Maryland’s New Solar Target: How Does It Impact You?
Renewable energy: it’s an area of serious concern and consideration for many states, and with good reason. In Maryland, renewable energy is going to see big changes in the coming years and as a result, explosive new solar adoption.
Maryland’s New Solar Targets
By 2020, Maryland was previously projected to use 25% of its energy from renewable sources. The new resolution ups the ante significantly: by 2030, according to this resolution, 50% of Maryland’s energy must be produced from renewable sources. This new resolution was passed by Governor Larry Hogan, who allowed the resolution from Maryland legislature to sit on his desk for 30 days without either signing or declining it. This decision means that the resolution passes into law, but without Hogan’s stated support.
According to Hogan, his lack of deliberate support for the bill is not because he doesn’t support clean energy. Instead, he wants to support better resolutions throughout the state: a renewable energy option that will provide more jobs for local workers and support truly renewable sources of energy. The current resolution also supports and subsidizes trash incineration as a renewable form of energy, which has the potential to cause negative environmental impact over time.
Currently, Maryland draws approximately half of its power from fossil fuels, with only around 10% coming from renewable sources. The goal, however, is to significantly increase the clean energy used throughout the state in the next ten years. The resolution aims to create more green sources of power, including the installation of more solar power options over the next five years. Currently, Maryland hosts approximately 1 gigawatt of installed solar plants – a number that is expected to increase substantially even if the current resolutions were the end of it.
“This bill now makes Maryland a true national leader in the fight against climate change and in favor of clean energy,” Mike Tidwell, director of the Chesapeake Climate Action Network, said in a statement to the Baltimore Sun.
How Does the New Resolution Impact Maryland SRECs?
A solar renewable energy credit, or SREC, already poses substantial value for Maryland residents–and with the new resolution, it’s set to offer even more help to residents who choose solar energy in their homes. SRECs can be purchased by energy companies to help cover their renewable energy requirements. As the demand for renewable energy throughout Maryland increases, an increased number of residents will benefit from selling SRECs. Not only that, the demand for those credits will be higher, which could increase their worth for consumers who have chosen to implement solar power installations at their homes or businesses.
For Maryland homeowners, this could be the perfect time to invest in solar. Not only can solar panels help generate the power needed by the home, allowing consumers to reduce their personal energy bills, they can even make money on their solar installations as they provide extra power to the companies on their grid with the expected increased SREC values. In fact, SREC values have already trended solidly upward according to SRECTrade. At the end of 2018, an SREC was valued at around $10. As of publication, a single SREC is valued at $55.
“The new legislation establishes a 14.5 percent solar carve-out, the largest of its kind, noted solar analyst Austin Perea of Wood Mackenzie Power & Renewables. The policy will create more upside for distributed solar than utility-scale, he predicted.”
In addition to the current changes in energy standards, Hogan intends to take Maryland’s clean energy resolutions still further: by 2040, he hopes that Maryland will use 100% clean energy to power its homes and businesses. Over the next 20 years, this could mean big changes for energy companies and Maryland residents alike. Hogan’s plan, however, is to incorporate renewable energy and job creation to create not only a greener state, but also more opportunities for all of its citizens. This clean energy resolution, however, does include nuclear energy, so not all energy will come from renewable sources under this potential proposal. Currently, 44% of the state’s energy comes from Calvert Cliffs nuclear plant–and Hogan’s resolution intends to continue the plant’s contribution to a clean energy grid throughout the state.
So far, four states–Hawaii, California, New Mexico and Washington–have already committed to carbon-free grids in the coming years, but it is anticipated that other states will continue those changes in the coming years. As the need for clean, renewable energy increases, many states are looking for ways to decrease their overall environmental impact, which means turning to greener sources of energy.
Hogan plans to issue his proposal at the next legislative session in 2020. His plan should incorporate elements like increasing local jobs for clean energy providers as well as measures to help Maryland reach 100% clean energy by 2040.
“The 50% RPS bill had support from both labor groups and environmentalists, said Tulkin. It also includes provisions on job training and apprenticeships, and provides $7 million in funding for small and minority-owned businesses in the clean energy industry.” from Utility Dive.
Become Part of Maryland’s Clean Energy Future
Berkeley Spring’s Mountain View Solar has always been a solar pioneer in Maryland. Whether for your home or business, we’re here to provide the latest energy solutions to save you the most amount of money. Are you ready to help do your part to increase clean energy throughout Maryland and gain access to those increasing SRECs?
We’re here to help you learn more about our solar solutions to help you find the energy independence, economic benefits, and environmental stewardship you’ve been looking for. There has never been a better time to go solar!
Contact us today to learn more about the renewable energy options available to you and how we can help transform your home to reflect your green energy desires. Click here for a FREE, zero-obligation estimate now.