New Mexico Solar Tax Incentives
It’s a fact that New Mexico’s solar incentives are some of the very best in the country.
With an incredible amount of sunshine for the majority of the year, New Mexico is hands-down one of the best states for the homeowner wanting to go solar.
New Mexico Solar Tax Credits, Incentives & Rebates
SOLAR SAVINGS & THEIR VALUE
Federal Solar Tax Credit (ITC) – 30% of the total cost of your solar equipment
Local Utility Solar Rebates – Starting at $0.02 per Watt (W) and goes up from there
Other Programs Offered – Varies (Net Metering)
Additional Rebates from your Local Utility
El Paso has an electric renewable energy certificate purchase program.
If you are an El Paso Electric Company customer, you have the opportunity to earn extra cash from your solar panel system by participating in their renewable energy certificate purchase program. El Paso Electric will pay their customers $0.02 per kilowatt-hour of electricity that’s generated by your solar panels. That means you’ll get great solar savings, and additional income from your home solar system.
In addition to the electric renewable energy certificate, New Mexico also offers a property tax exemption for solar homes.
It’s a fact that solar increases the value of your home. However, that extra value is exempt from property taxes in New Mexico. For homeowners who go solar, this is great news! You get the financial benefits of generating your own power, all without the stress of worrying about a higher tax bill.
Federal Tax Credits
Even though New Mexico’s solar incentives are incredible, and pay a big part in reducing the cost of going solar, the residents can’t forget about the federal investment Tax Credit (ITC). With the ITC, you’re able to claim 30% of your solar equipment and installation costs on your federal taxes. Meaning, you’ll have even higher solar savings.