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When you install solar energy in Maryland, the state will pay the owners $1000 as part of the Maryland Clean Energy grant, as long as the installation took place at the main residence. Delaware also has some great incentives for going solar which includes up to .60 and .70 cents per KW depending on which utility you are in, which could be up to $7,000 for a 10KW system! These are in addition to the Federal ITC incentive.
The owner of the solar system will receive an SREC for every megawatt-hour of energy produced by your home. The Solar Renewable Energy Certificate or SREC will consist of a dollar value that can be sold at the market for SREC. A simple explanation would be is if your solar system makes 10,000 kwhs annually, this means you would receive 10 SRECs a year which is 1 SREC for every 1,000 kwhs you produce. In Maryland you can currently get up to $75 an SREC, and in PA and VA we are starting to see $30-$40 per SREC, and of course there is the number 1 SREC spot in the nation which is DC which currently is around $400 per SREC!
This is a State policy that allows homeowners to receive full credit on their utility bills for any
extra electricity that their system may produce. Consider it a way to bank or store excess energy
that can be used at a later time for when homeowners need additional energy than what their
panels are producing for that day.
In order to avoid excessive tax bills as a result of solar panels home installation, Maryland provides tax breaks on the purchase of the solar system. Homeowners are not required to pay taxes on the value of the solar system that is increased after its installment. This is stated by the Property Tax Exemption for Solar and Wind Energy.
With the Federal Investment Tax Credit (ITC), homeowners can reduce the cost of their system
by as much as 26% as long as they: purchase or finance the system, and meet the minimum