Solar Power Incentives New Mexico

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.

Solar power incentives new mexico.

Solar incentives rebates and tax credits available in new mexico in 2020. 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. Thanks to the many solar incentives and rebates in new mexico homeowner can save thousands on the cost of going solar. This summary is here for informational purposes only.

Here are just a few new mexico solar rebates and incentives. 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. The deadline for qualifying for this tax incentive was 12 31 2015. Don t wait to purchase your solar system.

Net metering in new mexico. 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. Lots of sunshine and great solar incentives make new mexico a great place to have solar panels installed. With ample sunlight and new mexico s wonderful array of incentives and tax breaks there s no better time than now to consider a solar panel system.

Luckily new mexico has. 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. 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. The sun shines generously over new mexico and in more ways than one.