Property owners in New Mexico may be eligible for the New Mexico state solar tax credit. This incentive can reduce your state tax payment by up to $6,000 or 10% off (whichever is lower).

With the federal Investment Tax Credit (ITC), you can be reimbursed for up to 30% of the cost of your solar panel system.

Send your solar power energy back to the grid and get credit from your utility company for the power your solar panels are generating. This process is known as net metering. New Mexico has a net metering policy that credits your utility account for the extra power your solar system is sending to the grid. Xcel Energy is said to offer the top utility net metering program in New Mexico. Check with your local utility company for further details about net metering.

By installing solar on your home, the New Mexico state government will credit you on your taxes as part of sustainable building efforts. However, your home needs to be certified sustainable by the U.S. Green Building Council. The value of your credit is determined by your certification level. As much as $6.50 per square foot of solar is available through this program.

The extra value added to your home after adding solar is exempt from property taxes in New Mexico. Get the financial benefits of generating your own power without having to worry about higher taxes.