Maryland is a good starting place if your question is whether solar panels would suit you. Maryland's Renewable Portfolio Standard program and Solar Renewable Energy Credit program promote solar energy. Maryland wants to be able to produce 20% of its electricity from renewable sources by 2020. It also targets 2% solar energy.
Maryland solar panel prices
There are many factors that can affect the cost of solar panels installation in Maryland. The size of the roof and other factors can influence the price. There are up to four estimates from local solar companies. You can save more than $1700 annually with solar energy, depending on how much you pay for electricity.
Maryland homeowners should expect to pay between $12,500 - $17,000 for a 5-kWolar system. However, solar panel prices vary widely from one installer to another. It's a good practice to get multiple quotes from Maryland for your solar installation. This will help you choose the most economical system. Remember that solar panels make up only a third to the total cost. The other costs of a solar system are labor and overhead costs.
Tax credits
Maryland residents are eligible for tax credits to buy solar panels. Maryland homeowners may be eligible for a $2,500 property credit to install solar energy systems. These credits can be applied to the tax year in which solar was installed. Maryland residents can also carry these credits forward for an additional two years. Maryland also has a program called statewide net meters that allows homeowners and businesses to sell excess solar energy back onto the grid. These credits can also be used to lower future utility bills.
The Residential Clean Energy Rebate Program in Maryland offers tax credits for solar panels. Homeowners must have a solar energy system installed on their primary residence to be eligible. Installers must be NABCEP-certified. Maryland residents are eligible to receive a rebate of $500 for installing solar water heating systems.
Net metering
If you are a Maryland resident and have solar panels, your electricity provider may offer net metering credits. Maryland's net Metering Policy gives your utility full credit for the energy you export. Surplus credits can be carried over month to month at the retail rate, and they are reconciled annually in April at the utilities' supply rate. The size of your solar array will affect the amount of electricity credits that you can receive.
The state offers many incentives and programs that promote solar energy, in addition to net-metering. Maryland residents can get rebates on solar energy and federal tax credits. In Maryland, a standard for renewable energy has been set. These incentives can be used to reduce your electric bill.
There are many options for energy storage
If you live in Maryland, you may be considering adding energy storage to your solar panels. This type of backup battery system can provide you with resilience against power outages during 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 climate solutions law, which was recently passed, increases the economy-wide emission reduction target from 40% to 61% by 2022.
You can install smaller batteries storage systems for residential or commercial use in addition to utility-scale storage. For example, a residential battery system could store 500 kilowatt-hours worth of energy. This is an impressive amount of back up power. A battery system can potentially supply power for three days, given that the average Maryland home draws 975 kilowatts of energy each month.