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Going Solar in New Mexico

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Incentives to Help You Go Solar in New Mexico

On average, Santa Fe, New Mexico, enjoys 325 sunny days per year.1 That’s a lot of available sunshine for solar panels to do what they do best in creating clean energy.

As of April 2020, New Mexico’s electricity costs, on average, are more expensive than half the states in the U.S., at almost 13 cents per kWh, making solar an attractive energy source.2

The Solar Energy Industries Association ranked New Mexico 17th in the U.S. for solar energy. This ranking is based on a variety of factors, including the number of homes that can be powered (264,133) from the installed solar capacity, the percentage of electricity the state gets from solar (4.81%), and the number of solar jobs (2,021).3 The good news is that prices in the state have fallen 40% over the last five years.3

We’ve compiled some solar incentive information for residents of New Mexico who want to take advantage of current prices. Installing solar power can provide significant utility bill savings over time and is a positive step toward protecting the environment.

Utility Incentives

Homeowners of New Mexico can take advantage of programs and incentives that help cushion the up-front costs of solar power. It helps that utilities in the state must meet a Renewable Portfolio Standard (RPS), meaning they must obtain a certain amount of their energy from renewable resources. Utilities can fulfill some of this requirement by “purchasing” solar energy from customers who have solar panels.

PNM and El Paso Electric offer a rebate to certain customers:

  • PNM Customer Solar Energy Program: $0.0025/kWh for systems of all sizes.4

Net Metering

Net metering enables some solar system owners to feed excess renewable energy from their systems into the local grid, reducing the demand for fossil fuels. In areas where net metering is available, utilities will offer payments, usually in the form of energy credits, to utility customers who sell their excess energy to the grid.

Rules developed by the New Mexico Public Regulation Commission (NMPRC) require utilities to compensate customers with net-metered systems below 80 MW. Compensation can come in the form of crediting a customer account or paying a customer for the net excess generation supplied to the utility. Any credits that remain can be carried over indefinitely and are paid to the customer at the conclusion of the term.5

State Tax Incentive

In addition to the utility-based rebate program, homeowners in New Mexico who install solar get a 10% tax credit with an annual cap of $6,000.6

PACE Financing

PACE (Property Assessed Clean Energy) Financing is a program that involves loaning the cost of an eligible energy upgrade to a homeowner to be repaid over time through property tax bills. Currently, PACE financing is available to homeowners through the Ygrene Energy Fund.7

For a complete list of the 66 energy efficiency programs and incentives available in New Mexico, including solar energy programs, visit the New Mexico Page of DSIRE, a service of the NC Clean Energy Technology Center.

Federal Incentives: Act Now to Get the Most Benefit

As a way to promote clean and renewable energy, the federal government has put in place two nationwide solar incentives that are available to New Mexico residents. Homeowners should apply for them shortly after installation is complete. Your LG PRO installer can help you understand these incentives and how to apply.

  • The Federal Solar Tax Credit allows Americans in any state to deduct 26% of the cost of their residential solar installation from their federal taxes, dollar for dollar, through the end of 2020. The ITC then steps down to 22% for projects that begin construction in 2021. After 2021, the residential credit is scheduled to drop to zero, although a commercial and utility credit will remain.8 So lock in your ITC advantage by going solar now!
  • Customers of a public utility can save money at tax time because the money, credits or subsidies they earn are not taxable.9

Discover LG's Solar Concierge for Going Solar in New Mexico

Your geographical location, roof orientation, and electricity rates are major factors that influence the amount of savings solar energy can bring you. LG's Solar Concierge offers you our reliable online tools to find out the system size and annual as well as cumulative savings, right at your fingertips - for free. Additionally, you can use it to connect to our expert energy advisers or LG PRO installers to get the right offers for your home. Choose a trusted global brand that offers high power output, high efficiency, long-term durability, and panels that produce power during late afternoons when the angle of light is lower (when utilities may charge more for electricity from the grid). Get peace of mind from knowing that we will be here for you now and for the 25 years guaranteed in our product, performance, and labor (up to $450) limited warranty.

When you go solar, ask for the brand you can trust: LG

Access LG Solar Concierge

References

1. “Climate.” Santa Fe Chamber of Commerce. n.d. Web: https://www.santafechamber.com/climate.html.

2. “Rankings: Average Retail Price of Electricity to Residential Sector, July 2019.” U.S. Energy Information Administration. n.d. Web: https://www.eia.gov/state/rankings/?sid=NM#series/31.

3. “New Mexico Solar.” SEIA. April 29, 2019. Web: https://www.seia.org/state-solar-policy/new-mexico-solar.

4. "Customer Solar Energy Program." PNM. March 10, 2020. Web: https://www.pnm.com/solar-energy-incentives.

5. "Net Metering in New Mexico." DSIRE USA Web: https://programs.dsireusa.org/system/program/detail/284.

6. "New Mexico State Solar Tax Credit Offers a Promising Addition to the Growing Industry." Sept. 9, 2020 Web: https://www.novoco.com/periodicals/articles/new-mexico-state-solar-tax-credit-offers-promising-addition-growing-industry.

7. “What is PACE? Property Assessed Clean Energy.” Show Me PACE. April 29, 2019. Web: http://www.showmepace.org.

8. “Solar Investment Tax Credit.” SEIA. April 11, 2019. Web: https://www.seia.org/initiatives/solar-investment-tax-credit-itc.

9. Federal Government of the United States. "Title 26 - Internal Revenue Code". Federal Government of the United States. Federal Government of the United States. p.520. n.d. Web: https://www.gpo.gov/fdsys/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26-subtitleA-chap1-subchapB-partIII-sec136.pdf. 10 Dec. 2018.

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