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Rebates and Savings

New Mexico nm residents who switch to solar are eligible for these local, state and federal tax programs.

Program NameProgram TypeAmount
Residential Renewable Energy Tax CreditTax Credit30% before 2020 26% during 2020 22% during 2021
Residential Energy Conservation Subsidy Exclusion (Personal)Tax ExemptionFull rebate amount excluded from taxable income
Net MeteringUtility CreditExcess generation totaling less than $50 during a monthly billing period, the excess is carried over to the customer’s next monthly bill. If over $50, the utility will pay the customer the following month for the excess at standard energy rate.
Property Tax Exemption for Residential Solar SystemsProperty Tax ExemptionTax exclusion for 100% of system appraisal
Sustainable Building Tax Credit (Personal)State Tax CreditUp to $25,000 for 4 years- excess carried over 7 years
Gross Receipts Tax Exemption for Sales of Wind and Solar Systems to Government EntitiesSales Tax ExemptionVaries; exemption for full amount of equipment purchase, often includes installation
Solar Market Development Tax CreditTax Credit