Maryland, Virginia, and District of Columbia residents are currently eligible to receive substantial grant money to help finance the cost of new solar generation units as part of the American Recovery and Reinvestment Act (ARRA).
Earlier this month the Commonwealth of Virginia announced that $15 million of ARRA funds would go to the Renewable Energy Rebate Program to provide rebates to residents who install renewable energy generations systems. The program provides grants up to $20,000 for residential solar and $225,000 for commercial solar. For details, visit http://www.dmme.virginia.gov/DE/ARRA-Public/SEPRebate.shtml.
This week the Maryland Energy Administration (MEA) announced that it has reopened the Solar Energy Grant Program as result of funds made possible by ARRA. The program provides grants of up to $10,000 to Maryland residents and small businesses who purchasing solar units. For details, visit http://www.energy.state.md.us/incentives/residential/solargrants/index.asp.
The District of Columbia announced earlier this year that $2 million of ARRA funds will be available each year through 2012 for the District’s Renewable Energy Investment Program. Grants of up to $33,000 are available for residential and commercial solar electric systems in the District. For details, visit http://green.dc.gov/green/cwp/view,a,1244,q,461562.asp.
Separate from these state incentive programs is the Solar Federal Investment Tax Credit (ITC) that enables solar system owners to recover up to 30% of the cost of their new solar generation unit. For details, visit http://dsireusa.org/incentives/index.cfm?state=us&re=1&EE=1.
These state and federal incentives do not include income generated from the sale of solar renewable energy credits (SRECs) produced by solar generation units. The sale of SRECs allows some solar owners to recoup up to 35% of the cost of the generation units depending on where the system is located. To learn more about how much income your system can generate from the sale of SRECs, please visithttp://www.solsystemscompany.com/BUILD_YOUR_SYSTEM.php.