On May 22, 2019, Maryland Governor Hogan allowed Senate Bill 516 — Clean Energy Jobs Act to become law. This new law increases Tier 1 Renewable Portfolio Standards (RPS) compliance to 50% by 2030.
In other words: it mandates that 50% of Maryland’s energy comes from renewable sources by 2030, which is an increase from the previous goal of 25% by 2020.
How does this impact you?
For all electricity consumers in Maryland, this translates to an increase in costs to fund the renewable goal. The chart and graph below show the incrementally increasing RPS requirements and the estimated impact on electricity rates by year. By 2028, a facility who uses 2,000 MWh will be paying over $10,000 more per year in electricity costs.
This cost increase IS avoidable!
You are eligible to lock the existing RPS rate and avoid this cost increase. Those who sign an electricity supply agreement before October 2019 with a participating supplier will be “grandfathered” under the current and lower RPS costs for the duration of the agreement.
Take action today.
It’s not often that you have the chance to completely avoid a new regulatory fee in the energy industry. Please reach out to me to take advantage of this opportunity and learn how it will benefit your business.
About the Author
Mike is a Senior Strategic Energy Advisor based out of Baltimore, Maryland, with a strong engineering and purchasing background. His specialties include energy efficiency and strategic commodity procurement. Growing up in the shadow of Three Mile Island nuclear power plant, Mike has an intimate stake in a grid with safe, reliable, and cost-effective energy generation — which he leverages into an energy strategy that provides security for his clients.
You can reach Mike via email at firstname.lastname@example.org or phone at 443-833-8224.