Solar Panel Rebates New Mexico

You can expect to save big on your utility bills thanks to the power of a solar panel system.

Solar panel rebates new mexico.

Whether you choose to purchase or finance your solar electric system you are making a sound decision to simply pay less for something you re already purchasing electricity. On a cost per watt w basis a solar panel installation in new mexico ranges in price from 2 79 to 3 77. The program consists of two size categories of new solar and solar thermal systems small and large systems described below. Eligible systems include grid tied commercial pv systems off grid and grid tied residential pv systems and active solar hot water or hot air systems.

New mexico provides a 10 personal income tax credit up to 9 000 for residents who purchase and install certified home solar power systems. Starting january 1 2018 pnm has been approved to extend the customer solar rec purchase program through december 31 2018 to include large systems above 100 kw ac up to and including 1 mw ac of inverter capacity. New mexico s solar rights act 1977 and solar recordation act 1983 allow property owners to create solar easements for the purpose of protecting and maintaining proper access to sunlight. Electricity rates in new mexican may be close to the national average but there s still a lot of incentive nonetheless to figure out how you can save on your.

The solar rights act established the right to use solar energy as a property right. If you re a customer of el paso electric company you can earn extra income from your solar panel system by participating in their renewable energy certificate purchase program el paso electric will pay you 0 02 per kilowatt hour of electricity generated by your solar panels which. Lots of sunshine and great solar incentives make new mexico a great place to have solar panels installed. New mexico solar rebates and incentives.

The sun shines generously over new mexico and in more ways than one. New mexico solar tax credits and exemptions el paso electric renewable energy certificate purchase program. In the state of new mexico the average cost of solar panel installation ranges from 13 940 to 18 860. The tax break reduces.

What s new for 2020 2019 was a banner year for new mexico solar power because this is the year when the legislature teamed up with new governor michelle lujan grisham to pass a law requiring 100 of all energy generated in the state to come from renewable sources by 2045. With a number of solar panel rebates and incentives in new mexico like net metering the sustainable building tax credit program and the federal tax credit owning a solar system could be one of the brightest investments you can make for your home.