Energy Efficiency, Energy Storage, Regulation - February 14, 2018
Maryland opens first energy storage tax credit program
The Maryland Energy Administration (MEA) announced on Feb. 13 that it is accepting applications for the 2018 Energy Storage Tax Credit Program. The program, the first of its kind launched in the U.S., is designed to encourage the deployment of energy storage systems in the state.
"Maryland is making our mark in the energy sector with this first in the nation, energy storage tax credit," said Mary Beth Tung, MEA director in a statement. "This tax credit empowers Marylanders to support grid resiliency and serve as a model for all other 49 states."
According to the MEA, this tax credit program is designed to provoke interest in the burgeoning energy storage market in Maryland and is available to eligible commercial and residential taxpayers who have installed a qualifying energy storage system on their Maryland property during fiscal 2018. MEA may award up to $750,000 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," noted Tung. Currently, a total of $525,000 has been reserved for commercial taxpayers, with $225,000 set aside for residential taxpayers. If those allocations become oversubscribed, eligible applicants may be placed on a waitlist for the remainder of 2018. The statement asserts that “under no circumstances will more than $750,000 dollars in energy storage tax credit certificates be awarded in a single tax year."