New Mexico Solar Power at a Glance

New Mexico Solar Power at a Glance
9

Electricity costs

10.0/10

Renewable Portfolio Standards

10.0/10

Solar Carve Out

10.0/10

Net Metering

10.0/10

Interconnection

10.0/10

Performance Payments

10.0/10

Incentives/Rebates

0.0/10

State Tax Credits

10.0/10

Property Tax Exemption

10.0/10

Sales Tax Exemption

10.0/10

Pros

  • Lower range of electric prices
  • Renewable Portfolio Standard
  • Solar Carve Out Program
  • Net Metering Program
  • Interconnection Policy
  • Solar Performance Payment Program
  • State Tax Credits
  • Property Tax Exemption
  • Sales Tax Exemption

Cons

  • No Incentives/Rebates

Solar Power in New Mexico

New Mexico Solar Power

Introduction

Mexico is one of those states who certainly can capitalize on all that solar energy has to offer. Both officials and residents alike have been putting a great deal of effort into building up their interest in renewable energy and for this reason going solar is of keen interest. With the beauty of the environment that is to be found here it is more than good reason for wanting to take every effort to sustain it, and there is no better way to do this than by focusing on energy needs that are going to be kind to the environment. While the cost of electricity is not the highest compared to many of the other States the average cost at the moment is 0.12 cents kwh. Solar power New Mexico programs offer some great money saving opportunities.

Average Costs of Going Solar

As a New Mexico resident you can expect your up front costs to be $20,000, however when you deduct the impressive incentives of $8,963. You have reduced this cost to $11,064.

Savings for Solar Power New Mexico

Once your new solar powered system is in place then you can sit back and enjoy the monthly savings of about $78. You can also take pleasure in knowing that your home value will increase by about $18,700.

Payback Periods for New Mexico Solar Systems

Based on a 5kW solar system it will take about 11 years for pay back.

Return On Investment On Solar Electric System

ROI is important to everyone so for this new method of energy you are now using your ROI will be 10.4%

Incentives New Mexico Solar Power

Current New Mexico Legislative Environment For Solar

New Mexico has every right to be proud of the Renewable Portfolio Standard. Their mandate is to have 30% of all their energy coming from renewable sources by the year 2020.

The Solar Carve Out that the State has in place is 4% by 2020. The Solar Carve Out pertains to a criteria set for the utility companies to have a percentage of energy being created by the solar system.

One area that many of the other States fall short in is with the interconnection policies. This State is most impressive with their implementation. They have made it great for home owners opting for solar power. They have done this by incorporating a simple system for interconnection that helps to eliminate or reduce costs for disconnect switches and insurance.

Incentives Available For New Mexico Solar

New Mexico like many of the other states offers no incentives.

New Mexico Net Metering

This state does have a net metering program in place. Which means you are able to sell the excess energy that your solar system generates back to your utility company. There are specific state rules in place for this, but they are quite advantageous to the homeowner.

New Mexico Solar Energy

Rebates / Tax Credits

While residents here may not be able to take advantage of incentives, they can enjoy some solar power tax credits.

There is a state tax credit of 10% of the cost of buying the system and its installation. The max. credit that you can claim is $9,000.

There is also the Federal tax credit for the 30% with no limit.

Another great reason for installing a solar panel system is that it will be property tax exempt, so there is no increase in your property taxes because of your new energy source.

Finally to add to these great bonuses you won’t have to pay any sales tax.

Another great benefit here in New Mexico when it comes to solar energy is the Solar Performance Payments. This is a system that pays back to the solar energy resident that is producing panel power regularly. The credits can come in the form of a per k-Wh bonus, or as Solar Renewable Energy Certificates

Summary:

When you compare the status of solar power for the State of Mexico as you can see there are plenty of enticements available to encourage you to go this route. There are a lot of financial breaks to take advantage of. Then on top of this you have the opportunity to save money on your electrical costs, plus sell energy back. It really is a win-win situation for the solar power enthusiasts of New Mexico.