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.