Tax Credits | Solar Installation | New Mexico

New Mexico Solar Incentives

Homeowners Take Advantage Now

Switching to solar offers clients the ability to harvest clean renewable energy while also reaping the benefits of state and federal tax credits. New Mexico offers several incentives that help to drive down the cost of the solar installation and increase your savings over time.

The abundance of sunshine combined with net metering, the Solar Development Tax Credit, tax exemptions, and the Federal Solar Tax Credit result in a powerful investment for homeowners and businesses alike. Most customers see a return on investment in as little as 5-8 years.

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Federal Investment Tax Credit – 26%

A taxpayer may claim a credit of 26% of qualified expenditures for a system that serves a dwelling unit located in the United States that is owned and used as a residence by the taxpayer.

Federal ITC Information - Click to Learn More

26% for systems placed in service after 12/31/2019 and before 01/01/2021

22% for systems placed in service after 12/31/2020 and before 01/01/2022

The home served by the system does not have to be the taxpayer’s principal residence.

We calculate the Federal ITC into your solar estimate so you can see how much you may be eligible for. Customers are encouraged to speak with their tax advisor and accountant to determine how to claim the credit.

The taxed credit is calculated on the total value of your solar installation.

New Mexico Solar Market Development Tax Credit – 10%

In 2020 the legislature passed the New Mexico Development Tax Credit. It was signed by the Governor of New Mexico and is now available to homeowners! The bill states that solar installations purchased and installed on or after March 1, 2020 are eligible for a 10% tax credit. The credit is limited to first come first served with an annual allocation of $8 million. If you are thinking of going solar NOW is the time. Combined with the Federal ITC, customers are seeing a excellent returns on their investment.

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Corrales solar panel installation, time to shine

Choose the Right Solar Installer.

Look no further than Sol Luna Solar. We take the time to understand our customers and are committed to providing excellent customer service. Our full-service solar installation packages mean homeowners get the most out of their investment.

We’ll walk you through the process and make sure you have everything you need in order to take advantage of the Federal Solar Tax Credit!