Feb 8 2011
Solar Energy World, an Elkridge, Maryland-based solar installation company, estimates that it has saved over $2 million for its clients during the year 2010. The savings have come by the way of grants and credits from the state for the installation of solar system and local property tax credits.
The company calculates that each of the residential solar system that was erected in 2010 would have saved around 6,588 kWh during the year, thus saving over $70,000 to the client on annual utility payments. The Maryland Solar Energy Grant Program available to the consumers of Maryland allows them to receive around $10,000 for solar PV systems up to 20 kW and for the solar hot water systems, 20% of the cost of the system or a maximum of $1,500. In addition to the mentioned concessions, the counties such as Harford, Anne Arundel, Prince George and Montgomery extend property tax credits to its residents for erecting solar PV panels. The federal government has announced 30% tax credits for all types of solar energy systems that are installed before 31st December 2016.
Furthermore, the installed solar panel systems will receive 731 Solar Renewable Energy Credits (SRECs) and each credit is valued around $360 thus allowing the customers to earn around $234,048 every year during the 30 year lifetime of the solar systems. The company has installed free online Solar Savings Calculator at its website to enable its clients to calculate their savings.
Source: http://www.solareworld.com