PNM's Solar Renewable Energy Credit Purchase Program <\/span><\/h3>\r\n<p><span>PNM customers can sell their SREC's directly to the utility through their SREC purchase program. PNM will pay you an additional $0.0025 per kWh of solar you produce in exchange for any SRECs the system produces. <\/span><\/p>\r\n<p><span>Read more about the SREC Purchase Program on PNM's <a href=https://www.solarreviews.com/"https:////www.pnm.com//solar/">website. ","18":"

here./r/n

PNM's Solar Renewable Energy Credit Purchase Program <\/span><\/h3>\r\n<p><span>PNM customers can sell their SREC's directly to the utility through their SREC purchase program. PNM will pay you an additional $0.0025 per kWh of solar you produce in exchange for any SRECs the system produces. <\/span><\/p>\r\n<p><span>Read more about the SREC Purchase Program on PNM's <a href=https://www.solarreviews.com/"https:////www.pnm.com//solar/">website. ","typical_monthly_usage":631,"19":631,"solar_panel_state_page_data":{"id":143,"0":143,"name":"New Mexico","1":"New Mexico","slug":"new-mexico","2":"new-mexico","abbr":"NM","3":"NM","capital_city_id":579,"4":579,"description":"<p><span style=\"font-weight: 400;\">Solar panels produce more power in New Mexico than in other parts of the U.S. because of the abundant sunshine. High rates of electricity production combined with the state’s solar tax credit, net metering program, and federal tax credit can create enormous savings for New Mexico homeowners who switch to solar. <\/span><\/p>","5":"<p><span style=\"font-weight: 400;\">Solar panels produce more power in New Mexico than in other parts of the U.S. because of the abundant sunshine. High rates of electricity production combined with the state’s solar tax credit, net metering program, and federal tax credit can create enormous savings for New Mexico homeowners who switch to solar. <\/span><\/p>","breaking_news":"","6":"","rank":13,"7":13,"av_life_savings_comment":"","8":"","rebate_title":"Solar incentives, rebates, and tax credits available in NM","9":"Solar incentives, rebates, and tax credits available in NM","rebate_content":"","10":"","projects":"","11":"","advantages":"<p>The <a rel=\"noopener\" href=https://www.solarreviews.com/"https:////www.solarreviews.com//solar-energy//pros-and-cons-of-solar-energy///" target=\"_blank\">advantages of installing solar panels<\/a> in New Mexico is there is both state based incentives and the <a href=https://www.solarreviews.com/"..//solar-incentives//federal-solar-tax-credit/">federal tax credit<\/a>. Lots of sunshine means a solar pv system in NM is going to produce very well. Some incentives are becoming fully subscribed so best get in while you can.<\/p>","12":"<p>The <a rel=\"noopener\" href=https://www.solarreviews.com/"https:////www.solarreviews.com//solar-energy//pros-and-cons-of-solar-energy///" target=\"_blank\">advantages of installing solar panels<\/a> in New Mexico is there is both state based incentives and the <a href=https://www.solarreviews.com/"..//solar-incentives//federal-solar-tax-credit/">federal tax credit<\/a>. Lots of sunshine means a solar pv system in NM is going to produce very well. Some incentives are becoming fully subscribed so best get in while you can.<\/p>","disadvantages":"<p>The <a rel=\"noopener\" href=https://www.solarreviews.com/"https:////www.solarreviews.com//solar-energy//pros-and-cons-of-solar-energy///" target=\"_blank\">disadvantage of installing solar panels<\/a> for your home in New Mexico is that some incentives have alreadt expired or are fully subscribed, best talk to a local Solar Pro to see what you might be eligable for. Despite this there are still excellent incentives available in New Mexico. Enter your details to <a href=https://www.solarreviews.com/"..//solar-panel-calculators/">calculate the cost and savings you are likely to get from installing solar panels for your home<\/a>.<\/p>","13":"<p>The <a rel=\"noopener\" href=https://www.solarreviews.com/"https:////www.solarreviews.com//solar-energy//pros-and-cons-of-solar-energy///" target=\"_blank\">disadvantage of installing solar panels<\/a> for your home in New Mexico is that some incentives have alreadt expired or are fully subscribed, best talk to a local Solar Pro to see what you might be eligable for. Despite this there are still excellent incentives available in New Mexico. Enter your details to <a href=https://www.solarreviews.com/"..