All good things must come to an end. The New Mexico Solar Market Development Tax Credit, or New Mexico Solar Tax Credits (STC), which allowed homeowners to receive an additional 10% in tax credits on their solar system purchase has recently ended according to the New Mexico Energy, Minerals, and Natural Resources Department (EMNRD).
The New Mexico Solar Tax Credits program had a $3 million annual allocation which has been taken advantage of by hundreds of solar customers this year. Each STC application is received, processed, approved, and funds are distributed on a first come first serve basis.
In a letter posted by the EMNRD:
The department still has to consider the many applications received in the last [few] days, but the total greatly exceeded the projection of 72 slots still remaining as of Friday, June 10, 2014. The unofficial end was reached on Tuesday, June 14, 2016. We are retaining the applications received today (Wednesday) as we review the submitted applications over the next few weeks. The final accounting of the tax credits issued will take several weeks, with the expectation that in mid-July the certified results for the PV credits will completed. Applications received tomorrow, June 16, 2016, and the following days for PV systems will be returned automatically to the sender without consideration or review.
Osceola Energy has been informing our customers of the impending sunset to the New Mexico solar tax credits program for some time now and helping them to file all necessary paperwork to ensure their credits.
Is Solar Still Worth it?
Solar power is a great investment even without the New Mexico Solar Tax Credits. Going solar still allows homeowners to take control of an otherwise uncontrollable expense -their electric bill. The price of panels and installation are at an all time low, making now an excellent time to buy. Plus, if you are still looking for tax credits, the Federal solar tax credit still offers 30% in credits on your solar installation and is scheduled to be available through 2019.
There are many reasons to go solar in New Mexico. Our abundance of sunshine lends the land of enchantment to become a champion in renewable energy. Osceola Energy will continue to aid in the expansion, serving New Mexico citizens with clean, renewable solar energy. Here's to a bright future!