In a big step to encourage the deployment of energy storage systems in Maryland, the Maryland Energy Administration (MEA) announced the launch of the Tax Year 2018 Energy Storage Tax Credit Program. As per Maryland Energy Administration’s website, the program is “available to eligible residential and commercial taxpayers who have installed a qualifying energy storage system on their residential or commercial property in Maryland during Tax Year 2018 (January 1 – December 31, 2018). MEA may award up to $750,000 in energy storage tax credits on a first come, first served basis while funding is available.” The program, launched on January, 1st.
Energy storage tax credit certificates are calculated at the lessor amount of:
$5,000 for a residential property; or,
$75,000 for a commercial property; or,
30 percent of the total costs for installing the storage system.
Mary Beth Tung, director of Maryland Energy Administration said: “Maryland is making our mark in the energy sector with this first in the nation, energy storage tax credit. Our Energy Storage Tax Credit program, while a pilot, includes a wide range of storage technologies and encourages innovation in the energy storage arena,”.