Why go solar in New Mexico
New Mexico is known for its enchanting landscapes and culture. It is also known for being a leader in solar energy. State legislature is requiring 100% of all energy generated to come from renewable sources by 2045. Going solar helps offset greenhouse gas emissions and prevent pollution. The state wants you to go solar so they are offering some of the best incentives in the nation! Join over 279,900 other homeowners* and take advantage of incentives such as net metering, solar payments, and tax credits.
Solar incentives in New Mexico
In New Mexico you can qualify for the Sustainable Building Tax Credit if your home is certified sustainable by the U.S. Green Building Council. The value of the credit is determined by your certification level, up to $6.50 per square foot, and represents one of the most generous green building programs in the country.
The New Mexico solar tax credit can reduce your state tax payments by up to $6,000 or 10% off your total solar energy expenses (whichever is lower). If you are a customer of PNM they’ll pay you $0.0025 per Kwh produced for a term of 8 years. Some New Mexico utilities also offer net metering to eligible customers.
New Mexico homeowners are also eligible for the Solar Investment Tax Credit (ITC).**** The ITC allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes.