Save money with solar panels.
A typical system will save a homeowner $2,000 every year!
With a solar system you save twice.
The cost of the system is reduced by almost 40% with tax credits. A typical system saves over $2,000 every year by reducing your electric bill and producing solar renewable energy credits (SRECs). In this way, you save twice — at the moment of buying and during the decades of solar energy production.
Solar system pays for itself in 9 years.
Green Street Solar takes care of the application process and coordinates on your behalf the applications, permits and related paperwork. It is through the combination of all available programs and incentives that you will enjoy more than 25 years of substantial savings. This is how a typical system installed on a home in Maryland works.
|System Price||Federal Tax Credit||State Grant||Total Cost|
Savings for 10 years
|Energy Credits||Electric Savings||Total Savings|
Renewable Energy Credits
Solar Renewable Energy Credits (SRECs) are produced by generating power from your solar electric system. For each 1000 kwh of electricity produced from your solar system, you will receive 1 SREC. These credits can add up to a significant income.
State of Maryland credits
Maryland Residents can expect to be eligible for a rebate of $1,000 not based on size of system installed (Must be primary residence). This rebate is called the Maryland Solar Energy Grant Program. Certain Maryland Counties have a property tax credit up to $5,000:
- Montgomery County
- Howard County
- Harford County
- Anne Arundel County
- Prince George's County
Federal Tax Credit
In addition to the Maryland State Rebate, the Federal Government offers a 30% federal income tax credit on the total amount spent installing your solar electric system. There is no limit on the amount. See more detail on federal tax credits for solar.
The home served by the system does not have to be the homeowner's principal residence to be eligible. This tax credit can be combined with your Maryland State Rebate to offset almost 40% of the system cost.
Please refer to http://www.irs.gov/pub/irs-pdf/f5695.pdf or contact your tax consultant for more details that may pertain to your unique tax situation.
Morning: meter spinning slowly
System starts producing energy. Meter is slowing down
Noon: meter spinning backward
Sun generates more power than needed. Energy is sent back to the power company
Night: meter spinning forward
No power produced. Energy comes from power company