeowners will pay $12,500 to $17,000 for a 5-kW system. Solar panel prices can vary greatly from one installer. To get the best deal on your Maryland solar panel installation, it is a good idea for you to get several quotes. After all, solar panels only make up about a third of the overall cost. Other costs associated with a solar system include overhead and labor costs.
Tax credits
Maryland residents can take advantage of tax credits to purchase solar panels. Maryland residents can get a $2,500 tax credit to help them install solar energy systems. These credits are valid for the year solar was installed. These credits can be carried forward by Maryland homeowners for up to two additional years. Maryland also has an statewide net-metering program that allows homeowners selling excess solar energy back to their grid. These credits may be used to reduce your future utility bills.
The Residential Clean Energy Rebate Program offers tax credits for Maryland solar panels. Homeowners must have a solar energy system installed on their primary residence to be eligible. To be eligible, homeowners must have a NABCEP-certified installer install the system. Maryland residents are eligible to receive a rebate of $500 for installing solar water heating systems.
Net metering
If you live in Maryland and have solar panels installed, you can receive net metering credits from your electricity provider. 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 of the solar system you have will impact how many electricity credits are available to you.
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. The state also has a renewable energy portfolio standard. These incentives are available to help you save money on your electricity bill.
Options for energy storage
Maryland residents might consider energy storage as an option for your solar panels. This type can give you resilience to power outages and extreme weather. This system protects your investment and your home from damage caused by natural disasters. Maryland is the only state to have passed legislation to encourage energy storage. Maryland's recently enacted climate solutions legislation increases the economy-wide target for reducing emissions from 40% to 61%, by 2022.
In addition to utility-scale storage, residential and commercial facilities can also install smaller battery storage systems. For example, a residential battery system could store 500 kilowatt-hours worth of energy. This is an impressive amount of back up power. Considering that the average Maryland home uses 975 kilowatt-hours each month, this battery system could potentially provide power for three days.