Maryland Solar Incentives & SRECs
With local incentives and strong state requirements for clean energy, Maryland is a great place for solar power.
Maryland is one of the leading states for home solar power. Maryland has passed robust renewable energy legislation and is part of a thriving local solar market.
Maryland offers a state grant through the Maryland Energy Administration (MEA). In addition, Maryland homeowners can also participate in a market-based incentive through the state's solar renewable energy certificate (SREC) market. However, the state grant program's budget will not last forever and SREC prices are expected to decline over time. Now is the best time for homeowners to go solar and take advantage of all the existing MD solar energy incentives.
Sunrun files all grant paperwork for you and passes along the savings in your low upfront cost. Instead of paying $30,000 for a home solar system, you can upgrade to solar for little money down.
Maryland Solar Grant Program
The Maryland Energy Administration offers a solar grant program for all Maryland residents. Maryland's grant program is partially funded by the Regional Greenhouse Gas Initiative (RGGI) — the first market-based regulatory program in the U.S. to reduce greenhouse gas emissions. Under the RGGI, ten Northeastern and Mid-Atlantic states have capped and will reduce CO2 emissions from the power sector 10% by 2018.
Maryland SREC Program
In Maryland, homeowners will receive Solar Renewable Energy Certificates (SRECs) for generating solar electricity. One megawatt-hour (MWh) of solar electricity generates one SREC. SRECs can be sold or traded on an SREC market.
SREC prices can fluctuate and are determined by market availability and the price of the Solar Alternative Compliance Payment (SACP) for the state's Renewable Portfolio Standard (RPS). SACP is the price electricity suppliers must pay if they don't meet their renewable energy targets.
In 2005, Maryland enacted a Renewable Portfolio Standard of 20% by 2022. In addition to the RPS, Maryland created a "solar carve-out", a requirement that a portion of the RPS comes from solar power, set at 2% by 2022.
In addition to these residential solar incentives, Maryland also has a net metering policy that makes it more cost-effective for homeowners to switch to clean energy. Learn more about how Sunrun works with Maryland utility companies to help residents upgrade to solar power.
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