Solar Market Development Tax Credit
| Program Type | Tax Credit |
|---|---|
| Technologies | Photovoltaics, Solar Hot Water, Solar Space Heating, and Cooling and Solar Thermal |
| Amount | Limited to $9,000 or 10 percent of system installation and cost |
| Required Documentation | Solar System Certification Application Form and Solar System Installation Form |
| Official Web Site | http://www.emnrd.state.nm.us/ECMD/CleanEnergyTaxIncentives/solartaxcredit.htm |
New Mexico’s Solar Tax Credit is funded at $5 million a year and is available to home owners and non-corporate business owners. Applicants are eligible to receive up to $9,000 or 10 percent of system costs. And they may apply for multiple incentives. For instance, someone installing a PV system and a solar thermal system could qualify for up to $18,000 in tax credits in a year. Applicants are also eligible for the 30 percent federal tax credit on a qualified system.
The program is funded through Dec. 31, 2016.
