Solar is a complicated decision and OhmHome has compiled this guide to New Mexico solar with the cost of solar panels in New Mexico and advice on how to estimate cost and savings, navigate state and federal incentives, and find the best solar companies in New Mexico.
Solar Trends in New Mexico
New Mexico solar permits decreased 26% to 145 in June from 196 in June 2016 and increased 18 % from May 2017 (YTD decrease of 22%)
Cost of Solar Panels in New Mexico
The cost of solar has dropped significantly in recent years due to the increase in module supplies and other supply chain efficiency improvements. According to the U.S. Department of Energy’s Q4-16 Sunshot report, the median price of residential solar in major markets was $4.20 per watt with the lowest 20% at approximately $3.50 per watt.
Solar Incentives in New Mexico
New Mexico does not currently offer a state incentive for solar. In 2016, the states Renewable Energy Credit program ended, but bills have been proposed in 2017 to reinstate the program.
Federal Solar Tax Incentives
The IRS offers a 30% tax credit for solar systems based on the cost after state rebates and credits (discussed above). It is important to note that that federal tax credit only applies to purchased systems and you need sufficient tax liability to claim the credit. The federal solar tax credit was set to expire in 2016, but was recently extended through 2019, at which point it will start to decrease to 10% by 2022. The IRS form 5695, Residential Energy Credits can be found here.
Solar Financing in New Mexico
The number of solar financing options has expanded significantly in recent years to includes a number of low-interest rate loans, as well as power purchase agreements or solar leases. To learn more, refer to our lease or buy solar guide.
Our Major New Mexico City Solar Guides
- Solar in Alamogordo, NM
- Solar in Albuquerque, NM
- Solar in Artesia, NM
- Solar in Carlsbad, NM
- Solar in Clovis, NM
- Solar in Deming, NM
- Solar in Farmington, NM
- Solar in Gallup, NM
- Solar in Hobbs, NM
- Solar in Las Cruces, NM
- Solar in Las Vegas, NM
- Solar in Los Lunas, NM
- Solar in Lovington, NM
- Solar in Portales, NM
- Solar in Rio Rancho, NM
- Solar in Roswell, NM
- Solar in Santa Fe, NM
- Solar in Sunland Park, NM
