Benefits of Going Solar in New Mexico:
Reduced Electricity Bills: By installing a solar panel system, homeowners and businesses can generate their own electricity, which can significantly reduce their electricity bills.
Environmentally Friendly: Solar energy is a clean and renewable source of energy that does not emit harmful pollutants or greenhouse gases.
Increased Property Value: Homes and businesses equipped with solar panel systems are considered more valuable, and buyers are willing to pay more for properties with solar panel systems.
Energy Independence: With a solar panel system, homeowners and businesses can generate their own energy, making them less reliant on the grid and immune to utility rate hikes.
Net Metering Policies in New Mexico:
PNM (Public Service Company of New Mexico): The PNM net metering policy allows customers to receive a credit on their bill for any excess energy they generate and send back to the grid. The credit is equal to the retail rate of electricity and can be carried forward for up to 12 months.
El Paso Electric: The El Paso Electric net metering policy allows customers to receive a credit on their bill for any excess energy they generate and send back to the grid. The credit is equal to the avoided cost of energy and can be carried forward for up to 12 months.
Rebates and Incentives in New Mexico:
Solar Market Development Tax Credit: New Mexico offers a state tax credit of 10% of the installed cost of a solar panel system, up to a maximum of $6,000.
USDA Rural Energy for America Program (REAP) Grant: The REAP grant provides funding for up to 25% of the total cost of a solar panel system for rural small businesses and agricultural producers.
Property Tax Exemption: New Mexico offers a property tax exemption for the increased value of a property that results from the installation of a solar panel system.
Net Metering: In addition to the net metering policies offered by utilities, New Mexico also has a state-wide net metering policy that requires utilities to offer net metering to their customers.
Solar Power Purchase Agreements (PPAs): New Mexico allows third-party ownership of solar panel systems, which means that homeowners and businesses can lease a solar panel system from a third party and receive the benefits of solar energy without the upfront costs.