New Mexico Solar Incentives, New Mexico Solar Tax Credit, and Financing Options
Because of New Mexico solar incentives like renewable energy credits as a tax credit on your New Mexico state income tax, it’s a great place to upgrade your home power system to solar energy. With exciting homeowner incentives, the Inflation Reduction Act, US federal tax credit, solar company loans, and other great solar incentives, you will love how much a solar installation can enhance your home value and household finances.
- Federal Solar Investment Tax Credit: New Mexico residents who switch to solar get an Inflation Reduction Act may qualify for a tax credit
- As per the US Department of Energy’s website: “Solar PV systems installed in 2020 and 2021 are eligible for a 26% tax credit”
- New Mexico Solar Market Development Tax Credit: The State of New Mexico has a generous 10% tax credit for up to $6,000 on your New Mexico state income tax
- < href=”https://cnmec.org/net-metering” target=”_blank” rel=”noopener”>New Mexico Net Metering: Net Metering: New Mexico net metering rewards you financially or with credits for electricity when your solar system produces more energy than your household uses in a year.