Solar Panel Rebates New Mexico

Unfortunately there are no solar rebates available in new mexico.

Solar panel rebates new mexico.

The tax credit applies to residential commercial and agricultural installations. For property owners in new mexico perhaps the best state solar incentive is the state s solar tax credit. A taxpayer who holds an interest in a qualified generating facility located in new mexico and who files an individual new mexico income tax return may claim an advanced energy income tax credit in an amount equal to 6 of the eligible generation plant costs of a qualified generating facility. 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.

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. This incentive is available for residential installations. The tax break reduces. New mexico solar market development tax credit 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.

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. An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group. This bill provides a 10 tax credit with a value up to 6 000 for a solar energy systems. The sun shines generously over new mexico and in more ways than one.