//solar-panel-calculators/">calculate the cost and savings you are likely to get from installing solar panels for your home<\/a>.<\/p>","useful_links":"<p><a rel=\"noopener\" href=https://www.solarreviews.com/"https:////www.seia.org//state-solar-policy//new-mexico-solar/" target=\"_blank\">Solar Energy Industries Association (SEIA)<\/a><\/p>","14":"<p><a rel=\"noopener\" href=https://www.solarreviews.com/"https:////www.seia.org//state-solar-policy//new-mexico-solar/" target=\"_blank\">Solar Energy Industries Association (SEIA)<\/a><\/p>","average_monthly_elec_usage":656,"15":656,"roof_pitch_degree":27,"16":27,"typical_kwh_production":1150,"17":1150,"created_at":"2019-04-10 02:11:35","18":"2019-04-10 02:11:35","incentive_overview":"<h4>Federal solar tax credit<\/h4>\r\n<p><span style=\"font-weight: 400;\">The federal tax credit is the most significant incentive to install solar panels for homes and businesses in New Mexico. The federal tax credit currently equals 30% of a solar system's cost. So, installing a $20,000 solar system would earn you a $6,000 credit on your federal income taxes! <\/span><\/p>","19":"<h4>Federal solar tax credit<\/h4>\r\n<p><span style=\"font-weight: 400;\">The federal tax credit is the most significant incentive to install solar panels for homes and businesses in New Mexico. The federal tax credit currently equals 30% of a solar system's cost. So, installing a $20,000 solar system would earn you a $6,000 credit on your federal income taxes! <\/span><\/p>","updated_at":"2022-12-05 12:38:03","20":"2022-12-05 12:38:03","diy_solar":"<p><span style=\"font-weight: 400;\">Yes, you can! In some cases, you can save $3,000 or more when you install solar yourself, even after receiving the federal tax credit. Despite the potential for savings, data from Lawrence Berkeley Labs shows that only about 3% of homeowners choose DIY solar. <\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Reasons for this include:<\/span><\/p>\r\n<ul>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The permitting and inspection process for the utility, the state, and municipalities can be pretty complex.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Installation is both dangerous and difficult, with electrical work and heavy lifting being performed at heights.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Often, solar electricity customers will be charged a premium for DIY installations, which can limit savings.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In some states, a solar system needs to be installed by a qualified solar contractor to take advantage of incentives. In New Mexico, a certified solar installer must be a journeyman with a certificate of competence in electrical and mechanical work. Utilities and incentive programs may have additional requirements.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-weight: 400;\">SolarReviews does not recommend DIY solar installations unless you have suitable skills.<\/span><\/p>","21":"<p><span style=\"font-weight: 400;\">Yes, you can! In some cases, you can save $3,000 or more when you install solar yourself, even after receiving the federal tax credit. Despite the potential for savings, data from Lawrence Berkeley Labs shows that only about 3% of homeowners choose DIY solar. <\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Reasons for this include:<\/span><\/p>\r\n<ul>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The permitting and inspection process for the utility, the state, and municipalities can be pretty complex.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Installation is both dangerous and difficult, with electrical work and heavy lifting being performed at heights.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Often, solar electricity customers will be charged a premium for DIY installations, which can limit savings.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In some states, a solar system needs to be installed by a qualified solar contractor to take advantage of incentives. In New Mexico, a certified solar installer must be a journeyman with a certificate of competence in electrical and mechanical work. Utilities and incentive programs may have additional requirements.