Solar tax credit bill awaits governor’s approval

Politics - Government

SANTA FE, N.M. (KRQE) – A bill that would make solar power systems more accessible for New Mexicans, still needs the governor’s signature. It’s a piece of legislation that for years never made it this far, until now.

New Mexico Senator Mimi Stewart says now is the time to take advantage of going solar in our state. She says for years she and other lawmakers have been pushing to reinstate the Solar Tax Credit that went away in 2016. “We tried twice under Governor Martinez to reinstate it, she vetoed both of those bills,” said Senator Stewart.

After another failed attempt last year, Stewart says the bill has finally made it to the governor’s desk. Senate Bill 29 will give small businesses, people in the agriculture industry and homeowners a 10% tax credit for buying solar panels.

Of course, not everyone is on board because people who choose not to go solar, or who can’t afford it, can’t take advantage of this tax credit. But Stewart says this is all part of New Mexico’s greater mission to generate 50% of the state’s electricity, for renewable energy, by 2030.

This is a mission that even city governments have been getting on board with. By spring, 15% of Albuquerque’s energy use will come from solar.

Stewart says it’s also a job-producing measure for the state. “We lost 25% of our solar jobs when we lost the tax credit in 2016,” said Stewart.

Lawmakers set aside $8-million over eight years for the tax credit. The 10% tax credit has a $6,000 cap.

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