New Mexico Solar Rebates

This bill provides a 10 tax credit with a value up to 6 000 for a solar system.

New mexico solar rebates.

Solar rps carve outs in new mexico. New mexico solar tax credits and exemptions el paso electric renewable energy certificate purchase program. The sun shines generously over new mexico and in more ways than one. The pit rc rebate and credit schedule is a separate schedule to claim refundable credits.

See form pit rc rebate and credit schedule. If you re a customer of el paso electric company you can earn extra income from your solar panel system by participating in their renewable energy certificate purchase program el paso electric will pay you 0 02 per kilowatt hour of electricity generated by your solar panels which. But new mexico s solar carve out is nothing to sneeze at either. New mexico offers business related tax credits to corporations and individuals who meet the requirements set out in the statutes for each credit.

The balance of any refundable credits after paying all taxes due is refunded to you. New mexico solar power rebates none grade. New mexico solar rebates and incentives. With a number of solar panel rebates and incentives in new mexico like net metering the sustainable building tax credit program and the federal tax credit owning a solar system could be one of the brightest investments you can make for your home.

New mexico provides a number of tax credits and rebates for new mexico individual income tax filers. March 3 2020 new mexico governor michelle lujan grisham signed the bill into law. The solar rights act established the right to use solar energy as a property right. The statutes creating the credits also designate the taxes against which the credit may be applied.

Especially with three of the big utilities offering ongoing performance payments the legislature is missing a golden opportunity to promote clean efficient and reliable solar power. There are currently no up front rebates available on the installation of a solar power system in new mexico. Taxpayers who purchase and install a solar thermal or photovoltaic system on or after this date are eligible for this non refundable tax credit. New mexico calls for 4 of new mexico s rps to be met by solar panel installations.

See below for forms. Solar market development tax credit new mexico provides a 10 personal income tax credit up to 9 000 for residents and businesses non corporate including agricultural enterprises who purchase and install certified photovoltaic pv and solar thermal.