Home Business News Maryland Launches Tax Year 2020 Energy Storage Income Tax Credit

Maryland Launches Tax Year 2020 Energy Storage Income Tax Credit

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The Maryland Energy Administration (MEA) has opened the application period for the Tax Year 2020 (TY20) Maryland Energy Storage Income Tax Credit Program. This program is designed to encourage the deployment of energy storage systems in the state. In Tax Year 2019, MEA issued 175 residential and commercial tax credits certificates for energy storage systems totaling more than two megawatts which is enough stored energy to power 3,000 microwave ovens.

“Maryland made national news in 2017 when it debuted the country’s first energy storage income tax credit, and after only two years we are seeing a 100% subscription rate,” said Mary Beth Tung, Director of the Maryland Energy Administration. “The energy storage income tax credit is an undisputed success for the state and our residents.”

The program is available to eligible residential and commercial taxpayers who have installed a qualifying energy storage system on their residential or commercial property in Maryland during TY20 (Jan. 1 – Dec. 31, 2020). MEA may award up to $750,000 dollars in energy storage tax credits on a first-come, first-served basis while funding is available. Tax credits are calculated as 30% of the total installed cost of the energy storage system, up to $5,000 for residential systems and $75,000 for commercial systems, whichever is lower.

The deadline to apply and submit an application is Jan. 15, 2021. To learn more, visit https://energy.maryland.gov/business/Pages/EnergyStorage.aspx

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