SolarReviews | New Mexico Solar Power Rebates and Incentives
Rebates, Tax Credits and incentives for home solar power panels in New Mexico El Paso Electric Company - Small and Medium System Renewable Energy Certificate Purchase Program
The El Paso electric company has a REC purchase program where customers are paid 10 cents per kwh for their Rec's for systems up to 10kw. For systems from 10kw to 100kw customers are paid $.12 per kwh for the REC's associated with their solar power. These Rec's are used by the utility to New Mexico's renewable energy portfolio targets. Xcel Energy has a similar program although only the part of the program that relates to systems below 10kw is still going.
State tax credit for installing home solar electricity panels.
New Mexico provides a 10% personal income tax credit (up to $9,000) for residents and businesses (non-corporate), including agricultural enterprises, who purchase and install certified photovoltaic (PV) system. To be eligible, systems must first be certified by the New Mexico Energy, Minerals, and Natural Resources Department. Note that solar pool or hot tub heaters are not eligible for this tax credit. Credits may be carried forward for a maximum of ten taxable years until fully expended. Aggregate credit levels are capped annually at $2 million for solar thermal and $3 million for photovoltaic systems. These tax credits are set to expire December 31, 2016. A taxpayer who installs a solar panel system and a solar thermal system may be eligible to receive a separate tax credit up to $9,000 for each system.
Renewable portfolio standard in New Mexico
New Mexico has a very good renewable energy portfolio standard that requires investor owned utilities to purchase 20% of their power sales from renewable sources by 2020. There is also a significant solar carve out that requires utilities to meet at least 20% of this requirement, so 4% in total by 2020 and this also has interim targets. In New Mexico the IOU's have initiated direct SREC purchasing programs and so a liquid auction market has not existed for these SREC's. So if you are interested in getting some quotes for solar power click "here" and we can make that happen.
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