Program Aims to Boost Business Retention and Growth in Central Maryland
Since its September launch, Baltimore Gas and Electric Company’s (BGE) Smart Energy Economic DevelopmentSM (SEEDSM) Program has approved incentives for 13 businesses, resulting in up to 1,100 new planned jobs. To qualify for the program, businesses must add electric and/or natural gas load to BGE’s system and create new full-time employment.
“The SEED Program is another example of how BGE can positively impact our community. Providing targeted economic incentives to businesses allows them to invest those cost savings in their own growth. This helps to keep Maryland’s economy strong which benefits everyone in our service area,” said BGE CEO Calvin Butler, Jr.
Thirteen applications have been approved, with nine in Baltimore City, two in Harford County and one in both Baltimore County and Prince George’s County. Nearly 600 of the planned jobs reported by these businesses will be created in Baltimore City. These planned jobs also support BGE’s commitment to BLocal, which features Baltimore-area businesses working together to help strengthen the city.
“We’ve been pleased by the business community’s response and are thankful for the support we’ve received from economic development groups throughout our service territory. 1,100 potential jobs is a great start and we will continue to push for more to help keep the state’s economy strong,” said Ammanuel Moore, BGE’s economic development manager.
The SEEDSM Program was developed in order to meet the needs of contemporary businesses. Compared to the company’s previous economic development program, SEED offers larger discounts and fee reductions and also applies to natural gas service for the first time.
Commercial customers that apply and qualify receive BGE incentives that:
?. Discount charges (demand, distribution and customer) by 25 percent for electric and natural gas service,
?. Offer a 75 percent discount on BGE construction costs to extend and expand service to businesses located in a Maryland enterprise zone,
?. Eliminate a minimum usage requirement for businesses located in enterprise zones to allow small businesses to take advantage of the program.
For more information about the economic development programs and incentives that BGE offers to help move smart energy forward, please visit http://www.BGE.com/economicdevelopment or contact BGE Economic Development at firstname.lastname@example.org.