pfisterenergy,      Apr 30 2018 5:41AM

One States Unparalleled Approach to the Energy Storage Market

Maryland has put itself on the forefront of a major transformation within the energy world by passing a new law regarding energy storage.

As was discussed in a previous post, energy storage offers a multitude of benefits and is quickly becoming a key component in the renewable energy industry. To reiterate...

Intelligent energy storage systems enable businesses and homeowners to control their energy costs and increase the reliability of their electric supply. By managing the flow of energy from the utility grid and storage system, batteries can be used to reduce the peak demand of the building, resulting in lower electric bills.
When coupled with a solar energy system, additional savings can be earned by capturing the demand reduction benefits of the solar array. Battery storage systems can provide backup power and allow the solar array to produce power even when the utility grid is down.  

There are different ways to go about universally integrating storage with the renewable energy industry. Offering economic incentives is the most effective, as it makes the technologies more attractive to businesses and home owners. Although the benefits of energy storage outweigh the associated costs, it is certainly more appealing for business owners to adopt these technologies when there is a defined economic advantage.
Maryland recently passed a storage tax credit that was strongly supported by legislature. The introduction of this law provides a 30 percent tax credit on the costs of installing a storage system for residential and commercial projects.

This is an unprecedented way to incentivize energy storage systems. Other states, such as California and Massachusetts, use programs that contain some sort of mandate. While such programs are still effective, a tax credit is a more conservative approach that does not require appropriating funds.
The tax credit could serve as a model for other states as legislative bodies across the country begin to adopt and promote energy storage.

Read more about Maryland's energy storage tax credit here.

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