If you're planning to go solar in New Mexico, the Market Development Tax Credit could be the game-changer your project needs. Designed to promote solar energy in New Mexico, this incentive helps homeowners and businesses unlock additional savings by reducing their state tax liability for renewable energy investments.
The Market Development Tax Credit is part of the broader New Mexico solar program and is available to both residential and commercial applicants. To qualify, your project must be located within New Mexico and involve the installation of new renewable energy systems, such as solar photovoltaic panels. This makes it ideal for those wondering are solar panels worth it in New Mexico because with tax support, the answer is a clear yes.
Eligible applicants must go through a two-step process. First, you’ll need to apply for a reservation certificate from the New Mexico Energy, Minerals and Natural Resources Department. Once your system is installed by a certified New Mexico solar company, you submit documentation for the final certificate, which you then use to claim your credit when filing taxes.
Qualifying systems can include everything from residential solar panel installations to larger commercial arrays. The credit is part of a suite of solar incentives in NM, along with the New Mexico solar tax credit, various local utility rebates, and federal programs.
Whether you're curious about how much do solar panels cost in New Mexico or you're looking for solar incentives New Mexico offers beyond federal support, this program makes solar more accessible. By reducing upfront financial burdens, it shortens your payback timeline and boosts long-term energy savings.
Partner with Solar SME, one of the solar panels in new mexico best solar companies New Mexico residents trust. As a certified installer, we deliver top-tier solar solutions with expert guidance and personalized service helping you benefit from all available NM solar incentives and New Mexico tax benefits.