New Maryland Legislation And How It’ll Impact Your Energy Costs

New Maryland Legislation And How It'll Impact Your Energy Costs

These changes in solar carve-out from the law, along with other changes in the Alternative Compliance Penalty (ACP) will have a surprising impact on your energy costs.

Back in April, the Maryland General Assembly passed Senate Bill 516 (SB 516) entitles the Clean Energy Jobs Act. Just recently, the governor has signed the bill, and it is likely to go into effect October 1, 2019. Once in effect, the law will increase the Renewable Portfolio Standard (RPS) in Maryland from just 25 percent to a whopping 50 percent in 2030. One of the key components surrounding this law involves the increase in Tier I solar carve out. These changes in solar carve-out from the law, along with other changes in the Alternative Compliance Penalty (ACP) will have a surprising impact on your energy bills. 

What You Need To Know

It can be confusing to understand how exactly this brand-new law will impact your life. The increase in renewable portfolio standard (RPS) would include 14.5 percent solar and then add at least 1,200 MW of offshore wind, more than doubling Maryland current offshore target. Then, the remaining portion will come from “Tier 1” renewable resources, which includes Geothermal Heating and Cooling.

The Broader Impact

With this new passage of a renewable energy law, more states may seek to follow in Maryland’s footsteps. Maryland is one of a few other states to adopt the new standard, including New York, and California. As Maryland makes a commitment to the environment and to support local jobs including geothermal heating and cooling companies, drillers, suppliers and manufacturers, the new law is likely to impact utility rates. The exact impact is unknown, utility providers promise higher rates in the near future however.

Bottom Line

Having this bill in place will significantly increase a more green environment. Having this increase in RPS is likely to make major waves when it comes to lawmakers in other states who want to move in the same, cleaner and greener direction. With the increase in utility rates the demand for energy efficient heating and cooling, water heating, solar, and wind, will also increase.

CONTACT GROUND LOOP

If you are concerned about high electricity bills in the winter, consider investing in geothermal heat pumps to help alleviate some of those costs. With many experienced technicians available, Ground Loop Heating & Air Conditioning, Inc. can solve all your air conditioning system problems. If you are interested in creating the most comfortable environment for your family to enjoy, contact Ground Loop Heating & Air Conditioning, Inc.today.

You can reach us at 410-836-1706, or visit our website for more information! If you are interested in more information about geothermal heating and cooling systems, check us out on Twitter,YouTube, Facebook, and LinkedIn.

 

This entry was posted on Friday, August 16th, 2019 at 8:04 am. Both comments and pings are currently closed.

Comments are closed.

Contact Us