Maryland Energy Administration Launches 2019 Energy Storage Income Tax Credit
FOR IMMEDIATE RELEASE
Contact: Jahmai Sharp-Moore | 443-694-3651
Baltimore, MD – The Maryland Energy Administration (MEA) is now accepting applications for the Tax Year (TY) 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 back-ups, which can be used in conjunction with or without renewable energy sources.
“Energy storage is critical to realizing a true renewable energy future,” stated Mary Beth Tung, Ph.D., J.D., MEA Director. “I am proud of the efforts by MEA to support this technology deployment which will expand our renewable energy options,” continued Director Tung.
Maryland made national news in 2017 by being 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. Current State encouraged storage levels are over 1.1 megawatts of duration and more than 600 kilowatts of peak capacity.
“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,” explained Director Tung. “Renewable energy needs sustainable and reliable storage systems to develop the full potential of Maryland’s energy tomorrow,” concluded Director Tung.
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 percent of the total installed cost of the energy storage system, up to $5,000 for residential systems and $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. For more information about this program, please click here.
“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) and/or a licensed tax professional.
Maryland Energy Administration On behalf of Governor Hogan 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, 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.