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New Mexico Solar Tax Credit

The New Mexico Solar Tax Credit is ready to pay you up to ten percent of the purchase and installation cost for your new solar system.  The maximum amount is $9,000 and it can be applied to photovoltaic or thermal solar systems.  This can be applied to the federal government's generous offer of a 30% tax credit.  This credit can be applied to solar PV, thermal, wind and geothermal systems.  As an added bonus these systems are exempt from stat gross receipts taxes.  That is a lot of savings, and incentives, for all of you considering the switch to renewable energy.

Don't stop with just the New Mexico Solar Tax Credit, explore all the solar financing options available.  Two additional incentives New Mexico residents should be looking into are through PNM, Renewable Energy Certificates (REC), and Net Metering.  PNM's REC program pays participants for every kilowatt hour generated from their PV system, regardless of whether the energy is used or pushed back into the power grid.  Most of us have heard about turning the electric meter backwards, that's the idea behind Net Metering.  Net Metering is a meter that spins backwards, giving you a credit, when you are generating more power than you are using.  You are then credited for this power for times when you are using power in excess of your system output.  It is possible, with a properly sized solar system, to "net zero" your power usage.

Two bills were signed by Governor Richardson this year to further help with the cost of going solar.  HB 572 and SB 647 are both bills that will help individuals finance solar energy systems.  This is going to be done through a special assessment that would be paid back along with property taxes.  This is something to keep a close eye on and see how the different counties decide to implement it.

Another New Mexico Solar Tax Credit that might apply to you is for new home construction.  New Mexico is serious about the future of their state and rewards home builders for thinking, and building, green.  The New Mexico's Sustainable Building Tax Credit offers financial rewards designed to encourage construction of residential and commercial buildings with energy efficiency and sustainability in mind.  New home construction is evaluated with the U.S. Green Building Council's LEED rating system, or the Build Green NM rating system, for the possible credits that would apply.  These credits will vary based on building type, square footage and other factors.  Your best bet here is to do your homework before you build.  If the state and federal governments are willing to help you build an energy efficient house, why would you want to do it any other way?

For more advice and details about the New Mexico Solar Tax Credits, and all other things solar, contact the New Mexico Energy Conservation and Management Division.

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