Hello! Did you know that many tax credits and rebates are available to encourage most homeowners to invest in solar energy systems? For instance, during tax filing, you can receive 30% of your total system costs back from solar equipment and installation as a federal income tax credit. This means you would save $7,500 on a solar system worth $25,000.
Besides federal tax credits, many homeowners can find various incentives in their state. In addition, many states and municipalities provide $1,000 or more rebates for homeowners who received a solar power system installation. Read on to learn the tax incentives and credits of each state that JC Solar, LLC, works with.
Regarding tax incentives and credits, the federal tax credit is 30%, and $1,000 for the Maryland State grant. Additionally, the property tax credit for Baltimore and Prince George’s County is $5,000 and $2,500 for Anne Arundel County and Harford County. A Maryland-Eligible Renewable Energy Credit (REC) is equivalent to the environmental attributes linked with one megawatt-hour (1,000 kilowatt-hours) of energy produced by a qualified renewable energy system.
In Maryland, you qualify for an SREC of $59 for every 1,000 kWh you produce. For instance, the system owner will get 4 Solar RECs or SRECS if a solar array generates 4,000 kWh annually.
In the state of Pennsylvania, the Solar Energy Program (SEP) financially assists in the form of grant and loan funds to promote solar energy use. Additionally, economic development organizations, businesses, municipalities, school districts, and counties are eligible for this financial assistance. The federal tax credit of 30% applies to Pennsylvania as well.
For every 1,000 kWh you produce, you qualify for a Solar Renewable Energy Credit (SREC), valued at $40 in Pennsylvania. Plus, Philadelphia residents qualify for a $200 rebate for every KW of solar power installation if they apply for the Philadelphia Solar Rebate program.
Rooftop solar generation is the dominating strategy for producing local, clean energy in Washington, D.C. Installing solar panels on your residential or commercial property is one way that you can assist in reducing greenhouse gas emissions. In Washington, D.C., you qualify for an SREC of $400 for every 1,000 kWh you generate. The federal tax credit of 30% also applies to Washington, D.C.
So, how does solar work? Solar energy gets energy from the sun using photovoltaic (PV) panels. PV panels collaborate with other equipment work to convert the sun’s rays (photons) into electricity we can consume (electrons). To go solar in DC, visit this site for more information.
At JC Solar, LLC, we’ve always made it a point to find the most cost-efficient and sustaining methods for homeowners and businesses to use that technology for the good of their families and clients. However, the state of Virginia doesn’t have a state solar tax credit.
Thankfully, residents can benefit from solar incentives with Virginia’s Solar Renewable Energy credits program, the 30% federal solar investment tax credit, net metering, and property tax exemption. For example, a system owner receives one SREC of $20-$50 every time they generate 1,000 kilowatt-hour (kWh) of energy.
Moreover, Virginia’s residential property tax exemption for solar prevents your property taxes from increasing due to going solar. Lastly, Virginia offers net metering programs that enable homeowners to sell excess energy back to their power provider monthly. This can also include up to the total cost of your monthly electric bill.
Contact JC Solar Today!
If you have any solar needs in Maryland, contact JC Solar, LLC. at 443-204-6551 or by email at firstname.lastname@example.org. Our solar powered products will help make your life easy, environmentally safe, and cost efficient! We’re conveniently located in Marriottsville, Maryland and proudly serve all of Maryland as well as Virginia, Pennsylvania, Washington DC and Arizona. Contact us today!