Solar Panel Rebates In New Mexico

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.

Solar panel rebates in new mexico.

For the purposes of determining property taxes the value of a property cannot increase by the greater of 3 of the previous year s assessment or 6 1 of the assessment from two years ago according to state law. The new mexico state legislature recently passed an additional 10 rebate in the form of state tax credits in order to promote the use of solar power. This incentive is available for residential installations. Residential solar energy systems are exempted from property tax assessments in new mexico in most circumstances.

When you put solar panels on your roof you want to make sure you get credit for the power your system generates. The new mexico solar market development tax credit or new mexico solar tax credit was passed by the 2020 new mexico legislature and signed by new mexico governor michelle lujan grisham. For the purposes of determining property taxes the value of a property cannot increase by the greater of 3 of the previous year s assessment or 6 1 of the assessment from two years ago according to state law. This bill provides a 10 tax credit with a value up to 6 000 for a solar energy systems.

Solar rebates unfortunately there are no solar rebates available in new mexico. Eligible systems include grid tied commercial pv systems off grid and grid tied residential pv systems and active solar hot water or hot air systems. However new mexicans can take advantage of a number of tax credits exemptions and even net metering to help them save on installing a solar energy system. Net metering in 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. As of september 2020 the average solar panel cost in new mexico is 3 28 w given a solar panel system size of 5 kilowatts kw an average solar installation in new mexico ranges in cost from 13 940 to 18 860 with the average gross price for solar in new mexico coming in at 16 400 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives. Here are just a few new mexico solar rebates and incentives. At the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation.

To be eligible the new mexico energy minerals and natural resources department must certify systems. Luckily new mexico has a net metering policy that credits you for the extra electricity your system produces and allows you to use those credits when your system doesn t generate enough power. The sun shines generously over new mexico and in more ways than one. Sustainable building tax.