Good news for Maryland homeowners - starting in 2025 there are new incentives for solar panel systems. The Brighter Tomorrow Act passed new legislation so Maryland residents can save even more when they go solar. Read on to find out more about how you can take advantage of the new Maryland solar program.
What’s new with Maryland’s solar incentives?
Starting in 2025, the state of Maryland will give grants to residents who install solar systems. The grants will be based on the size of the system, so for every kilowatt installed, homeowners will be awarded $750, and capped at $7,500. While this won’t cover the entire price of the system, it can fund a significant portion of the cost.
It’s important to note that the grant is reserved for those with a household income less than 150% of the statewide area median income. If you qualify, this means that you can take advantage of the grant in addition to the federal 30% tax credit. Plus, solar systems in Maryland are fully exempt from sales and use tax.
Depending on which county you live in, some municipalities in Maryland offer incentives too. Check out your county website, or get in touch with Solar Solution to find out more about local programs.
The best part is that the solar incentives don’t end there. After the grant and the tax rebate, you’ll continue to earn cash based on your solar production through SRECs. The Maryland SREC market is favorable and SRECs are priced at about $55 on the open market. This means for every 1000 kWh your system produces, you can earn $55.
So is it worth going solar in Maryland?
Maryland homeowners already had a stable SREC market, the federal tax rebate, and an exemption on sales tax. Now that these incentives can be combined with a sizable grant program, it’s never been a better time to buy solar panels in Maryland.
Don’t wait to apply for the grant as funds are limited and are first-come, first-served. Once the program is tapped out for the fiscal year, Marylanders will have to wait for the next year to apply.
Find out more information on the website here.