Energy

Maryland’s Energy Storage Tax Credit: Gaining Momentum Across America?

Renewable Energy World: The General Assembly of Maryland just passed a bill that would provide a 30 percent tax credit to those who chose to utilize energy storage technology, making it the first state in the country to pass such legislation. The funds provided by the bill would last from 2018 to 2022.

The bill includes a cap of $5,000 for residential storage projects, while for commercial projects, the cap is set at $75,000. The state government has allocated a total of $750,000 per year to be used in credits.

The Energy Storage Association cites that 2016 saw over 100 percent growth in commercial energy storage systems year-over-year. That same year, associated costs plummeted 30 percent. This trend would indicate that more and more individuals (both commercially and residentially) see the benefit of decentralized storage solutions.

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