All Electric & Solar company will help our customers find and apply for loans and tax incentives from Federal, State, Counties, and Cities. These loans and incentives can considerably reduce the direct cost of installing a solar photovoltaic system on a property.
Solar Loans
Our company, All Electric & Solar, will help our customers find and apply for solar loans and finance options with low interest rates and low monthly payments to install a solar photovoltaic system on a property. The customer has the option to apply for a home equity loan or a personal loan; our company will assist in getting loans, tax breaks, and incentives for our customers’ solar projects.
This loan will cover the down payment and the remaining cost. So, a $ 0 direct down payment for the customer. The solar loan will allow the customer to meet the criteria to qualify for tax breaks, as well as to own the solar photovoltaic system once the loan is paid off.
Federal Tax Solar Incentives
Federal incentives include a 30% tax credit available to homeowners for solar panel photovoltaic system installations through the year 2032.
State of Maryland Solar Incentives
The State of Maryland offers a wide range of solar incentives, which include the following:
Maryland Residential Clean Energy Grant Program:
A one-time rebate provides $1000 for a solar photovoltaic project.
Maryland Solar Renewable Energy Credits (SREC) Program:
This is a program that allows the owner of a solar photovoltaic system to sell the excess energy generated to electric suppliers in the SREC market at an average price of $ 50 per 1,000 kilowatt-hour.
Maryland Renewable Energy System Property Tax Exemption:
Residents of Maryland do not pay taxes on the added value of their property because they have installed a solar photovoltaic system. This is a 100% tax exception on the added value of your property after installing a solar photovoltaic system.
Maryland Energy Storage Income Tax Credit:
This is an income tax credit of 30% of the total cost of installation of an energy storage system, such as a solar battery, or $5000, depending on which one is lower.
Maryland Solar System Sales Tax Exemption Incentive:
This is a 100% sales tax exemption on solar photovoltaic system purchases.
Maryland Net Metering:
This program allows the owner of a photovoltaic solar system to sell the excess energy generated for billing credits to the utility company at the same rate as the utility company rate.
Counties and Cities Solar Incentives:
Many programs from local counties and cities help reduce the cost of installing a solar photovoltaic system on a property. Our company will assist our customers in applying to these programs in order to reduce costs.
