Want to lead Maryland's transition to solar energy?
Crabcakes, football and … solar? You bet. With the help of great local incentives, Maryland's solar industry has taken off in recent years. One of the main reasons for the widespread adoption of solar in Maryland: some of the most attractive savings in the U.S.
The economics of solar in Maryland are so beneficial due to the presence of Renewable Energy Credits (commonly known as "RECs"), which allow local utilities to meet their mandated renewable energy requirements. The average solar system in Maryland typically creates 8-10 RECs each year, with RECs currently valued around $150 each! These credits go to the owner of the system, so owning your system directly – with a Dividend Finance solar specific loan, for example – is incredibly favorable in Maryland.
Our customers in Maryland have installed home solar panels for a variety of reasons: to help the local environment, to save money from Day 1, to gain independence from the utility companies, to show off their sweet new panels to their neighbors. All of them have taken advantage of one of Maryland's great natural resources: the sun.
With higher-than-average utility prices and some of the most generous incentives in the country, Maryland is a perfect place for solar energy to shine.
Home Solar in Maryland Is More Affordable than Ever Before
- Federal Tax credit may be available
- Renewable Energy Credits (worth thousands of dollars!)
- Clean Energy Grant of $1,000
- Sell Your Extra Production with Net Metering
What Our Maryland Solar Customers Are Saying
We utilized Dividend Solar to finance a new solar system for our house. Every aspect of the installation and financing was absolutely excellent, "5 Stars". No money down, great savings, it's an economic no brainer.Mark | Parkton, MD
Dividend Solar was the perfect choice. They took care of everything. It was perfectly seamless. From engaging the installer, to preparing all the paperwork, providing us with the financing, ensuring the system was inspected timely, and everything in between. It couldn't have been easier and we could not have made a better choice.Karim | Sparks, MD
Everything was very straightforward with Dividend Solar in terms of the paperwork process, which was quite helpful. They have friendly customer service reps, and I’m very satisfied with my decision to go solar. I’d definitely recommend them.Parker | Owning Mills, MD
Enrolling with Dividend Solar has been very smooth and easy and I have been very satisfied with my decision to go solar thus far. Overall, I've had an outstanding experience with them and they are a great company to work with.Jeffrey | Annapolis, MD
How Going Solar in Maryland Works
Step 1: Sign up online
Step 2: Talk to a solar specialist
Step 3: Check out your custom design
Step 4: Relax during installation
Step 5: Watch your savings grow
Maryland is one of the top states to go solar and maximize your savings. Aside from saving money on your electric bill, there are three other key incentives that help solar ownership in Maryland make sense: 1) the 26% federal tax credit, 2) the Residential Clean Energy Grant Program, and 3) Renewable Energy Credits.
First, the federal government offers a 26% tax credit which is available in all 50 states. This credit is applied to the federal taxes you pay each year, thereby lowering the net cost of your solar system, and has been extended to last until at least 2020. This credit is a great benefit of going solar: money that you would otherwise pay in taxes can now be used to own your solar system sooner. It is important to note that you can only reap the benefits of the federal tax credit* – which can cover up to 26% of your system's cost – if you own your system directly (instead of leasing it or choosing a Power Purchase Agreement). With the Dividend Finance EmpowerLoan, you own your system and you get all of the economic benefits of going solar in Maryland.
Secondly, the Maryland Energy Administration offers a $1,000 Residential Clean Energy Grant for homeowners who purchase their solar system
Finally, Maryland offers Renewable Energy Credits which can generate thousands of dollars of cash savings in addition to your utility bill savings. For more information on RECs, please see the next question!
*Dividend Finance does not provide tax or legal advice. Please consult your tax advisor for more information.
In Maryland, the typical solar energy system will produce between 8-10 megawatt hours of electricity each year, and every 1 megawatt hour of production also generates 1 Renewable Energy Credit ("RECs"). RECs can be sold to utility companies which allows them to meet their required quota of renewable energy production. It is very simple to sell RECs, and we offer an easy way to lock in REC payments for 5 or 10 years with a contract through one of our partners.
From a homeowner's perspective, Renewable Energy Credits are an additional source of savings that can add thousands of dollars of cash savings each year – on top of your utility bill savings! These RECs are a key driver of the economic benefits of going solar in Maryland, and help homeowners save money immediately.
The combination of Renewable Energy Credits, the 26% Federal Tax Credit, the $1,000 Residential Clean Energy and the ability to offset the high cost of electricity from your utility company make going solar in Maryland a home run. O say, is that a good deal!
When you begin to generate your own solar power, your utility bill can drop significantly. How much you can save will depend on the size of your solar system, your electricity usage, your current utility rates, and other factors. Our team and partners can design a system for you using remote assessment tools, and can present you with a system designed specifically for your home to give you a sense of your expected solar savings.
Working with the best solar installers in Maryland, Dividend Finance offers its customers a better, simpler way to go solar and reduce their utility bills.