Maryland Launches Tax Year 2020 Energy Storage Income Tax Credit
FOR IMMEDIATE RELEASE
Contact: Jahmai Sharp-Moore | 443-694-3651
Baltimore, MD – The Maryland Energy Administration (MEA) has opened the application period for the Tax Year 2020 (TY20) Maryland Energy Storage Income Tax Credit Program. This program is designed to encourage the deployment of energy storage systems in the state. In Tax Year 2019, MEA issued 175 residential and commercial tax credits certificates for energy storage systems totaling more than two megawatts which is enough stored energy to power 3,000 microwave ovens.
“Maryland made national news in 2017 when it debuted the country’s first energy storage income tax credit, and after only two years we are seeing a 100% subscription rate,” explained Mary Beth Tung, Director of the Maryland Energy Administration. “The energy storage income tax credit is an undisputed success for the state and our residents.”
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 TY20 (Jan. 1 – Dec. 31, 2020). MEA may award up to $750,000 dollars in energy storage tax credits on a first-come, first-served basis while funding is available. Tax credits are calculated as 30% of the total installed cost of the energy storage system, up to $5,000 for residential systems and $75,000 for commercial systems, whichever is lower.
The TY20 online application is available now. The deadline to apply and submit an application is Jan. 15, 2021 at 11:59 PM EST. For more information, visit the Maryland Energy Storage Income Tax Credit online.
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 Energy.Maryland.gov