New Mexico Solar Incentives

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Solar System Incentives. How does $0 out of pocket sound?

Most people are aware that solar will ultimately save them money, but some also believe that solar has a large upfront cost, which isn’t true! With local financing programs available, homeowners can now go solar for $0 upfront and start saving immediately. Whether you choose to pay cash or finance your system, there are several incentives that lower the cost to pennies on the dollar.

New Mexico’s solar incentives are some of the best in America.

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Lots of sunshine and great solar incentives make New Mexico one of the best places in the U.S. for homeowners and businesses to go solar. Whether you choose to purchase or finance your solar electric system, you are making a sound decision to simply pay less for something you need to purchase (electricity) and can pay itself off from day one (even if you choose to finance with $0 out of pocket). Solar energy systems not only save you money, but they also increase the value of your home. Thanks to the many solar incentives and rebates in New Mexico, a homeowner or business can save thousands on the cost of going solar.

Here are just a few New Mexico solar rebates and incentives:

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Source: EnergySage

Net metering in New Mexico.

When you put solar panels on your roof, you want to make sure you get credit for the power your system generates. Luckily, New Mexico has a net metering policy that credits you for the extra electricity your system produces, and allows you to use those credits when your system doesn’t generate enough power (think of it like roll-over minutes). PNM, El Paso Electric Company, and several other local co-op utilities offer net metering programs in New Mexico.

Sustainable building tax credit

The New Mexico state government will credit you on your taxes if you install solar as part of your sustainable building efforts on your home. In order to qualify, your home needs to be certified sustainable by the U.S. Green Building Council, and the value of the credit is determined by your certification level. You could earn as much as $6.50 per square foot for having a sustainable solar home in New Mexico!

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Property & gross receipts tax exemption for solar

Even though solar increases the value of your home and allows for greater marketability, that extra value is exempt from property taxes in New Mexico. A property tax exemption makes it more economically feasible for a taxpayer to install a solar system on a residential or commercial property – you get the financial benefits of generating your own power, without having to worry about a higher tax bill!

New Mexico also offers state sales tax exemptions for solar panel installation. A sales tax exemption means that homeowners and businesses would not have to pay any additional state sales tax on their solar panel system.

AVERAGE VALUE OF PROPERTY TAX EXEMPTION: Variable

AVERAGE VALUE OF GROSS RECEIPTS TAX EXEMPTION: $1,750

New Mexico Solar tax exemption

Federal Solar Tax Credit (ITC)

Perhaps one of the greatest and most-known solar incentives comes from the Federal government.

All 50 states are eligible for a 30% Federal Investment Tax Credit (ITC) to reduce the cost of the system. This is calculated as 30% of the value of your system (parts, labor, permitting, etc.) If you choose to purchase or finance your system, this tax credit goes to you directly through your federal tax return. Your solar specialist will calculate this for you and can consult with your accountant to fill out Form 5695 to claim your credit.

AVERAGE VALUE OF INVESTMENT TAX CREDIT: $7,500

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Solar System Costs

As you can see, the cost for solar panel installation in New Mexico has many incentives and variables that affect the final investment cost. To get an accurate cost of going solar in New Mexico, it's best to speak with one of our local solar consultants who will help cover all the details.

Our Reviews

  • The whole team worked excellently together, demonstrating how team work can really work well in this sort of situation. Thanks for having good people working there.

    I wanted to get in touch about the recent work that [your] crew did repairing the solar tracker that was wobbly and making a lot of noise. Since this was the first time the tracker manufacturer had heard of the problem of the bearings wearing out, obviously there was no guide for Don to follow in fixing the thing. He came out with a crew of appropriate size for the job, had all the equipment and tools he needed for the job, and had obviously thought a great deal about how to proceed. He had designed a clever jig to hold the tracker panels in place while the one large bolt that holds the assembly together was removed. He manufactured the jig on site, requiring considerable carpentry skill, and put it in place, and it worked very well. Keeping the large panel stationary during the removal and replacement of the bearings in the wind was quite an accomplishment. The whole team worked excellently together, demonstrating how team work can really work well in this sort of situation. I wanted to take the opportunity to commend Don on a job well done, and the rest of the crew as well, though Don clearly had thought through all aspects of the job and did it well!! Thanks for having good people working there.

    Placitas, NM

  • My husband's high standards for the installation were met. We're grateful to have your professional service to install and maintain our solar system.

    To the Installers, concerning your skill: You did a beautiful job: the conduit pipes fit the house. There are no overlaps or gaps. I appreciate the subtle bends in the pipe that you took time to study and create. The pipe fits the contours of the stucco wall, not just around corners but also along the lengths of the "flat wall" which have slight curves. I appreciate your finished conduit work as both skill and artistry. Thank you for painting the conduit with intelligence, that is, smoothly and with no mess, splatters or any other potential detraction. I was worried about the effect of the cold (in the 30 degrees') on the paint on that day, but problems with the paint didn't materialize due to your skill/experience. Concerning the actual solar panels, sitting on their weighted "cradles:" They look clean, modern and efficient - which actually means they're quite beautiful. My husband's high standards for the installation were also met. We're looking forward when, after the inspection, we can finally turn on the array and know that we're utilizing the sun's energy rather than using fossil fuels. Very exciting! We're grateful to have your professional service to install and maintain our solar system. Respectfully, Dolores & Paul M.

    Albuquerque, NM

  • They are an extremely professional company - providing the very best in customer service.

    We highly recommend Positive Energy Solar. They are an extremely professional company - providing the very best in customer service. The project was well thought out, designed and executed. We were regularly updated on the schedule. All of the staff were exceptional at communication - particularly Thomas, our Sales Advisor. We would absolutely not think twice about using them int he future.

    Santa Fe, NM

  • We did due diligence in our research of solar companies in New Mexico and determined that SunPower has the very best product.

    From our first meeting with JD to installation to operation and final payment, SunPower by Positive Energy Solar has been a joy to work with. We did due diligence in our research of solar companies in New Mexico and determined that SunPower has the very best product. Even better, the price was less than we had previously calculated. Now after several weeks of operation, we can see how our investment will pay off -- financially and in doing our small part for the environment.

    Santa Fe, NM

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