New Cycle of Maryland Energy Storage Income Tax Credit Now Open
by Sam Beirne, Energy Program Manager
The Maryland Energy Administration (MEA) has opened the application period for the Tax Year 2021 (TY 2021) Maryland Energy Storage Income Tax Credit Program. This program is designed to encourage the deployment of energy storage systems in Maryland. In Tax Year 2020, MEA issued 121 residential and commercial energy storage tax credit certificates, equating to more than 1.45 megawatts or 2.79 megawatt-hours of storage.
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This tax credit is available to Maryland residential and commercial taxpayers who have installed a qualifying energy storage system on their residential or commercial property during TY 2021 (January 1 – December 31, 2021). MEA is authorized to award up to $750,000 dollars in energy storage tax credits on a first-come, first-served basis while tax credits are 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 $150,000 for commercial systems, whichever is lower.
The TY 2021 online application is available now. The deadline to apply is January 15, 2022 at 11:59 PM Eastern. For more information, check online.
MEA advises the governor and general assembly on all energy matters, promoting affordable, reliable and cleaner energy. MEA develops and administers programs and policy to support and expand all sectors of the state’s economy while benefiting all Marylanders and implementing legislation. For more information about the Maryland Energy Administration, visit www.Energy.Maryland.gov and follow us on Facebook, Twitter and LinkedIn.