Today, Maryland governor Martin O’Malleysigned into law five energy bills that will drive the adoption ofrenewable energy and accelerate the creation of green jobs across thestate. The main bills that will fuel the growth in the solar industryinclude an acceleration of the Renewable Portfolio Standard (RPS) and an extension of the renewable energy tax credits for residents who install home solar power systems.
After signing the bills thegovernor had this to say:
Energy touches every aspect of our lives from the cost of heating our homes to sustainingour resources for future generations, said Governor O’Malley. In theselast three years, we have made the choices that have transformedMaryland into one of the leading clean energy states in the nation.Each of the bills signed into law today will provide resources andincentives for our families and workforce, create jobs, and fuelinnovation as we continue to strive for a Maryland that is truly Smart, Green and Growing.
The specifics of the new billsare as follows:
Currently Marylands RenewablePortfolio Standard (RPS), 2% of the state’s electricity must come fromsolar generation by 2022. The new Maryland Senate Bill (SB) 277,accelerates this timeline which means that utilities will need toinstall more solar generating capacity in the coming 5 years.
In addition, SB 277 increases the penalty for utilities who fail to meet their RPS obligations. Thispenalty is known as the alternative compliance payment (ACP). The ACPcurrently stands at $0.40 perkilowatt-hour (kWh) and in 2011 this rate will increase by $0.05/kWh and increase again in 2013 by $0.10/kWh.
Finally House Bill (HB) 464 extends the termination date of the clean energy incentive tax credit to December 31, 2015. Infact, HB 464 not only extends the Maryland solar tax credit, it also:(a) ensures that solar purchasers don’t receive an credit less than$1,000, and (b) makes the credit refundable, which means any unusedcredits will be returned to purchasers in the form of a check.
The bottom line is that with the passage of these bills thecompetitiveness of solar and other renewables has been boosted andMaryland residents will continue to be financially rewarded for goingsolar. If you want to find out how much you could be saving by goingsolar we are happy to connect you with qualified Maryland solar installerswho can answer any questions and provide you with competitive, tailoredquotes.