The Maryland Energy Administration (MEA) is pleased to announce the launch of the Tax Year 2018 Energy Storage Tax Credit Program. The program is designed to encourage the deployment of energy storage systems in Maryland.
The program is available to residential and commercial taxpayers who have installed an energy storage system on their residential or commercial property in Maryland during Tax Year 2018 (January 1 - December 31, 2018). MEA may award up to $750,000 in energy storage tax credits on a first come, first served basis while funding is available.
MEA is currently reserving $225,000 for residential taxpayers and $525,000 for commercial taxpayers. If either of the reserved funding allocations become oversubscribed, eligible applicants will be placed onto a wait list as long as funding remains in the other funding allocation. The funding allocations by category will be removed on October 1, 2018, and tax credits will be assigned to eligible residential or commercial applicants on the waitlist. Residential and commercial applicants placed onto the waitlist in Tax Year 2018 cannot be carried over to Tax Year 2019. Under no circumstances will MEA issue more than $750,000 in energy storage tax credit certificates in a single Tax Year.
Energy storage tax credit certificates are calculated at the lessor amount of:
$5,000 for a residential property; or,
$75,000 for a commercial property; or,
30 percent of the total costs for installing the storage system.
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 Maryland State Income Taxes, please contact the Comptroller of Maryland (http://www.marylandtaxes.gov).
Tax credit certificates will be awarded on a first come, first-served basis. For more information about the Energy Storage Tax Credit program please visit the program webpage.