New Mexico may very well be one of the nation’s best places for home and commercial solar for more than a few obvious reasons which we’ll be exploring further in this article.
As of 2016, New Mexico has seen growth in many different areas of solar energy such as overall solar installation growing 258.5 MW in a single year alone to the price of solar reducing 55% over last 5 years and the overall powering of over 170,000 homes with clean sustainable solar energy. All this growth would not be possible without the available solar incentives and renewable programs.
One reason New Mexico may be a new frontier for solar could be due in part by incentives like The Investment Tax Credit (ITC) which is currently a 30 percent federal tax credit claimed against the tax liability of residential and commercial and utility investors in solar energy property. Although the ITC is available to all US states, New Mexico has an ace up its sleeve which is, of course, the amount of sunlight it gets over other states. This makes the average cost for solar lower versus other states and makes the ITC’s 30 percent dollar-for-dollar reduction in the income taxes easier to get back come tax season. One thing to keep in mind about the ITC is that the 30% tax incentive is only good for construction solar that takes place now through 2019, from here the incentive steps down to 26 percent in 2020 and 22 percent in 2021. After 2021, the residential credit will drop to zero while the commercial and utility credit will drop to a permanent 10 percent. So the best time to jump into solar is sooner than later if you want to see true savings.
Another reason why New Mexico may be a new frontier for going solar is net metering. Net Metering is not available in all states but is in New Mexico. There’s a lot of misunderstanding when it comes to net metering so let’s break this down. Net metering is a system in which solar panels or other renewable energy generators are connected to a public-utility power grid and surplus power is transferred onto the grid, allowing customers to offset the cost of power drawn from the utility. This means if you’re producing more solar energy than you’re using, you can pull electricity from the utility grid and pay less for that energy just as long as it evens out.
With these very powerful incentives, programs and available sunlight hours it may very well make New Mexico a new frontier for solar. So where do you go from here?
Getting a solar quote is the first step most people take, but not all quotes are created equal… The best place to get a quote from is a company who has a track record of happy customers and nationwide installations. You would also like to get information on the quality of products, making sure that there is a long-standing warranty to ensure a reliability. Let’s not forget about the price, whether you’re paying up front or using a credit financial option, you will need to get a quote who can help you with a range of options to lower your cost for going solar and assist you with all the incentives, programs, and discounts you may qualify for.
If you are interested and would like a free quote and a special offer on solar power, click here to get started.
Writer: Eddy Martinez
Image: Eddy Martinez