In this section the following words have the meanings indicated. “Eligible applicant” means: the owner of a residential property who purchases and installs an energy storage system on the residential property; the owner of a commercial property who purchases and installs an energy storage system on the commercial property; or an individual or a business entity that owns or pays for the installation of an energy storage system that supplies electrical energy intended for use on the residential or commercial property on which the energy storage system is installed. “Energy storage system” means a system used to store electrical energy, or mechanical, chemical, or thermal energy that was once electrical energy, for use as electrical energy at a later date or in a process that offsets electricity use at peak times. “Fund” means the Energy Storage System Grant Fund. “Program” means the Energy Storage System Grant Program. There is an Energy Storage System Grant Program in the Administration. The purpose of the Program is to provide grants to individuals and business entities for a portion of the costs of purchasing and installing energy storage systems. The Administration shall: administer the Program; establish application procedures for the Program; and award grants under the Program. Subject to paragraph (2) of this subsection and to the availability of money in the Fund, an eligible applicant may apply for a grant under the Program for costs incurred to purchase and install an energy storage system. The Administration may require that an applicant participate in a program or tariff established under § 7–1005 of the Public Utilities Article as a condition of eligibility for receiving a grant under the Program. Except as provided in paragraph (2) of this subsection, a grant awarded under the Program may not exceed the lesser of: for an energy storage system installed on a residential property, $5,000; or for an energy storage system installed on a commercial property, $150,000; or 30% of the total installed costs of the energy storage system. The award limits in paragraph (1) of this subsection do not apply to a grant provided to an applicant as an upfront incentive or rebate under § 7–1006 of the Public Utilities Article. The Administration shall approve all applications that qualify for a grant under the Program: on a first–come, first–served basis; and in a timely manner. A grant under this section may not be awarded for an energy storage system installed before January 1, 2025. There is an Energy Storage System Grant Fund. The Administration shall administer the Fund. The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. The Fund consists of: money appropriated in the State budget to the Fund; and any other money from any other source accepted for the benefit of the Fund. The Fund may be used only for: providing grants under the Program to eligible applicants; and administrative costs of the Program. The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. Any interest earnings of the Fund shall be credited to the General Fund of the State. The Administration may adopt regulations to carry out this section.