Start slideshowNew Mexico Residents Get Second Chance at Solar Tax Credits
Applications Reopened for 2020-2023 Missed Credits
Recently, the New Mexico Energy Department announced it’s reopening applications for solar tax credits. This is to help people who missed out on these credits from 2020 to 2023 due to limited state funds. They’ve set aside $20 million specifically for those who didn’t get the credits before giving them another chance to benefit from the Solar Market Development Tax Credit program.
(photo: City Desk ABQ)
New Mexico Expands Solar Energy Incentive Program
Rebecca “Puck” Stair, the director thanked lawmakers and Governor Michelle Lujan Grisham for approving this extra money. She said it’s important to give affected taxpayers this opportunity even though they couldn’t get the credits before. The program gives a credit of up to 10% of the costs for solar energy systems with a maximum of $6,000. This helps homes and businesses install solar panels and save money on energy bills. In 2024, the program can give out up to $30 million in credits showing more support for solar energy.
The Energy Department’s reports show that people who’ve received these credits save about $1,600 each year on energy. Now, applications can only be made online. Eligible New Mexicans should go to wwwapps.emnrd.nm.gov/ECMD/NSMDSubmissions to apply and get their credits. This chance not only helps people save money but also supports New Mexico’s efforts to use more sustainable energy sources, according to the report of Albuquerque Journal.
