Are solar panels worth it in NM? Solar Power in New Mexico
Policies such as net metering, sustainable building tax credits, property tax exemptions and state solar tax credits, in addition to the federal solar tax credit, make going green an excellent investment for many New Mexico residents, with an average savings of up to $1,046 per year.
How much does it cost to put solar panels on a 2000 square foot home? The average cost range for installing solar panels for a 2,000 sq. ft. home is between $15,000 and $40,000. Your costs are determined by how much electricity you use each day.
Does New Mexico offer solar tax credit? Solar Incentives, Tax Credits, and Rebates in New Mexico* The 26% federal tax credit is available for purchased home solar systems installed by December 31, 2022. The 10% state solar tax credit is available for purchased home solar systems in New Mexico.
Does solar increase home value in New Mexico? New Mexico does not raise your property taxes when you install solar panels on your property. Your home’s value will increase, but they won’t tax you on this portion.