The tax credit for solar or geothermal systems is equal to 50% of the cost of the system, up to $5,000 for heating and cooling systems and $1,500 for water heating systems. The tax credit for leases or solar power purchases is equal to 50% of the cost of the system, up to $1,000 without exceeding the cost of the system. The 2009 legislation that expanded the tax credit to include PV is silent on monetary limits for electricity generating systems. Eligible costs include parts, components and accessories necessary to operate the device as well as reasonable installation costs. Only costs incurred during the 12 months preceding a credit application are eligible for a tax credit. All systems must meet performance and safety standards set by a nationally recognized testing laboratory.
The amount of the tax credit may not exceed the taxes imposed on the property during a fiscal year. Excess credits accrued during a year may be carried forward for up to two additional years. The total value of credits for solar or geothermal systems granted during a fiscal year may not exceed $500,000. The total value of credits for leases or solar power purchases may not exceed $100,000. In the event that applications during a fiscal year exceed this limit, a credit may be granted the following year or years in the order applications are received. Applications for the tax credit are handled by the Prince George's County Office of Finance.
|Incentive Type:||Property Tax Incentive|
|Administrator:||Prince George's County Office of Finance|
|Eligible Renewable/Other Technologies:||
|Incentive Amount:||50% of eligible costs|
Space Heating: $5,000
Water Heating: $1,500
Solar Electric (PV): $5,000
|Technologies:||Solar Space Heat, Solar Photovoltaics|
|Parameters:||The incentive has a minimum of 50.00 % of cost, The incentive has a minimum of $5000.00|
|Technologies:||Geothermal Heat Pumps|
|Parameters:||The incentive has a minimum of $1500.00, The incentive has a minimum of 50.00 % of cost|
|Name:||Prince George's County Code Sec. 10-235.06|
|Name:||Property Tax Information - Prince George's County|
|Organization:||Prince George's County Office of Finance|
P.O. Box 17578
Baltimore MD 21297-1578
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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