Maryland Launches Tax Year 2022 Energy Storage Income Tax Credit
The Maryland Energy Administration (MEA) has opened the application period for the Tax Year 2022 (TY 2022) Maryland Energy Storage Income Tax Credit Program. This program is designed to encourage the deployment of energy storage systems in Maryland. In Tax Year 2021, MEA issued 164 residential and commercial tax credits certificates for energy storage systems totaling more than 1.99 megawatts and 3.77 megawatt-hours.
“We’re excited to announce the continuation of the nation’s first energy storage income tax credit after issuing all funds in TY2021”, 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 TY 2022 (January 1 – December 31, 2022). MEA may 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 percent 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 2022 online application is available now. The deadline to apply is January 15, 2023 at 5:00 PM EDT. For more information, visit the Maryland Energy Storage Income Tax Credit Program online.
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 your Maryland State Income Taxes, please contact the Comptroller of Maryland (http://www.marylandtaxes.gov), or a professional tax advisor.