There is no shortage of sunlight in New Mexico, which makes it a perfect place to spend money on solar panels. Whereas electrical energy is extra reasonably priced within the state — at less than 16 cents per kilowatt-hour in August 2024 — you’ll be able to by no means be too certain of the power costs. For those who’re on the lookout for some peace of thoughts and consistency in your power payments (if you have a bill at all), photo voltaic panels could be a nice funding. They’ll even offer you power independence within the occasion of blackouts.
Plus, there are stable state-level incentives to encourage your photo voltaic swap. New Mexico additionally has its own tax credit on prime of the massive, newly expanded federal tax credit for going photo voltaic. So on prime of 30% of the fee again from the federal authorities, you may get a further 10%, as much as $6,000, again in your state taxes. Needless to say whereas photo voltaic panels may be costly, you may be exempt from gross sales and property taxes related together with your buy. The Land of Enchantment additionally has a good net metering policy for exchanging extra power with the grid.
Here is what it’s best to know earlier than switching to a photo voltaic power system in New Mexico, beginning with the best solar panel installation companies working throughout the state.
New Mexico photo voltaic panel corporations
Palmetto Photo voltaic
Greatest total
Photo voltaic panels are usually low upkeep tools, however they’re additionally unfamiliar. If you wish to reap the advantages of photo voltaic however may have a bit extra peace of thoughts if another person is ensuring it is working, Palmetto could be an excellent match for you. Simply bear in mind so as to add the price of Palmetto’s monitoring service in to your payback interval calculations.
EnergyPal
Most versatile
EnergyPal is greater than only a intermediary. It’s going to deal with your photo voltaic set up from starting to finish whereas additionally permitting you to learn from its proprietary engine and aggressive bidding course of. The corporate affords a variety of {hardware} for panels, batteries and inverters, has plentiful financing choices and affords responsive customer support help.
Freedom Perpetually
Greatest for money prospects
Embody Freedom Perpetually in your search if you’d like the backing of a nationwide firm that installs all kinds of the preferred photo voltaic tools out there. Freedom Perpetually additionally extends a few merchandise that take a few of the ache and danger out of going photo voltaic, like a manufacturing assure and an escrow possibility with money purchases. On-line critiques say buyer satisfaction has been low of late, although the corporate says that is altering.
Tesla Photo voltaic
Most reasonably priced
Tesla’s photo voltaic department appears to be the least cherished of Elon Musk’s ventures. Even Tesla’s Photo voltaic Roof appears to get extra love.
If value is the factor you will not budge on, contemplate Tesla. By all accounts, Tesla installs high quality panels and makes the closest factor there may be to a family identify in photo voltaic storage: the Powerwall.
The place you would possibly miss out is customer support. Dialogue on-line appears to counsel Tesla’s service is a little bit of a chance.
Native photo voltaic corporations in New Mexico
Positive Energy Solar is a neighborhood New Mexico-based photo voltaic set up firm with areas in Albuquerque and Santa Fe. It has provided sustainable power providers since 1997, together with dwelling photo voltaic panels, battery storage choices and electrical automobile chargers. With Constructive Vitality Photo voltaic, you should purchase your photo voltaic panels upfront or finance them with a photo voltaic mortgage.
Probably the most important stand-out options Constructive Vitality Photo voltaic affords is its prolonged guarantee phrases. It affords a 25-year guarantee protecting merchandise, energy and high quality of labor, in addition to a 30-year prolonged insurance coverage guarantee protecting mechanical and electrical failures. Constructive Vitality Photo voltaic states they continue to be the purpose of contact for any guarantee points their prospects expertise, so you will not must contact or coordinate with the product producer. The corporate affords extensively used photo voltaic merchandise from corporations with a observe document of reliability, like REC, Q Cells and Tesla.
Methods to decide which photo voltaic firm in New Mexico is finest for me
There are 87 photo voltaic installers working all through New Mexico, according to the Solar Energy Industries Association. Discovering the suitable photo voltaic installer in your dwelling is important as a result of completely different installers provide a wide range of photo voltaic merchandise, guarantee phrases and costs.
Whereas we have compiled a list of solar panel installers that stand out within the photo voltaic trade, this checklist mustn’t exchange your individual analysis, though it may be a place to begin as you navigate the installer choices in New Mexico.
Most significantly, get quotes from a wide range of corporations and evaluate them not simply on value but in addition on customer support, status, tools and the way nicely every system meets your wants. Photo voltaic panel methods are extremely individualized to your property, so finding the right installer would possibly take some analysis.
Value of photo voltaic panels in New Mexico
Here is a take a look at the common money value for a typical photo voltaic panel system in New Mexico earlier than factoring in tax credit and incentives, based on knowledge from FindEnergy.com.
Common price of photo voltaic panels in New Mexico
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| Typical system measurement (kW) | Value per watt | Whole put in price | Value after 30% federal tax credit score | |
| New Mexico | 5 | $3.84 | $19,200 | $13,440 |
| Nationwide common | 8.6 | $3.67 | $31,558 | $22,091 |
Proven under are the common complete money value, price per watt and system sizes for photo voltaic panel methods throughout the US, based on knowledge from FindEnergy.com. These costs do not consider rebates or earnings from tax credit or state incentives. Sure states haven’t any FindEnergy photo voltaic knowledge and are grayed out on the map.
New Mexico photo voltaic panel incentives or rebates
Whereas the common price per watt for photo voltaic panels in New Mexico is barely greater than the nationwide common, there are a number of tax credit and incentives on the federal, state and native ranges to assist make photo voltaic extra reasonably priced.
