New Mexico reaches $10 million payout for 2022 rooftop solar customers

by admin

The Energy and Mineral Resources Department (EMNRD) has issued over $10 million in tax credit certificates to New Mexico residents who install solar energy systems in their homes in 2022. State law allows the agency to grant her $12 million in tax credits for the 2022 tax year in total.

Louise Martinez, Director of Energy Management at EMNRD, which manages the program, said: “We are approximately $2 million short of the cap for the most recent tax year. We encourage you to submit your application to

To be eligible for a 2022 tax credit certificate, your system must pass inspection from January 1, 2022 through December 31, 2022. Martinez also noted that EMNRD is no longer able to accept the tax credit as it has reached its annual funding cap for 2021. application of the year.

Congress has allocated an additional $12 million to fund tax credits for the 2023 tax year. Given the popularity of the program, EMNRD is urging individuals installing solar systems in 2023 to submit their tax credit applications immediately after a successful inspection, rather than waiting for tax filing season. increase. Applications are evaluated on a first-come, first-served basis against the complete application.

A dashboard is available that displays the current amount of tax credit funds allocated for a particular tax year here.

The Solar Market Development Tax Credit Program provides a 10% tax credit of up to $6,000 on solar system installation costs for eligible solar thermal and photovoltaic (PV) systems. Since its launch in 2020, the program has spurred the addition of 63 MW of distributed solar power to the state’s grid.

“This program not only saves consumers money through both tax credits and electricity bills, but it also reduces New Mexico’s carbon footprint, bringing us closer to our climate goals,” Martinez said. I’m here.

More information about the Solar Market Development Tax Credit — including how to complete and submit the application — can be found at EMNRD website.

Notice from EMNRD

Related Articles

Leave a Comment