Bringing Clean Energy to New Mexico
They don’t call New Mexico the Land of Enchantment for nothing! The state has some of the best solar incentives in America along with plenty of sunshine. That’s why it's one of the best places in the U.S. for homeowners who want to save on their energy bills.
Homeowners across the state also have access to rebate programs and incentives that can save them thousands of dollars on the cost of installing their solar energy system.
Solar Benefits in New Mexico
Solar Incentives & Rebates in New Mexico
The beautiful Spanish architecture in Santa Fe and grand caves of Carlsbad aren’t the only great features New Mexico has to offer. The sun shines brightly on this Southwestern state and offers its residents plenty of reasons to go solar:
Adding solar panels to your roof means you can also get credits for the excess energy your system produces each month thanks to the state’s net metering policy. Those credits can then be used when your system doesn’t generate enough power (at night, on cloudy days, etc). Xcel Energy customers enjoy the top utility net metering program in New Mexico.
Sustainable Building Tax Credit
If you install solar panels as part of your sustainable building efforts on your home, New Mexico’s state government will credit you on your taxes. To qualify, your home needs to be certified as sustainable by the U.S. Green Building Council and then the credit value will be determined by your certification level.
El Paso Electric’s Renewable Energy Certificate Purchase Program
El Paso Electric Company offers customers the chance to earn extra income from their solar panel system with their renewable energy certificate purchase program. The company will pay $0.02 per kilowatt-hour of electricity that your system generates and that means more cash in your pocket.
Property Tax Exemption
While solar increases the value of your home, you won’t have to pay property taxes on that extra value in New Mexico. Because of this property tax exemption, homeowners can get the financial benefits of generating their own power without accruing a higher tax bill.
New Mexico State Solar Tax Credit
Possibly the best state solar incentive for New Mexico property is the state’s solar tax credit. Your state tax payments could be reduced by up to $6,000 or 10% off all your solar expenses (whichever is lower). The credit is available for residential, commercial and agricultural solar projects as well.
Federal Solar Tax Credit
With the Investment Tax Credit (ITC), homeowners can reduce the cost of their PV solar system by 26%. The credit only applies to systems purchased outright with cash or a solar loan.
Flexible Options are Available So You Can Start Saving From Day 1
The Quickest Path To Solar
When you purchase solar outright, you have complete access to federal, state, and local solar initiatives, where available.
Own Your System With Payments
Your system is purchased outright and you make payments on your loan.
No Up-Front Cost & Easy Approval
Leasing your system typically offers immediate utility savings and leads to increased savings over time as traditional energy costs rise.