New Mexico Tax Incentives: A New Bill To Encourage Solar Power Installations

The New Mexico tax incentives are passed to encourage the installation of solar power equipment.

Residents may apply for the New Mexico tax incentives online. (Photo: PTL Group)

The New New Mexico Tax Incentives

Lawmakers recently passed a new New Mexico tax incentives regarding solar power to encourage installations.

In regards to the New Mexico tax incentives, the state has a total of 1,890 MW of solar power, making up 8.2% of electricity.

Residents can apply for the New Mexico tax incentives online with required documents, and receive up to 10% of installation costs or $6,000 per year.

The total New Mexico tax incentives issued per year have been increased to $30 million.

Projects are evaluated on a first-come-first-served basis, with additional funding available for rejected applications.

According to a published article by SmartNews, polar projects on Native American lands are also eligible. Counties with the most projects installed in 2023 include Bernalillo, Sandoval, Santa Fe, and Otero.

The Solar Industry

In a published article by CNET, the solar industry has had issues with salespeople making misleading claims and overpromising savings.

A high-profile case in 2022 involved Pink Solar (formerly PowerHome Solar), which sold expensive panels that generated less energy than expected.

To avoid scams, get multiple bids, compare prices, and ask questions. Be informed about solar topics like the federal solar tax credit.

It’s important to be cautious and educated when considering going solar to ensure you get a good deal.

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