New Mexico Residential Solar Incentives
New Mexico State Incentives
Gross Receipts Tax Exemption
| Responsible Authority | New Mexico Energy, Minerals, and Natural Resources Department/ New Mexico Taxation and Revenue Department |
|---|---|
| Eligibility | All solar systems |
| Description | Receipts from the sale and installation of solar energy systems may be deducted from gross receipts. |
| Limitations/Expiration | Exemption will be repealed in 2017 |
Solar Market Development Tax Credit
| Responsible Authority | New Mexico Energy. Minerals, and Natural Resources Department/ New Mexico Taxation and Revenue Department |
|---|---|
| Eligibility | All solar systems |
| Description | Allows for a 10% of system costs tax credit against personal income tax. The credit is capped at $9,000 and can be carried forward 10 years |
| Limitations/Expiration: | Expires in 2016 |
Utility Incentives
PNM Small PV Program
| Responsible Authority | PNM |
|---|---|
| Eligibility | Photovoltaic Solar Systems 10kW or less |
| Description | PNM will pay customers with solar systems for every kilowatt hour produced for a period of 12 years. This payment is in exchange for the Renewable Energy Certificates produced by the solar system. PNM will credit excess energy produced by the system to future bills. |
| Limitations/Expiration | Currently none, REC contract is for 12 years |
Xcel Energy Solar Rewards For Small Systems
| Responsible Authority | Xcel Energy |
|---|---|
| Eligibility | Xcel Energy customers with solar systems between 0.5kW and 10kW |
| Description | Xcel Energy will pay customers with on-site solar systems $.20 for every kilowatt hour produced for a period of 14 years. This payment is in exchange for the Renewable Energy Certificates produced by the solar system. |
| Limitations/Expiration | Currently none, REC contract is for 14 years |
El Paso Electric Small PV Program
| Responsible Authority | PNM |
|---|---|
| Eligibility | Photovoltaic Solar Systems 10kW or less |
| Description | EPE will pay customers with on-site solar systems $.13 for every kilowatt hour produced for a period of 12 years. This payment is in exchange for the Renewable Energy Certificates produced by the solar system. EPE will credit excess energy produced by the system to future bills |
Federal Incentives
Federal Renewable Energy Tax Credit
| Responsible Authority | U.S Department of Treasury |
|---|---|
| Eligibility | All Solar Projects |
| Description | Allows for the owner of a residential photovoltaic system to recapture 30% of the system cost through a personal tax credit against their Federal income taxes |
| Limitations/Expiration | Expires 12/31/2016 |