On Tuesday, May 22, Maryland Governor Martin O’Malley signed into law the Renewable Energy Portfolio Standard for Solar Energy and Solar Water Heating Systems bill (SB 791 and HB 1187).

With the passage of these bills, the target date for achieving the 2% solar requirement will be accelerated by two years from the original compliance year 2022 to the new date of 2020.  To reach the new target date, the renewable portfolio standard will increase beginning in the 2013 year and subsequently continue to increase through 2020 (see chart below for comparison).  The most significant demand increases will begin in 2016 and carry through to 2020.

The bill was designed to prevent the local solar industry in Maryland from feeling the volatility that neighboring states are currently experiencing.  For those participating in the SREC market, prices are expected to remain stable over the next few years.  The Maryland Solar Jobs bill will also have an effect on the local economy by creating 10,000 new jobs between now and 2018.  With this victory, the Maryland legislature continues to show their commitment to the emerging solar energy market in the state.

Sol Systems currently offers three types of SREC aggrements for Maryland solar systems (both photovoltaic and solar thermal): Sol Annuity, Sol Brokerage, and Sol Upfront.  Please email info@solsystemscompany.com or contact your solar installer for more specific pricing.

About Sol Systems

Sol Systems is a solar energy finance and development firm that was built on the principle that solar energy should be an economically viable energy solution.  With thousands of customers and hundreds of partners throughout the United States, Sol Systems is the oldest and largest SREC aggregator.  We provide homeowners, businesses, solar installers, and developers with sophisticated financing solutions that help make solar energy more affordable. Sol Systems also helps energy suppliers and utilities manage and meet their solar RPS requirements efficiently by providing them with access to diverse portfolios of SRECs.  For more information, please visit http://www.solsystemscompany.com.