Are you wondering what the New Mexico solar tax credit is and how it may apply to you? Keep reading to learn more about what this tax credit entails and how you can use this new legislation to your advantage when it comes to transitioning into solar power for your home or business.
Who Benefits From It?
The New Mexico solar tax credit benefits consumers, small businesses, and small agriculture. It’s a big win for the average family and the small business owner who could benefit from a tax break when it comes to getting solar panels. The long term investment of solar panels is beneficial for all parties in the long run but can be a substantial investment, especially for homeowners and small businesses. States such as Arizona, Colorado, California, and many others also have solar tax incentives and rebates that consumers can take advantage of. These tax credits not only benefit consumers but also solar business and increased job opportunities in the solar industry in states that offer these types of incentives when it comes to going solar.
The New Mexico solar tax credit is Senate Bill 29. This new legislation gives a 10% income tax credit to homeowners who purchase solar equipment and installation. That’s right, you’ll get back 10% of the cost of the solar panels and the installation cost. This is an amazing opportunity to take advantage of this tax credit and invest in the future of energy. The bill will expire in eight years so now truly is the time to take advantage of this. The cap on taxpayers per year that this credit goes up to is $6,000 per year.
Main Things To Know:
- The tax credit is up to 10% of the purchase and installation of the solar panels
- The credit is applicable for up to 8 years starting in 2020
- The credit is capped at $6,000
Why Should You Go Solar?
- It’s An Investment
Obviously there are many incentives to go solar, such as the benefits provided by the New Mexico solar tax credit, but truly solar can be viewed as an investment, not an expense. Homeowners are able to pay off their solar panels over the years and then reap all the benefits of continuous electricity.
- Protects The Environment
Although this isn’t everyone’s reason for going solar, it is an important one. With so many issues going on in the world with climate change and pollution, it is nice to know that we all have the ability to make choices in our daily lives that can positively affect the environment. Having solar panels is one decision that can have a huge impact on diminishing all the harmful ways humans are affecting the planet. When we choose Solar energy is electromagnetic energy transmitted from the sun. Solar energy is measured is kilowatt hours (kWh) or megawatt hours... More your choosing a cleaner future for many generations to come.
- Increase Your Home Value
Homes that are solar-powered tend to have a higher property value and overall sell faster than homes that do not. Having solar panels is adds a lot of value to a home.
- It’s The Future
More and more businesses and homeowners are converting over to solar panels. Clean and sustainable energy is the way of the future. As this becomes more common home buyers and consumers alike will be searching for homes and businesses that reflect sustainability and clean energy.
- Tax Credits
As clearly shown by this New Mexico solar tax credit, there are many incentives that the government is willing to give you to convert over to solar-powered energy. Who doesn’t want to take advantage of a tax credit? You get to save money and you get solar-powered energy. It’s a win-win.
We started our company in 1998 in an Airstream trailer and after over 20 years we have 80 plus employees. We’re committed to making this world a better place one solar installation at a time. We love what we do and we truly believe that you’re going to love going solar.
If you have any more questions about the New Mexico solar tax credit or you’re interested in learning more about how solar panels could benefit you, then feel free to contact us with any questions!