Solar is flourishing throughout the U.S., and many states continue to have strong incentives that encourage solar development in the C&I sector. In light of solar’s dynamic legislation, new and updated incentives are coming down the pike. Here are some notable changes that companies should know about.
New York recently passed the “Climate Leadership and Community Protection Act,” which has been referred to as the most ambitious climate target in the country. The act requires that at least 70% of electric generation in the state come from renewable sources by 2030.
For businesses exploring on-site solar generation, the current incentive landscape provides compelling project economics to support the state’s clean energy goals.
The Increasing Value of Solar: New legislation increased the “value of solar,” which is the key driver for strong project returns. High rates for “Community Solar” projects, mean that C&I customers can go solar onsite and share the monetary and environmental benefits with its surrounding area.
NY-Sun Incentive: NYSERDA added additional funding for upstate solar C&I projects, which complements the rich rebates available in downstate locations.
NYC Climate Mobilization Act: The New York City Council recently passed this act, which mandates action toward meeting the goal of reducing Greenhouse Gas Emissions 80% below 2005 levels by 2050.
Maryland recently passed the “Clean Energy Jobs Act,” which doubles the state’s renewable energy goals, mandating that 50% of the electricity generated in the state must come from renewable energy sources by 2030. The bill also includes a specific solar carveout, mandating that 14.5% of Maryland’s electricity comes from solar power by 2028.
Lucrative Project Economics: With the recent rise in Maryland Solar Renewable Energy Credit (SREC) prices, solar project economics in Maryland has never been better. The state also offers property and sales tax exemptions for C&I customers who go solar.
Energy Storage Income Tax Credit Program: The incentive program is available to commercial entities on a first-come-first-serve basis to help encourage greater storage development throughout Maryland.
New York and Maryland are just two of many states with broad support for on-site solar energy. California, New Jersey, Connecticut, Massachusetts, Rhode Island and Pennsylvania are a few additional states with recent policy updates that continue to drive strong project economics.
To learn about specific solar opportunities in your state, contact EnterSolar today!