How to Save More Money on Your Electric Bills with Rio Rancho, NM Solar Incentives
Several solar incentives are 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 also qualify for a state income tax credit of up to $9,000 for residential systems
- Net Energy Metering: New Mexico utilities must offer net metering to their customers, which means homeowners could earn credits on their utility bill for excess energy generated by their solar panel system
- Renewable Energy Production Tax Credit: A production Tax credit of 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 solar installations