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-weight: 400;\">SolarReviews does not recommend DIY solar installations unless you have suitable skills.<\/span><\/p>","city_2_id":0,"22":0,"city_3_id":0,"23":0,"state_tax_credit":1,"24":1,"state_tax_credit_amount":"6000.00","25":"6000.00","diy_solar_allowed":1,"26":1,"pros":"<p><span style=\"font-weight: 400;\">The most significant advantages in New Mexico for installing solar panels are the state tax credit and the 30% federal tax credit. New Mexico also offers a great net metering program, which allows homeowners to see significant savings on their electric bills.<\/span><\/p>","27":"<p><span style=\"font-weight: 400;\">The most significant advantages in New Mexico for installing solar panels are the state tax credit and the 30% federal tax credit. New Mexico also offers a great net metering program, which allows homeowners to see significant savings on their electric bills.<\/span><\/p>","cons":"<p><span style=\"font-weight: 400;\">There are not many disadvantages to installing solar panels in New Mexico. If you’re a New Mexico homeowner, you’ll be kicking yourself that you didn’t get solar while all of these incentives were still around. Enter your details to calculate the cost and savings you are likely to get from installing solar panels for your home.<\/span><\/p>","28":"<p><span style=\"font-weight: 400;\">There are not many disadvantages to installing solar panels in New Mexico. If you’re a New Mexico homeowner, you’ll be kicking yourself that you didn’t get solar while all of these incentives were still around. Enter your details to calculate the cost and savings you are likely to get from installing solar panels for your home.<\/span><\/p>","average_monthly_electrical_usage":0,"29":0,"other_incentives":"<h4>Property tax exemptions<\/h4>\r\n<p>New Mexico does offer a property tax exemption when homeowners install solar panels. For the purpose of property tax assessments, residential solar systems are not treated as an improvement to property and therefore do not increase the amount a homeowner pays in property taxes.<\/p>\r\n<p> <\/p>","30":"<h4>Property tax exemptions<\/h4>\r\n<p>New Mexico does offer a property tax exemption when homeowners install solar panels. For the purpose of property tax assessments, residential solar systems are not treated as an improvement to property and therefore do not increase the amount a homeowner pays in property taxes.<\/p>\r\n<p> <\/p>","pace_program":"","31":"","state_tax_credit_description":"<h4>New Mexico state tax credit<\/h4>\r\n<p><span style=\"font-weight: 400;\">New Mexico has a state solar tax credit equal to 10% of a solar panel system's total purchase and installation costs. You can earn a maximum state tax credit of $6,000 per year. <\/span><\/p>","32":"<h4>New Mexico state tax credit<\/h4>\r\n<p><span style=\"font-weight: 400;\">New Mexico has a state solar tax credit equal to 10% of a solar panel system's total purchase and installation costs. You can earn a maximum state tax credit of $6,000 per year. <\/span><\/p>","rebates":null,"33":null,"net_metering_content":"<h4>Net metering<\/h4>\r\n<p><span style=\"font-weight: 400;\">New Mexico has a statewide<\/span><a href=https://www.solarreviews.com/"https:////www.solarreviews.com//blog//what-is-net-metering-and-how-does-it-work/"> <span style=\"font-weight: 400;\">net metering<\/span><\/a><span style=\"font-weight: 400;\"> policy. All utilities regulated by the Public Regulation Commission must provide a credit equal to the company’s energy rate. This allows customers to cover all or most of their electricity costs with an appropriately sized solar panel system!<\/span><\/p>","34":"<h4>Net metering<\/h4>\r\n<p><span style=\"font-weight: 400;\">New Mexico has a statewide<\/span><a href=https://www.solarreviews.com/"https:////www.solarreviews.com//blog//what-is-net-metering-and-how-does-it-work/"> <span style=\"font-weight: 400;\">net metering<\/span><\/a><span style=\"font-weight: 400;\"> policy. All utilities regulated by the Public Regulation Commission must provide a credit equal to the company’s energy rate. This allows customers to cover all or most of their electricity costs with an appropriately sized solar panel system!<\/span><\/p>"}}" data-lazy-state-abbr=""> See all local installers

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