Solar Energy Tax Credit
Save Big with the Solar Energy Tax Credit
The solar energy tax credit gives homeowners in New Mexico a powerful opportunity to reduce the cost of going solar. For a limited time, you can claim up to 30% of your total solar installation costs as a credit on your federal tax return. But this incentive is going away soon, and installations must be completed before December 31 to qualify. At Affordable Solar, we help New Mexicans take full advantage of the solar energy tax credit before it disappears.
What Is the Solar Energy Tax Credit?
The solar energy tax credit is a federal incentive that allows homeowners to deduct 30% of the cost of a solar panel system from their federal income taxes. This includes solar panels, inverters, mounting hardware, batteries (if installed with the system), permits and labor.
If your system costs $18,000, the solar energy tax credit could reduce your tax bill by $5,400, which is 30%. It applies even if you finance your system. The only requirement is that your system must be installed and placed in service by December 31 of this year.
How to Use the Solar Energy Tax Credit in New Mexico
The solar energy tax credit was originally extended under major climate legislation in 2022, but new policies have changed the timeline. The credit is now set to expire at the end of this calendar year. After that, the 30% benefit will no longer be available, and solar will become more expensive for homeowners who delay. That’s why now is the time to contact Affordable Solar. We want you to secure the 30% federal tax incentive by locking in your installation date by August 15. Demand for solar is rising across New Mexico, and installers are booking up quickly. Affordable Solar is working hard to help families get their systems installed in time to qualify for the solar energy tax credit.
Getting the solar energy tax credit starts with a consultation. Our team handles the technical and permitting details, so your focus stays on enjoying clean and affordable energy. At Affordable Solar, we provide a full-service process to make sure your installation is completed in time. Here’s how it works:
- Schedule a free quote with our solar team.
- Design a custom system based on your energy needs and roof size.
- Sign your contract and schedule installation before the end-of-year deadline.
- Receive your system documents for tax filing.
- Claim the solar energy tax credit using IRS Form 5695 on your next federal return.
New Mexico Homeowners Should Use the Solar Energy Tax Credit
New Mexico is one of the sunniest states in the country, making it ideal for solar power. With rising electricity costs and abundant solar potential in New Mexico, using the solar energy tax credit can turn your roof into a source of long-term savings. Homeowners who use the solar energy tax credit benefit from:
- Lower up-front costs
- Faster return on investment
- Monthly utility bill savings
- Increased home value
- Greater energy independence
Get Solar Panels Before the Solar Energy Tax Credit Ends
Affordable Solar has been helping New Mexico homeowners switch to solar for over 25 years. Our team will guide you through every step of the installation and make sure your system qualifies for the solar energy tax credit before the deadline.
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