NEW MEXICO (KRQE) – The state has approved nearly 2,000 solar tax credits this year for home and business owners, according to the Energy, Minerals, and Natural Resources Department. This is the first year the Solar Market Development Income Tax Credit has been implemented.
The program offers a 10% tax credit on solar system installation costs up to $6,000, but there are a limited number of them available. As of April 2021, 1,913 solar systems certifications have been given. That accounts for about $5.5 million in credits.
For 2021, the state had $8 million in credits available. State officials say more and more residents are investing in solar energy. All but four counties in New Mexico saw an increase in solar expansion. According to a press release, this equals 14,470 megawatts added distributed solar generation capacity to the state grid.
According to the Solar Energy Industries Association, New Mexico currently has 284,607 homes powered by solar, a total solar investment of $2.3 billion, and a growth projection of 2055 megawatts over the next five years.