According the Maryland Energy Administration,Maryland is exposed to approximately 5.3kWh per square meter of solar energy on a daily basis, and as of June 2012, the state has nearly 50,000 kW installed.
Various tax credits are available for Maryland solar power system installations, as of July 2012. Property tax credits vary by county. The Maryland Energy Administration offers a $1000 grant for residential PV systems and $500 for solar hot water (solar thermal). Commercial installations are granted $60/kW (max. 100 kW) for solar panels and $20/square foot (max. 250 square feet) for solar thermal systems.
Consumer net-metering and SRECs are available in the state of Maryland for owners of both solar PV systems and, as of the May 22, 2012 signing of S.B. 791, solar hot water systems. Solar hot water systems have a 5 SREC limit. The passage of H.B. 1187, also on May 22, 2012, accelerates the state's Renewable Energy Portfolio Standard with a target of 20% by 2020, of which 2% must be solar. Currently, there is no limit on the system size for a photovoltaic system.
In the state of Maryland, one SREC is equal to one MWh of electricity production, and is redeemable for three years. As of 2012, an SREC is valued at $400, but is projected to decline to $50 by 2023 as the number of installations increases, and solar/renewable energy further saturates the electricity supply. In addition, solar thermal that is installed for recreational purposes, such as heating a swimming pool, is not eligible for incentives.
Maryland's goals for the Renewable Portfolio Standard have led to various monetary incentives, and have led to the expansion of local companies offering solar panel installation and services. Additionally, Governor Martin O'Malley stated that he aims to add 100,000 local green jobs by 2015. Solar companies in the state employ 1,900 people in 120 businesses, the largest of which is Astrum Solar.