After its 2017 milestone in which Maryland became the first state in the U.S. to launch a 30 percent tax credit for businesses and homeowners that install energy storage devices, today the Maryland Energy Administration (MEA) said that it is now accepting applications for the 2019 program.
The tax credit program is available to eligible residential and commercial taxpayers who install a qualifying energy storage system on their property in 2019. MEA may award up to $750,000 in energy storage tax credits on a first come, first served basis. Tax credits are calculated as 30 percent of the total installed cost of the energy storage system, up to $5,000 for residential systems and $75,000 for commercial systems.
“Energy storage is critical to realizing a true renewable energy future,” stated Mary Beth Tung, Ph.D., J.D., MEA Director.
In year one of the program, a total of 61 residential customers and one commercial customer took advantage of the tax credit.
“We are encouraged with the performance of the program in year one, knowing that building on current energy storage technology is key to the State’s renewable energy future,” explained Director Tung. “Renewable energy needs sustainable and reliable storage systems to develop the full potential of Maryland’s energy tomorrow,” concluded Director Tung.
The 2019 online application is available now. The deadline to apply and submit any outstanding documentation is Jan. 15, 2020 at 11:59 pm EST. For more information about this program, please click here.