New Mexico is Perfect for Solar Energy.
In terms of the sunniest states, New Mexico is only surpassed by Arizona, with its overwhelming majority getting over 6-kilowatt hours per square meter of direct sunlight a day. This means that New Mexico is home to rife solar resources, and so is abundant with opportunities for installing both PVs and solar thermal energy projects. While individuals and businesses can take advantage of the enormous solar opportunities in New Mexico, many solar incentives allow homeowners and business owners to save thousands on the cost of systems and installation. It is safe to say that New Mexico’s solar incentives are some of the best you’ll find in the country.
Listed below are some examples of some of these solar rebates and incentives that come with switching to Solar Energy.
1. Federal Solar Tax Credit
One of the top and most popular solar incentives in the United States is from the Federal government. The federal solar tax credit is calculated as 26% of the total value of your solar system, which consists of parts, labor, permitting, and others. You can also get the tax credit directly through your Federal tax return if you choose to finance or purchase your system outright. One of our solar specialists will assist you in calculating your 26%, and you can meet your accountant to fill out form 5695 to receive your credit.
2. Sustainable Building Tax Credit
If you install solar on your homes as part of your sustainable building efforts, the state government will credit you on your taxes. The U.S. Green Building Council will have to certify your home as sustainable for you to qualify for this tax credit. The value of the credit depends on the certification level.
3. Net Metering in New Mexico
You want to ensure you get credits for the power the solar panels you put on your roof produces, and that’s what you get with the New Mexico’s net metering policy. The policy allows you to earn credits for any of the extra power your system generates. Those credits can also be used when your system doesn’t produce enough electricity.
4. Property And Sales Tax Exemption For Solar
When you install solar systems in your home, it increases the value of your home and gives room for more marketability. However, in New Mexico, such extra value is exempt from property tax. With a property tax exemption, you won’t have to worry about a higher tax bill while still getting the financial benefits of generating the power you use. Also, there’s the state sales tax exemption offer for solar panel installation. This means that businesses and homeowners would not have to pay extra state sales taxes on their solar panel systems.
5. New Mexico State Solar Tax Credit
With the abundance of sun in New Mexico, a solar energy system is definitely, a good investment that will pay off in years to come. Since there are many solar incentives and tax rebates available to individuals and businesses who wish to go solar in New Mexico, it only makes sense that one would want to take advantage of them while they last.