Maryland Launches 2019 Energy Storage Income Tax Credits
The Maryland Energy Administration (MEA) is now accepting applications for the tax year 2019 Maryland Energy Storage Income Tax Credit Program.
The program is designed to encourage the deployment of energy storage systems in Maryland. Energy storage devices function as battery backups, which can be used in conjunction with or without renewable energy sources.
“Energy storage is critical to realizing a true renewable energy future,” states Mary Beth Tung, MEA director. “I am proud of the efforts by MEA to support this technology deployment, which will expand our renewable energy options.”
In 2017, Maryland became the first state in the country to pass a bill allowing taxpayers to claim an income tax credit on energy storage devices. In year one of the program, a total of 61 residential customers and one commercial customer took advantage of the tax credit, says MEA.
“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,” adds Tung. “ Renewable energy needs sustainable and reliable storage systems to develop the full potential of Maryland’s energy tomorrow.”
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% of the total installed cost of the energy storage system: up to $5,000 for residential systems and up to $75,000 for commercial systems.
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.