Federal Solar Tax Credit and Other Ways to Save Money on Your Electric Bills with Las Cruces Solar Panels
Several solar incentives may be available in New Mexico to encourage homeowners and businesses to convert to solar energy. Some of the most notable incentives include:
- Federal Solar Investment Tax Credit: The Federal Investment Tax Credit (ITC) is a 30% federal solar tax credit on the cost of your solar installation
- Solar Property Tax Exemption: Property tax exemptions for the value added to the property by a solar energy system
- Solar State Sales Tax Exemption: New Mexico residents may qualify for a state income tax credit of up to $9,000 for their solar panel system
- Net Energy Metering: New Mexico utilities are required to offer net metering to their customers, which means that homeowners can earn credits on their utility bill for excess energy generated by their Las Cruces solar panels
- Renewable Energy Production Tax Credit: Production Tax credit, 1.5 cents per KWh for the energy produced and sold to utility companies
- New Mexico Solar Rights Act: Protects your rights as a homeowner when you invest in a solar installation with a Meraki