Maryland Energy Administration Offers Pilot Program: “First in the Nation Energy Storage Tax Credit Program”
Baltimore, MD – The Maryland Energy Administration (MEA) is now accepting applications for the 2018 Energy Storage Tax Credit Program. The program, launched on January 1, 2018, is designed to encourage the deployment of energy storage systems in Maryland.
“Maryland is making our mark in the energy sector with this first in the nation, energy storage tax credit,” said Mary Beth Tung, Director, Maryland Energy Administration. “This tax credit empowers all Marylanders to support grid resiliency and serves as a model for all other 49 states.”
This tax credit program is designed to provoke interest in the burgeoning energy storage market in Maryland. 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 dollars in energy storage tax credits on a first come, first served basis while funding is available.
“Our Energy Storage Tax Credit program, while a pilot, includes a wide range of storage technologies and encourages innovation in the energy storage arena,” continued Tung.
Currently, a total of $225,000 dollars has been reserved for residential taxpayers and $525,000 dollars has been reserved for commercial taxpayers. If either of the reserved money allocations become oversubscribed, eligible applicants will be placed onto a wait list as long as resources remains in the other financial reserve. The funding area allocations by category will be removed on October 1, 2018, and tax credits will be assigned to eligible applicants on the waitlist in the order the eligible applications were received. Residential and commercial applicants placed onto the waitlist in tax year 2018 cannot be carried over to tax year 2019. Under no circumstances will more than $750,000 dollars in energy storage tax credit certificates be awarded in a single tax year.
More information on the energy storage tax credit and applications can be found on the MEA website, http://energy.maryland.gov/business/Pages/EnergyStorage.aspx .
Disclaimer: The Maryland Energy Administration is not a tax office and any/all program guidance should not be considered tax advice. If you have any questions about Maryland State Income Taxes, please contact the Comptroller of Maryland (http://www.marylandtaxes.gov), or a professional tax advisor.
Maryland Energy Administration
The mission of the Maryland Energy Administration (MEA) is to promote affordable, reliable and cleaner energy for the benefit of all Marylanders. To achieve its mission, MEA advises the Governor and General Assembly on matters relating to energy policy. MEA administers grant and loan programs to encourage clean energy technologies in all sectors of Maryland’s economy: Residential, Commercial, Agricultural, and Transportation. For more information about the Maryland Energy Administration, visit www.energy.maryland.gov and follow us on Facebook, Twitter and LinkedIn.