A new solar energy pilot program in Maryland is rewriting the script for residential solar, securing over $3 million in loans and already exceeding its first‑year target ahead of schedule.
Launched last November by OneEthos and the Montgomery County Green Bank (MCGB), the initiative aimed to fund 40 to 50 loans in its first year. It hit 40 by March and had more than doubled by the end of May.
"In just a few months, we saw enough loan demand to meet our entire annual budget for the program," Rokas Beresniovas, MCGB's senior director of commercial business and climate finance, told Utility Dive.
This success comes despite national headwinds in the residential solar sector, whereby the solar energy market declined by just over 30% in 2024, in addition to the planned end to federal solar tax incentives.
House Republicans are pushing forward a bill that would terminate the Inflation Reduction Act's 30% residential solar tax credit by the end of 2025, as Solar.com explained, as well as gut federal support for clean energy industries.
CEO of OneEthos Marcio deOliveira said the growth of the program isn't "necessarily" due to people trying to get ahead of termination of incentives, but the uncertainty could "accelerate the growth."
"As we see the possibility of fewer incentives at the federal level," deOliveira said, per Utility Dive, "Green banks become even more important to step up and provide incentives and support at the state and the regional level, to continue programs like this."
Larger companies getting involved in promoting solar not only helps the environment, it also can be beneficial for the local economy with the creation of jobs. Even other countries are making the move to solar power a priority for their residents.
If you're thinking about adding solar energy to your home, taking advantage of programs like these and any tax incentives while they're still around is paramount. EnergySage's free service can make the process of getting solar panels a little bit easier by enabling you to compare quotes from vetted local installers and save up to $10,000 on solar installations.
With federal incentives currently set to end, local solar programs offer a crucial window of opportunity. Taking action now could mean locking in low energy bills for decades, while doing your part to power a cleaner future.
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