As a front runner in solar energy, New Mexico is the gold standard for solar system incentives. The main form of benefits comes from tax write offs and exemptions with the most lucrative incentive being the New Solar Market Development Income Tax. This economic incentive allows homeowners to get a 10% credit for home solar systems with a maximum tax reduction of $6,000. Other state specific incentives that can be leveraged by homeowners include the Solar Energy System Property Tax Exemption and the Solar Sales Tax Exemption. These can make your home exempted from the property tax increase from adding a rooftop solar system and can eliminate the sales tax, given that the proper steps are followed by the homeowner.
Installing a solar system will increase your property value, but you won't pay extra taxes for it. The Renewable Energy Property Tax Exemption guarantees that any new solar energy system installed in New Mexico is exempt from your property tax assessment.
The New Mexico tax credit is based upon ten percent of the solar system value and is available for solar thermal and photovoltaic solar systems. The maximum tax credit per taxpayer per year is $6,000.
New Mexico has a great climate for solar energy production. While this statement might surprise you, solar panels actually perform phenomenally in our beautiful state. Because of the innovation happening in the solar industry, modern solar panels are becoming increasingly more effective at producing energy in cloudy weather. Not only are solar panels becoming more energy efficient in cloudy weather, they are also more productive in cooler climates! High temperatures can lead to decreased electricity production. As solar panel temperatures rise past a certain threshold energy output decreases. Fortunately, New Mexico isn’t known for experiencing the extreme heat that could reduce solar panel output.
The potential for solar power in New Mexico is endless. Ranking in the top 10 sunniest states there is no mistaking the sun as a great resource for homeowners. While being a valuable source for solar energy, the heat causes an inherent problem for any electronic device. Solar panels can see reduced performance when the weather is too hot, this is why we at Infinity Solar USA have created strategic partnerships with Silfab, one of the highest quality solar panel manufacturers, to ensure homeowners receive the best solar panels on the market. Homeowners can be confident in the performance of their modern solar panels. Energy prices continue to rise while consumption stays the same. Paying more for an equal amount of energy is not in anyone's budget plan, this is why the best company in New Mexico is helping you make the easy decision to cut your power bill. To understand how you can erase your energy bill speak with our solar experts.
The switch to solar can be full of unknowns, and as the best solar company in New Mexico we understand that. Our team of entirely in house solar installation experts are here to help you make your choice to go solar as informed as possible. To see if solar is the right choice for you, speak with one of our solar incentives experts and get a personalized quote.
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