Maryland struggles with the sudden, significant hike in utility rate as electricity and gas prices soar. As per the PJM Interconnection’s recent capacity auction, Maryland’s rates could rise up to 24%, depending on the location. With the quick depletion of reliable energy sources, combined with Maryland’s status as a net electricity importer, the need for more energy capacity and transmission lines keeps growing. In other words, the annual electricity costs are approximately $250 higher, and homeowners are the ones bearing the brunt of it.
Many have chosen to go off-the-grid as a result, in an effort to cut down on energy consumption and utility costs. Non-conventional energy sources like solar energy provide the most value in these situations with just a simple setup. Now solar power grids are helping combat Maryland’s problem of rising power demand and electricity bills.
Solar-Powered Maryland: How does it help?
Tapping energy with solar panels, Maryland residents can generate enough power to live an independent off-the-grid lifestyle. Due to the price hike, electricity and gas costs are higher than ever, not to mention the solar installation in Maryland costs of generators and transmission lines, which the residents must pay for. But installing solar panels is easier and cheaper, and can be a good investment in the long run, even if you need to expand the system later on. Green energy systems like solar power are also eligible for net-energy-metering (NEM) in Maryland. Under the NEM program, you can get credited annually for the excess energy generated from your solar-power system that is returned to the power grid.
But solar-only systems have one big glaring problem— with the growing energy consumption rates, they are simply not enough to sustain longer hours with such little supply. What they require is something to store the excess energy produced during the daylight periods. That’s where battery storage systems come in to help resolve the problem.
Battery Storage with Solar: A Great Combination for Power Saving
At first glance, hooking a battery system up onto solar panels might seem tedious and unnecessary, but it can become a lifesaver during the winter days when daylight periods are short and more heating is needed. Batteries can store the energy not in use during its recharging time in the day, which can then be used at night or during a power outage. It can significantly reduce the pressure on the primary energy grid while saving your pennies.
A modular solar-battery unit is quite easy to install or dismantle as per requirement, allowing you to plan your set-up with the changing seasons. They can last for years and remain in perfect condition with minimal maintenance, making them a great investment for homeowners.
Maryland Solar-Battery Incentives and Benefits
To help and encourage more residential solar-energy usage, Maryland has introduced a few great incentives that you can take advantage of, to ease the burden on the grid as well as your pocket. The key incentives to take into consideration are:
- Net Energy Metering (NEM) program: In Maryland, any excess solar energy provided by residential systems to the main power grid, can be exchanged for electricity bill credits. These credits are valued at full retail rate of grid electricity that you can get paid for.
- Solar Renewable Energy Credits (SRECs): Under the NEM program, residents can earn SRECs that can be sold to utility companies to offset their costs a little. For every 1000kWh energy supplied, 1 SREC can be earned annually, currently priced at around $52.
- Federal Solar Investment Tax Credit (ITC): The Federal Solar ITC allows deducting around 30% from the total system-power cost when installing solar. It comes with the added flexibility of rolling the credits for up to 5 years, to get the most advantage out of the system.
- Local tax credits, rebates and exemptions: Many other local tax credit benefits and rebates are offered by the different Maryland counties in addition to the federal ones to encourage homeowners to transition into solar-power. Some tax exemptions help cut down on the installation costs, so one can afford a better system from the get go, and makes it possible to reduce the payback period.
The Return on Investment (ROI) rate is also increasing simultaneously with the price hike, combined with all the efforts of the government incentives for localized solar power generation. Which means now is the best time for setting up a solar-battery mechanism at home to meet the consumption demands.
Solar-Battery system Best for Your Home: Choosing the Right One
Now that we’re realizing the benefits of getting a residential solar-battery system, let’s discuss the importance of getting a good one. If your system cannot provide more than or at least equal to the daily energy requirements, you will be losing more money than you can save or earn from it. Good solar-panels and converters are essential to make sure enough energy is produced, while a proper battery and backup system will let you harvest the energy efficiently. They should be able to resist the elements, even in strong weather conditions. So that with just a little bit of maintenance, it can pay you back over the years.
If you’re looking for advice on which solar-energy harvester units and batteries will be better for your home, SolarBroker USA can help with finding the best solar-battery systems for you, and easy installation. Start taking control of your energy independence with solar-power.