Taking Advantage of New Mexico's Solar Market Development Tax Credit Program

Taking Advantage of New Mexico’s Solar Market Development Tax Credit Program

Are you a New Mexico homeowner looking to upgrade to solar energy? Did you know that you can take advantage of the state’s Solar Market Development Tax Credit Program? This program offers tax credits to residents who install solar PV systems in their homes, helping to promote the growth of solar energy in the state. In this blog post, we’ll take a closer look at the details of the program, the benefits for homeowners, and the impact of the program on New Mexico’s energy grid.

The Solar Market Development Tax Credit Program was established in 2006 to encourage New Mexico residents to switch to solar energy. The program offers a tax credit worth up to 10% of the total cost of a solar PV system installation. The credit is available to both homeowners and businesses in the state and can be applied to both the purchase and installation costs of a system.

For homeowners, the benefits of installing a solar PV system go beyond the upfront tax credit. Solar energy can significantly lower your monthly energy bills, and you may even be able to generate enough energy to sell back to the grid. Additionally, solar energy is much cleaner and produces significantly fewer emissions than traditional energy sources, making it a great choice for the environment-conscious homeowner.

In 2022, the Solar Market Development Tax Credit Program will continue to offer tax credits of up to 10% for New Mexico residents who install a solar PV system on their homes. The maximum amount of tax credits available for the 2021 and 2022 tax years is $6,000 per resident. In order to be eligible for the tax credit, residents must apply for the credit within 2 years of the date of installation.

The impact of the Solar Market Development Tax Credit Program on New Mexico’s energy grid has been significant. Since the program was first established, over 1,750 additional megawatts of solar energy have been added to the state’s energy grid. This has allowed New Mexico to make great strides in meeting its energy goals, reducing reliance on traditional energy sources and increasing the use of renewable resources.

Conclusion:

As you can see, New Mexico’s Solar Market Development Tax Credit Program offers significant benefits to both residents and the state as a whole. The tax credit can help homeowners save money on upfront costs while also promoting the growth of solar energy in the state. If you’re a New Mexico resident considering a switch to solar energy, be sure to take advantage of this great program.