New Mexico is the second sunniest state in the nation.1
New Mexico solar price drop over the last five years.2
State electricity generation that will come from renewable energy sources by 2045.3
New Mexico basks in an average of 293 sunny days per year,4 which is just one of the many reasons to go solar in the Land of Enchantment. The state also has some of the best solar incentives in the country, such as federal and state solar tax credits,* property and sales tax exemptions and Solar Renewable Energy Credits (SRECs).5
As the U.S.’s leading residential solar, storage and energy services company,6 Sunrun is here to ensure you can create your own solar energy at home and reduce your carbon footprint while getting the most out of New Mexico’s attractive solar incentives.
|Solar Savings Types||Value of Savings|
|Solar REC Purchase Programs||Varies depending on market value2|
|Sustainable Building Tax Credit Program||$6.50/Sqft up to 2000 sqft (Max $13,000 Tax Credit)3|
|Property Tax Exemption for Residential Solar Systems||Solar System Property Tax Exemption 4|
|Federal Solar Tax Credit||26% of the final cost of the solar system6|
Buy and install a new home solar system in 2020 and receive the 26% federal tax credit. The ITC drops to 22% in 2021 and ends in 2022.7*
Average-sized 6-kilowatt (kW) system cost in New Mexico: $17,800 Approximate system cost after the 26% ITC in 2020 in New Mexico: $13,2008
Buy new home solar panels in New Mexico and you’ll be are eligible to receive a 10% state income tax credit of the total cost, thanks to the New Mexico Solar Tax Credit. (Max. $6,000 state tax reduction)9
According to the NM Energy Conservation and Management Division (ECMD), state taxpayers who install a solar thermal or photovoltaic system on or after March 1, 2020 are eligible for this non-refundable tax credit on a first-come first-serve basis.9
When you buy a new solar power system in New Mexico, you won’t pay sales tax on the system.11
The exemption is for 100% of the sales tax of a solar installation used to provide space heat, hot water or electricity to your home. This can save you 5.125% right off the bat.12
Qualify for up to $6.50 per built sq. ft with a 2,000 sq. ft cap when you install a new home solar system.
In order to qualify, your home needs to be certified sustainable by the U.S. Green Building Council.13
If you’re an EPE or PNM customer, you can earn
SRECs or Renewable Energy Certificates (RECs)
for every kilowatt-hour (kWh) of solar energy
your system creates based on market value.14,15
Installing solar is an investment for today, next year and the long term. If you’re considering buying a home solar system, act today for a big tax incentive.
26% federal solar tax credit is available for home solar systems installed by December 31, 2020. Starting in 2021, the tax credit will step down to 22%.
*We recommend contacting a tax professional to most accurately determine the impact of the solar Investment Tax Credit (ITC) on your federal taxes.
**Customer’s ability to monetize rebates, incentives, and tax credits depends on several factors, including, without limitation, continued state subsidization of these policies, the applicable Sunrun product type, and whether a customer purchases or leases a home solar system from Sunrun.