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

The amount of solar power you could generate from a home solar panel system depends on various factors, including the size of the system, the orientation, the angle of the panels, and the amount of sunlight the area receives. A typical home solar panel system ranges in size from 3kW to 10 kW and can produce anywhere from 3,000 watts to 10,000 watts of electricity per hour, depending on the size and efficiency of the panels.

The average US household consumes about 900 kWh per month, which means that a 5kW solar system would produce enough energy to cover most of that consumption.

It’s important to note, however, the actual energy production may vary depending on factors such as the quality of the panels and the angle of the installation. A solar evaluation of your home could provide a more accurate estimate of the solar production that a particular house might achieve. Fortunately, with Meraki Solar, you can get a free consultation to access the needs and capabilities of your home, to maximize the efficiency of your home solar system.

So, how do solar panels actually work? You might be able to appreciate why solar panels are a wise investment and answer for the future of energy in Rio Rancho, NM. Here is a brief explanation of how the potent sun powers your house in five simple steps.

1. Sunlight: The sun’s beautiful yet potent solar energy is the primary source of renewable energy production for your solar panels
2. Solar Panels: Your solar panels receive that sunlight onto the first layer of silicon crystal after they are in the ideal position
3. Inverter: The inverter converts the solar panels’ direct current (DC) energy into safe and practical alternating current (AC) electricity for your use
4. Breaker Box: The breaker box allows this electricity to safely enter your home to power your appliances while assisting in the prevention of power surges
5. Energy Production: Any excess energy generated will pass through a utility meter and be sent into the power grid or

Solar panels can be a great investment for homeowners in Rio Rancho, NM, due to the combination of ample sunlight and the many solar incentives available. In fact, the average payoff period is less than ten years for most solar systems.

The potential cost savings on utility bills and the environmental benefits of using renewable energy make solar panels a smart choice for homeowners no matter where they live. If you’re still not sure about the benefits of solar, here are a few more benefits to consider.

• Residential solar panels could increase the value of your property by up to 4%
• You may profit from the excess power your system generates via net metering
• Solar energy has positive environmental impacts and helps mitigate climate change

The price of a solar panel system in Rio Rancho, NM, may vary depending on the size of the solar system, the type of panels used, and the company installing them. On average, homeowners might expect to pay anywhere from $3 to $5 per watt for a solar panel system.

For a typical 5 kW system, which is around the average size for a single-family home, the cost could range between $15,000 and $25,000 before utilizing your local solar incentives. However, it’s worth noting that the cost of solar panels has decreased over time. In fact, solar prices have reduced by over 50% in the last ten years!

It’s also important to remember the several state and federal financial incentives available in Rio Rancho, NM. These financial aids might help offset the cost of solar panels, such as the Federal Tax Credit and State Tax Credit, as well as local incentives like property tax exemptions and the net metering program.

Homeowners who qualify for these incentives and take action to pursue them may help reduce the cost of their solar panels, making the installation process more affordable. With Meraki Solar, you can explore ALL of your savings options with a solar expert, and you may even qualify for zero-down solar options. Get your free quote today!