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New Mexico nm residents who switch to solar are eligible for these local, state and federal tax programs.
|Program Name||Program Type||Amount|
|Residential Renewable Energy Tax Credit||Tax Credit||30% before 2020 26% during 2020 22% during 2021|
|Residential Energy Conservation Subsidy Exclusion (Personal)||Tax Exemption||Full rebate amount excluded from taxable income|
|Net Metering||Utility Credit||Excess 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 Systems||Property Tax Exemption||Tax exclusion for 100% of system appraisal|
|Sustainable Building Tax Credit (Personal)||State Tax Credit||Up to $25,000 for 4 years- excess carried over 7 years|
|Gross Receipts Tax Exemption for Sales of Wind and Solar Systems to Government Entities||Sales Tax Exemption||Varies; exemption for full amount of equipment purchase, often includes installation|
|Solar Market Development Tax Credit||Tax Credit|
The main cost of a solar system is the panels, which will vary depending on your power and roof needs. Newer ones are expected to last 25 years in good conditions. Inverters tend to cost around $500 and usually need to be replaced in 5-10 years, but this will depend on the inverter type. Other costs include frames to hold the panels, wiring, etc, and are relatively small.