• Annual Savings Per Home Icon
    $943
    Annual Savings Per Home
  • Average Installation Cost Icon
    $0
    Average Installation Cost
  • Potential Pay-off Time Icon
    12 Years
    Potential Pay-off Time

Solar Energy Installation in New Mexico

The installation cost in New Mexico ranges from $0 to $0.
New Mexico residents who switch to solar may be eligible for federal and state tax credits, exemptions, and loans.
Data Industry Logos: Berkeley Lab, NREL, eia, DSIRE

Data from Industry Leaders

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