Solar Power Incentives New Mexico

Don t wait to purchase your solar system.

Solar power incentives new mexico.

When you put solar panels on your roof you want to make sure you get credit for the power your system generates. Luckily new mexico has. The deadline for qualifying for this tax incentive was 12 31 2015. With a number of solar panel rebates and incentives in new mexico like net metering the sustainable building tax credit program and the federal tax credit owning a solar system could be one of the brightest investments you can make for your home.

Net metering in new mexico. Thanks to the many solar incentives and rebates in new mexico homeowner can save thousands on the cost of going solar. Don t wait to purchase your solar system. Solar incentives rebates and tax credits available in new mexico in 2020.

New mexico s solar incentives are some of the best in america. A taxpayer that holds an interest in a qualified generating facility located in new mexico and that files a new mexico corporate income tax return may claim an advanced energy corporate income tax credit in an amount equal to 6 of the eligible generation plant costs. What s new for 2020 2019 was a banner year for new mexico solar power because this is the year when the legislature teamed up with new governor michelle lujan grisham to pass a law requiring 100 of all energy generated in the state to come from renewable sources by 2045. The sun shines generously over new mexico and in more ways than one.

This summary is here for informational purposes only. The most significant incentive to install solar panels for homes and businesses is the federal solar tax credit at the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation. While the cost of your average solar power system can be up to 25 000 the system can pay for itself within about ten years and help generate a profit of. Whether you choose to purchase or finance your solar electric system you are making a sound decision to simply pay less for something you re already purchasing electricity.