Howard County Executive Ken Ulman intends to double the funding limit for the county’s solar and geothermal tax credit program, which encourages homeowners to purchase and install renewable energy systems for their homes.
As part of the increased limit, the county will clear out its waiting list for the credits and the program will close — having accomplished its goal of “jump starting” the renewable energy industry in the region.
“I’m pleased that our current budget situation allows us to be able to raise the ceiling on the tax credit for renewable energy and clear the backlog,” said Ulman. “I’m committed to helping Howard County residents do their part to help the environment. The program we started four years ago has exceeded our expectations; we knew when we launched it that it would have to end at some point. The decision on the new cap was a collaborative one with residents, the energy industry and the environmental community.”
Those still eligible to receive the tax credit are residents currently on the waiting list; and residents who have already applied for the tax credits, have a previously signed contract, complete the solar or geothermal system installation and submit final paperwork for the credit by April 1, 2012.
In fiscal 2008, 11 residents applied for the energy tax credit. By fiscal 2010, Howard County had reached the $250,000 annual cap midway through the year and had to start a waiting list for the following fiscal year. Including residents who are slated to receive the credit in fiscal 2012, there are 263 residents on the waiting list.
“Howard County’s actions with this tax credit gave our industry the support we needed early on,” said Josh Goldberg, vice president for policy and business development for Astrum Solar Inc., which is headquartered in Howard County and is one of the nation’s largest residential solar installers. “We always knew that the credit was meant to be an initial booster, and we are pleased with the results and gratified the industry here is doing so well.”
“If we stayed with the $250,000 cap, residents now at the end of the waiting list would not receive their credits until fiscal 2016, and that is too long to wait,” said Joshua Feldmark, director of the county’s office of environmental sustainability. “By doubling the cap, Howard County will be able to clear the remaining 263 names on the waiting list in just two years.”
