For many residential solar consumers, the options available include buying, taking a loan, or leasing equipment (less commonly preferred). If you need detailed information on financing Las Cruces solar panels, you could take a look at the following:
- Homeowner’s guide to solar financing: Leases, loans, and PPA’s – Published by the CESA- Clean Energy States Alliance, this document is a brief guide on all forms of financing available for solar projects. Additionally, it also includes a checklist of the most important items, but it does entirely cover the negatives of lease escalation clauses and potential issues with sales of homes with leases of solar equipment.
- Solar power for your home: A consumer’s guide – Published by LSU Ag Center, this guide provides all additional details. It also has a checklist of 60 questions, especially for all the potential solar lessees and buyers. In addition, it also contains a whole section comparing buying and leasing options. It also pays special attention to ‘savings prediction’, which is a commonly anticipated return on investment.
- Homeowner’s Guide to leasing a solar electric system – This short but helpful guide is published by the National Renewable Energy Laboratory (NREL) and contains a brief description of the terminology used in leases.
Tax – credits, incentives & rebates
Federal Tax Credits
The investment tax credit (ITC) is a 30 percent federal tax credit for solar installations on residential and commercial properties. It was in effect through 2019, post which it fell to 26 percent in 2020 and will drop to 22 percent in 2021, and 10 percent in 2022. It is worth noting that this is a tax credit and not a deduction. The payment will be received by owners into their accounts apart from any returns you could be expecting.
Sustainable Building Tax Credit
STBC is an IT Credit to inspire the private sector to construct energy-efficient and sustainable properties for both commercial and residential purposes.
NM Net Metering
New Mexico follows a net metering policy that credits homeowners for all the extra electricity produced by their system. The owners are allowed to use those credits when the system does not generate enough power. These rates change every month and you can check them here.
Property Tax Exemption
Did you know that solar could increase the value of your home? What’s better, you ask? This extra value is exempted from the property taxes in New Mexico. Alongside the financial benefits of generating your own power, you also do not have to worry about getting a higher tax bill. You can refer to the Property tax exemption for solar for more details.
National Database of State Incentives
DSIREUSA.org is a national database that is maintained by the United States Department of Energy. It is the most comprehensive up-to-date source of information on local, state, federal, and utility rebates. Along with the above, it also includes a list of incentives and policies that can help in promoting the adoption of solar technologies and greater energy efficiency.
Does or does it not?
When financing Las Cruces solar panels you can learn more about solar leases & PPAs, or consult companies offering solar leases/PPAs.