Currently, homes and businesses are eligible to receive a federal tax credit of up to 30% of the installed system cost with no cap.
Tax credits valid through 2016.Additionally, state grants may be available to help reduce your total investment by almost 50%. The current payback on a typical solar system installed in Maryland is between six and seven years.
Maryland Sales Tax Incentive
- Offered for homeowners installing a photovoltaic solar system
- Maximum incentive: $3,000 residential, $4,500 non-residential
- 100% exemption from sales and use tax
Maryland’s Residential Clean Energy Tax Credit
- Offered to residential, commercial, agricultural installing photovoltaic and solar thermal electric
- Maximum incentive: $2.5 million (total credits allowed during five-year period)
- No specific size restrictions, however initial credit minimum is $1,000
- Valid through 12/31/2015
Earn Money with Solar Renewable Energy Credits
If you produce more energy than you use, you can sell it back to the utility company for electricity credits – saving even more money. In Maryland, power companies are required by law to obtain a minimum percentage of their electricity from alternative sources such as solar power. Rather than create a costly solar facility themselves, the companies may meet this requirement by purchasing SRECs from other companies or individuals who generate renewable energy with a solar panel system, including homeowners with a personal solar panel system installed. Because solar must be purchased within the state, the REC prices have remained stable at $125.
Request a quote or contact us today and learn how a JK Mechanical solar installation can make money for you.