All the Answers You Need in One Place
There are a lot of great tax credits and benefits available for solar customers but finding out what you qualify for and how to get it can be a real hassle. With state policies and available rebates changing every year, there’s a lot of information out there about solar tax credits, and not all of it’s accurate.
That’s why we’ve broken down the most frequently asked questions our customers have about state tax credits for solar customers here in New Mexico. We stay up to date with all the latest policy changes and updates, so all you have to do to get the information you need is ask us!
Does New Mexico Offer Solar Tax Credits?
Not only does New Mexico offer solar tax credits to solar buyers, but we have some of the best in the country. In addition to tax credits, New Mexico also offers a full range of other benefits to solar customers, including property and sales tax exemptions. In addition to the 26% federal tax credits, New Mexico residents are eligible for up to $6000 in state credit, in addition to net metering credits.
Who Qualifies for These Tax Credits?
If you installed your solar panels after March first of this year, and your system is certified by the New Mexico Energy, Minerals, and Natural Resources Department, you’re eligible for the latest New Mexico tax credits.
What’s Changed in 2020?
2020 marks the beginning of a new state tax credit policy, and some changes have been made. The recently passed New Mexico Solar Market Development Tax Credit or "New Mexico Solar Tax Credit" has outlined the new maximum credit amount and created a process for approval alongside the New Mexico Energy, Minerals, and Natural Resources Department. Notably, the tax credit as a whole has a maximum yearly limit of $8 million. Credits will be issued to eligible residents on a first-come, first-serve basis until that limit is hit or the year ends.
What Still Needs to be Decided?
As this legislation is still new, some details still need to be hammered out. For example, the New Mexico Energy, Minerals, and Natural Resources Department has not yet begun to accept applications, and they have not established what kinds of documentation they will require. A process for re-application if funding is unavailable to certain applicants is also still being created.
How Do I Apply?
Eventually, you’ll be able to apply through the New Mexico Energy, Minerals, and Natural Resources Department, but for now, you can trust your solar installers to handle things for you. We can make sure that when the time comes to apply, you have everything you need to get approved.
Know Who to Call When You Need Help
If you run into more questions, make sure you’re getting answers from a reliable source. Our New Mexico solar experts can make sure you get accurate and helpful information, not just a random assortment of unconfirmed snippets. We’ll cut through official language to make sure you understand every policy and process involved, so you can benefit from your solar system!
Contact us online or call (505) 908-9578 to get any additional questions you have answered by the professionals.