FINAL MONTHS FOR 30% FEDERAL TAX CREDIT!
300 days of sunshine every year combined with state and federal incentives and rebates make New Mexico one of the best places for homeowners in the U.S. to go solar. In order to qualify, you have to ensure that the system meets your local building code requirements, and that it’s certified by the Solar Rating and Certification Corporation.
Through the end of 2020, a federal tax credit of 26 percent of the cost of the system remains in place. In the following years federal incentives are still offered, but at a reduced rate.
- 2021: 22 percent of the cost of the system for new residential and commercial solar systems
- 2022 and beyond: 10 percent of the cost of the system for new commercial solar systems only; no federal credit for residential systems.
NET METERING POLICY
In New Mexico net metering rules are governed by the New Mexico Public Regulation Commission (NMPRC) which requires utilities to compensate customers with systems below 80 MW. Compensation can be provided by crediting the customer account, or by paying the customer for excess power generation supplied to the utility. Credits can be carried over indefinitely, and are paid to the customer at the end of their term.
PROPERTY TAX EXEMPTION
Even though owning a solar system may increases the value of your home, in New Mexico the additional value is exempt from property tax. That means, you save by generating your own power, without having to worry about a higher tax bill!