Residential solar panels are becoming more available to homeowners as photovoltaic technology improves and prices drop.
If you combine solar power in your home with an electric car, you can also reduce your fuel expenses to zero.
How New Mexico Residents Can Save with Solar Panels
New Mexico is a mecca for solar power.
New Mexico residents look forward to more than 270 days of sunshine a year. Add this to New Mexico’s net metering policies and the other incentives, and the savings can stack up for homeowners with residential solar panels.
Some of the other incentives and tax credits available to New Mexico residents include:
- The Solar Market Development Tax Credit
- Property and sales tax exemptions
- The Federal Solar Tax Credit (ITC)
- Sustainable Building Tax Credit Program
You have many opportunities to save money when you install solar panels for your home.
Why Electric Vehicles Could Be The Transportation Mode of the Future
Electric vehicles or “EVs” are growing in popularity. EV sales are forecast to reach one-third of all vehicle sales by 2025 and more than half of the market by 2030, according to a report released by the Boston Consulting Group (BCG) this January. The organization projects that battery-powered electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs) will be one-fourth of the market by 2030.
Passenger electric vehicle sales increased from 450,000 per year to 2.1 million in 2019. Bloomberg NEF expects that number to rise to 54 million by 2040. They also predict that in just two years, there will be over 500 different EV models available globally.
As the design and capabilities of electric cars improve, consumer satisfaction with them increases. Add government incentives and tighter regulations on emissions, plus less expensive batteries, and electric vehicles become more cost-effective than ever. Extended driving ranges per charge and more variety in vehicle options and body styles, including trucks and third-row SUVs, promise to drive demand for electric vehicles even higher.
Consumers recognize the myriad benefits of EVs, including fewer maintenance costs, tax incentives, and rebates to reduce overall vehicle cost, and free power if you charge your EV at home using clean solar energy.
Benefits of Electric Vehicles
If you are in the market for a new vehicle, consider getting an electric or plug-in hybrid vehicle. It is better for our environment, but you can also gain significant savings by purchasing an EV over a gas-powered auto.
Lower maintenance costs. Internal combustion engines (ICE) have many moving parts and require regular oil changes.
An electric vehicle has fewer moving parts and needs no oil. Other than your tires, brakes, and suspension, the rest of your EV requires very little maintenance.
Money-saving tax incentives. Both the Federal and state governments offer several tax rebates as an incentive to purchase an electric vehicle. These can add up to significant savings—as much as $17,500.
Many states offer zero sales tax on top of the incentives and tax rebates from the federal and state government on purchasing an electric vehicle.
Sustainability. Choosing an electric vehicle over a gas vehicle saves in more ways than just money. One of the most significant savings is our planet. An EV reduces air and noise pollution, which is better for everyone’s health.
Safety. A study by the National Highway Traffic Safety Administration deemed the risk of passenger injuries in a crash involving EVs as slightly lower than in ICE vehicles. Tesla’s Model 3 was recently rated the safest car on the road, with the Model S and X taking the second and third spots, respectively.
Gas savings. Average drivers could save as much as $1,600 annually in gasoline costs alone by choosing an EV. You’ll also save on taxes.
Of course, topping off your battery at chargers along your route has costs similar to gas prices. But if you take care to plug in your vehicle at home and tap into your free (or nearly free) solar power, you can reduce these costs dramatically.
How Much Can You Save with an EV and Residential Solar Panels?
Perhaps the most significant benefit of purchasing an electric vehicle is that, if you have residential solar panels on your home, you can charge your car nearly for free.
Compare the average NM cost of one kilowatt-hour at approximately $0.11 a kWh to a full tank of gas.
According to the US Department of Energy, if your EV needs 34 kWh to travel 100 miles, it will cost approximately $2.64 for a full charge. If your car gets 30 miles to the gallon (let’s be generous), it would cost you $9.76 to travel the same distance. That’s a savings of $7.12 for that trip, according to www.milesgallon.com.
Now is the time to take advantage of the market and consider solar panels for your home.