State ID
With plenty of sun and great incentives such as a strong net metering program and generous tax credits and exemptions, going solar in New Mexico has never been more rewarding.
Solar Incentives
The New Mexico state government will credit you on your taxes if you install solar as part of your sustainable building efforts on your home. Even though solar increases the value of your home, that extra value is exempt from property taxes in New Mexico. New Mexico has a net metering policy that credits you for the extra electricity your system produces, and allows you to use those credits when your system doesn’t generate enough power. The New Mexico state solar tax credit can reduce your state tax payments by up to $6,000 or 10% off your total solar energy expenses (whichever is lower), for residential, commercial, and agricultural installations. In addition, you qualify for the federal solar tax credit.
Frequently asked questions
FAQ
Growth Projection and Ranking: 3,054 MW over the next 5 years (ranks 13th)
Total Solar Investment in State: 2.5 billion
As of March 2022, the average solar panel cost in New Mexico is $3.15/W
Given a solar panel system size of 5 kW, an average solar installation in New Mexico ranges in cost from $13,388 to $18,112, with the average gross price for solar in New Mexico coming in at $15,750
Generally, homes with solar energy systems sell for more than homes without. In most parts of the country, going solar can increase your property’s value by 4.1 to 9.9%, depending on where you live. Please note: The value of your property will only increase if you own, rather than lease, your solar system. However, a leased solar system may increase your home’s marketability.
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