By the year 2020, the state of Maryland aims to obtain at least 2% of its energy (or 1200 MW) from solar power. The deadline is five years away, and the state has less than 200 MW of installed capacity. This means that the government is anxious to put solar panels on more roofs, and is willing to extend generous benefits to make it happen.
Both homes and businesses in Maryland are eligible for state and federal solar energy tax credits worth tens of thousands.
For small businesses: If you’re a small business, the Business Energy Investment Tax Credit is in place until the end of 2016, and offers a 30% rebate. The Modified Accelerated Cost Recovery System allows businesses a depreciation deduction as well. Large businesses are turning to solar power, too. The Annapolis Towne Center Target store has close to 2000 panels on its roof.
For homes: Federal tax credits worth 30%, and a (taxable) $1,000 clean energy grant from the state of Maryland go to homes investing in solar energy. Allowing for these incentives, the average suburban home solar panel installation should cost no more than $20,000.
It’s important to realize that these incentives are only the beginning. They aren’t by any means the only benefits to be had installing solar panels on your roof.
According to Blair Roofing, leading solar power and roofing installation contractors in Annapolis, MD, Maryland offers consumers a feed-in tariff system. Anytime that you aren’t using the full output of your solar panels, the power generated automatically flows to the grid through a reverse-direction meter. The value of the electricity that you put back into the grid is deducted from your bill. In other words, when you’re on vacation or simply away at work, your solar installation makes you money.
A Power Purchase Agreement
If you aren’t ready to buy your own solar system, you can enter into a Power Purchase Agreement with any of various private companies that lease space on your roof from you. You get to use the electricity that it generates, paying less than you would the utility. In return, you allow the company to sell any surplus electricity it may make to the grid.
You Can Use Your Solar Panels For Hot Water
Solar panels can do a lot more than just light up your home. You can decide to simply connect the panels to your heating system. Not only will you save on your heating bills, you’ll know that you have a warm home even when there is a power outage in winter.
A Solar Installation Raises Your Home’s Value
Not long ago, homebuyers were doubtful about seeing solar panels on the roof of a home on the market. Buyers have become much savvier when it comes to renewable energy, though. Today, a solar installation can actually raise a home’s selling price by 20%. It’s a massive source of profit.
The true benefit of investing in a solar panel, of course, isn’t monetary — it comes from the warmth that you feel knowing that you are doing your part for the environment.