Financial Incentives - Start Saving with Solar Now

Select Solar is focused on designing and installing high quality, durable solar electric systems for residential, commercial and industrial customers. Our professional team, extensive construction experience and focus on solar electric systems allow us to provide you with excellent service for your renewable energy project.

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The financial incentives available for solar today are substantial, and there is no time like like the present to take advantage of them and begin saving money on your electric bill by installing a clean energy producing solar electric system. The incentives today are quite generous, with Federal tax incentives, New Mexico State tax incentives, New Mexico sales tax exemption, and Utility company programs to purchase your excess clean power.

Federal Tax Credit

The current Federal Tax Credit is available to homeowners and businesses. It will cover 30% of the installed solar system cost, without limit of system size or cost. 

The form for claiming the federal tax credit is simple to complete; Select Solar can guide you to the correct form; consult your tax professional for complete details.

New Mexico State Tax Credit

The State Tax Credit is available to homeowners and businesses. It will cover 10% of the installed solar system cost, with a limit of $9000.00. 

The system has to be inspected and certified by the state to qualify for the tax credit; Select Solar takes care of the paperwork involved for system certification, you just sign it and send it in. The State office will assign your system a certification number that you use for claiming the tax credit on your tax return.

New Mexico Sales Tax Exemption

Solar system equipment and installation cost are Exempt from state sales tax. A non-taxable form is signed by the seller and purchaser stating that the transaction was strictly for a solar system. This is another 6 - 8% savings when compared with other home investment purchases.

Property Tax Exemption

This allows you to benefit from the increased property value that you will experience from installing solar at your site without the penalty of taxation.

Commercial Buildings Tax Advantages

Businesses have the option of receiving a rebate or "Grant" in lieu of the 30% Federal Tax Credit. The application process is easy and the payment is made soon after project completion.

PNM REC program

The newly revised PNM Renewable Energy Certificates (REC) program offers excellent returns for your solar energy production.

The REC benefit is decreasing as more systems are installed, so sign up soon!

Residential & Commercial, 10KW or smaller PV system size - PNM is currently offering a 8-year contract at .04 cents per Kilowatt/Hour produced by your solar electric system.

Residential & Commercial, 10 - 100KW system size - PNM is currently offering a 8-year contract at .05 cents per Kilowatt/Hour produced by your solar electric system.

The price PNM will pay you for renewable energy certificates - called "RECs" - generated by your solar energy system is determined when your application is considered complete by PNM.


Residential Solar Financing 

There are many financing options for purchasing of a solar energy system.
We have partnered with ADMIRAL'S BANK to offer you funding that is available upfront before the project starts.

  • No equity or appraisal required 
  • Secured loans up to $25,000 
  • Unsecured loans up to $7,500 
  • No contractor fees 
  • Quick pre-qualification and final approvals 
  • Online application system available 
  • Dedicated Account Executive to service your loan 
  • 100% up-front funding (funds are disbursed before the project is started) 
  • No pre-payment penalties with flexible terms up to 20 years 
  • Tax deductible interest (consult your tax advisor) 

With no money down and up to $40,000 loan amount, you can be enjoying the benefits of a solar system quickly and without a large initial investment.

Local sources of green project funding are the Permaculture Credit Union in Santa Fe and Los Alamos National Bank eco-friendly loan program.

More information on local sourcing of funding for renewable energy projects may be found by contacting New Mexico Solar Energy Association.


Commercial Solar Financing

Our clients typically choose one of two options.

  1. Finance on their own and take advantage of the appropriate Federal grants or Federal Investment Tax Credits, SRECs, state grants and accelerated depreciation.
  2. Power Purchase Agreements (PPA) where the PPA owner will install a solar system on the client's roof or ground for a long term with an agreed upon price for the power and with no capital cost to the client. The PPA provider provides the project financing and secures the value of grants, tax credits and other incentives. For large systems over 250KW, we have established relationships and experience with industry leading PPA providers to help customers finance, install and operate solar power plants at no upfront cost to the client. 

Power Purchase Agreements (PPA's)

A Power Purchase Agreement, or PPA, is a legal contract between an electricity producer (the PPA) and a power purchaser (client) where the purchaser buys electricity from the generator for a stipulated term at an established rate. In a typical PPA, the PPA provider secures project financing, maintains the system and sells the electricity to the electricity producer. There is no capital cost for the client. A PPA can play a key role in financing a solar electricity project as it enables customers to take advantage of low-cost electricity with long-term pricing stability, a smaller carbon footprint, and a greener public image. Our PPA partners provide all necessary maintenance, monitoring, service and repairs so the customer can concentrate on their core business and not on becoming a solar energy expert. In addition, the PPA provider as the owner, provides the required insurance on the system. Many PPAs will provide the client with an option to buy the system after a given time frame.

Pre-Tax Investment

Yet another financial benefit of investing in solar energy is that it is a pre-tax investment. 

Conventional investment instruments are taxed when you make a gain on you investment, whether it is a stock, real estate, etc.

An investment in solar pays your investment back and then has financial gains through eliminating electricity costs and in some areas through direct payments from the utility company; all of which are non-taxable gains.

This advantage can put a solar investment rate of return up to 30% ahead of conventional investments.