How You Can Save Big Money on Solar in Maryland

Have you been thinking about going solar in Maryland but aren’t sure if you can really save money with the high equipment costs? Well I’ve crunched the numbers, and you might be surprised just effective solar incentives in the Old Line State actually are.

By taking advantage of robust rebates, tax credits, and regulatory policies, Maryland homeowners like you are slashing their electricity bills AND earning extra income over the long run. Intrigued? Keep reading to learn how you can maximize savings!

Why Now is the Time for Solar Panels in Maryland

In recent years, Maryland has established itself as a renewable energy leader with aggressive goals and standards:

• 50% renewable electricity by 2030
• 100% clean energy by 2040
• 14.5% minimum solar

To put these timelines in perspective, only 11% of Maryland’s power came from renewable sources as recently as 2020.

The state has A LOT of ground to cover to meet these standards within a decade. And rapid growth of residential solar across Maryland will need to play a major role:

{{Image}}

With the installed solar base needing to grow over 10x in under 20 years, savvy homeowners like you can take advantage now before incentives potentially decline in the future.

Not to mention the fact you‘ll be generating your own sustainable electricity and slashing POWER BILLS in the process!

Let‘s take a look at all the ways you can maximize savings with solar panels in Maryland…

Slash Upfront Costs with Federal & State Tax Credits

The #1 savings opportunity comes from generous government incentives aimed at encouraging homeowners to adopt solar power.

Snag the 30% Federal Solar Tax Credit

The most valuable incentive by far is the Investment Tax Credit (ITC), which cuts 30% OFF the entire cost of a solar system on your federal tax return:

• Installation
• Equipment / panels
• Permits & fees
• Even sales tax!

On a typical 6 kW system running $16,440 in Maryland, the ITC saves you $5,332 right off the bat. Your out-of-pocket cost is instantly reduced down to $11,108.

Now that‘s what I call a good start!

{{Stats Comparison Table}}

*Cost estimates based on $2.74/Watt Maryland average solar installation price

The only downsides?

• You must own the system (no leasing)
• New equipment only
• For primary residence

But otherwise, nearly every homeowner qualifies for this huge 30% direct offset.

Extra $1,000 Rebate from Maryland

You can also tack on a $1,000 state rebate for any solar array 1 kW or greater:

• First-come, first-served
• Paid 90 days after inspection
• Use towards panels, inverters, meters etc.

An extra grand to sweeten the savings pot!

Eliminate Electric Bills with Net Metering

Maryland has one of the most effective net metering programs in the U.S.

This policy requires your utility company to give you monthly bill CREDITS at the full retail electricity rate for any excess power your solar panels generate.

You read that right – they have to pay you the same EXACT price per kilowatt-hour that they charge you.

Let‘s walk through an example…

Let‘s say your typical monthly electric bill is $100. But with your new solar array running, you end up overproducing by $50 worth of electricity that gets fed back into the grid.

• $50 credit gets applied towards next month‘s bill
• So next month you only owe $50 instead of the full $100!

This credit rolls over month after month for a full year. And at the end of the 12-month period, any remaining credit gets paid out to you in CASH!

So with large enough solar system, you can actually achieve $0 power bills in the summer just from overproduction credits!

That‘s an immediate positive cashflow once your system turns on.

Pretty neat trick to grab "free energy" from the sun.

Make Money from Home with Solar Renewable Credits

Now here comes the crazy part…

Believe it or not, Maryland actually PAYS YOU extra when your solar panels generate power!

Through what are called Solar Renewable Energy Certificates, aka SRECs.

Here’s how it works:

1 SREC = 1,000 kWh of solar electricity generated

Maryland requires local energy suppliers to hit annual SREC quotas by purchasing credits from system owners.

Current SREC price sits around $50 each.

A typical 6 kW system produces 10-15 credits PER YEAR.

Do the math – that‘s $500-750 in cash income every year for the life of your panels!

Tacking this onto net metering overproduction credits, and you could be making some serious side income from home.

Pretty cool!

Add Battery Storage & Save 60% Off Powerwalls

Now if the idea of slashing electric bills AND earning side solar income has you excited, take this to the next level by adding battery storage.

Tesla Powerwalls have exploded in popularity for storing solar energy to power homes around the clock. No sunset dip in production!

{{Powerwall Image}}

Better yet, Maryland offers a 30% state tax credit towards battery systems ON TOP of the existing 30% federal credit.

So that‘s a full 60% OFF the cost of a Powerwall for Maryland solar owners!

For a $10,000 Powerwall:

• Federal credit saves $3,000
• State credit saves additional $3,000

Bringing your out-of-pocket total down to only $4,000.

Now that‘s just crazy affordable backup power generation and independence from the utility grid!

Surprised By All the Savings Yet?

If your jaw isn‘t on the floor yet, I don‘t know what to tell you.

Maryland has implemented an extremely progressive slate of policies, incentives, and credits to make going solar a no-brainer for homeowners.

Just look at everything you can leverage:

• Federal 30% investment tax credit
• $1,000 state rebate
• Retail rate net metering
• $50/credit SREC cash payments
• 60% off battery storage
• Tax exemptions

All signs point to NOW being the best time ever to adopt solar before incentives scale back.

The faster Maryland works towards its extremely ambitious renewable energy goals, the better it is for power bill and income hungry homeowners like you!

Let me know if you have any other questions in the comments down below!

{{Comments Section}}