The residential clear power credit score is a federal solar tax incentive that credit 30% of the price of your photo voltaic system to you in your yearly tax return. This tax credit score was prolonged and elevated in August 2022 when the Inflation Reduction Act was handed. There isn’t a cap on the residential clear power credit score, which means you’ll be able to declare the entire 30% whatever the measurement or value of your system. You’ll be able to apply for the residential clear power credit score by filling out IRS form 5695 (PDF) and following directions on finishing the form.
There are additionally a number of different state and native photo voltaic incentives in New Mexico. Listed here are a couple of incentives it’s best to know.
New Mexico photo voltaic incentives
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| Program | Description |
|---|---|
| Net metering | Customers who personal photo voltaic panels can register for internet metering in New Mexico. By internet metering packages, you’ll be able to ship extra solar energy to the grid in change for credit on power payments. |
| New Photo voltaic Market Growth Tax Credit score | Residences with photo voltaic panels put in obtain a ten% private revenue tax credit score capped at $6,000. Each grid-tied and off-grid residential photo voltaic methods qualify for this state tax credit score. |
| Gross sales tax exemption | Your photo voltaic system can be exempt from any state gross sales tax. |
| Property Tax Exemption | New Mexico exempts residential photo voltaic panels from property tax assessments, so your property taxes will not improve once you set up photo voltaic panels. |
| Sustainable Building Tax Credit | Single-family and multi-family properties licensed as sustainable will qualify for a tax credit score. Residences are thought of sustainable once they have sure renewable applied sciences, like photo voltaic panels, wind generators or electrical autos. |
How solar-friendly is your state?
CNET not too long ago ranked states based mostly on their residential photo voltaic insurance policies: the legal guidelines and rules affecting consumer-level photo voltaic panel set up and adoption. These insurance policies play a significant position in figuring out how accessible and reasonably priced a photo voltaic panel system is to the common resident.
Every state was evaluated via a methodology and scored based mostly on eight classes. The ultimate rating was transformed to a letter grade.
Here is how your state scored on CNET’s photo voltaic coverage check.
New Mexico
Grade: B
Incentives out there:
- Statewide photo voltaic tax credit score
- Retail price internet metering (might be compensated at wholesale price)
- Photo voltaic panel methods absolutely exempt from property taxes
- Photo voltaic panel methods absolutely exempt from gross sales tax
- Group photo voltaic subscriptions out there for low-income households
Strongest scoring classes:
New Mexico earned excessive marks in practically each class. It is without doubt one of the few states to supply a statewide photo voltaic tax credit score, permitting you to recoup 10% of the price of your photo voltaic system, as much as $6,000.
Classes to enhance:
The state has a statewide internet metering coverage, however utilities have a alternative on tips on how to compensate you for the power you promote to the grid. In case your system measurement is 10 kilowatts (10 kW) or much less, your utility might select to compensate you on the wholesale/averted price price.
Methods to pay for photo voltaic panels in New Mexico
In case you are contemplating photo voltaic panels in your dwelling, a couple of financing options are available to make the acquisition extra reasonably priced. You should buy your photo voltaic panels upfront with money or finance them with a photo voltaic mortgage or a personal loan.
Solar leases and power purchase agreements are additionally out there in New Mexico. These choices allow you to energy your property with photo voltaic power with out paying the upfront price of proudly owning the system. You will not qualify for many state and federal tax incentives with a photo voltaic lease, and the power financial savings can be decrease over time.
Listed here are the professionals and cons to every financing technique in your photo voltaic panel buy:
Money: Buying your photo voltaic panel system upfront is the simplest strategy to begin incomes financial savings since you’ll don’t have any charges or funds to make. It is simply not going to be a possible possibility for most individuals, as photo voltaic panel methods are a large funding. For those who pays with money, it is an effective way to decrease your solar payback period.
Photo voltaic mortgage: Your chosen photo voltaic set up firm might need a relationship with a neighborhood monetary establishment for the aim of setting prospects up with a photo voltaic mortgage. A photo voltaic mortgage is a mortgage particularly designed for photo voltaic panel set up, however you may nonetheless need to take a look at completely different loans and related rates of interest earlier than locking in essentially the most favorable deal you’ll be able to.
Energy buy settlement: Very similar to leasing photo voltaic panels, energy buy agreements are contracts the place you will not personal the photo voltaic panel system on your property. As a substitute, you may get a free set up and the photo voltaic firm will personal the photo voltaic panels. From there, you pay the corporate per kilowatt-hour of power utilization. The corporate additionally positive factors any rebates or monetary incentives provided for photo voltaic panel set up. The one good thing about a PPA is that your power invoice might be so much decrease than when you have been relying in your native utilities.
HELOC/House fairness mortgage: Each a home equity line of credit and a home equity loan are methods to leverage collateral to get a mortgage in your photo voltaic panel system. For those who fail to pay these again on time, it might price you your property, so it is vital to grasp the monetary duty you are taking on earlier than locking considered one of these in.
Set up elements to remember
Buying photo voltaic panels or signing a photo voltaic lease settlement is an enormous resolution, so it is vital to contemplate whether or not photo voltaic is the right choice for your home. Along with totally researching your space’s installers, contemplate these elements. Amongst different variations, some solar panels are more efficient than others.
The age and situation of your roof. Your roof’s size, shape and slope will have an effect on your photo voltaic panels’ manufacturing. The Department of Energy says photo voltaic panels produce essentially the most power on roofs with a slope between 15 and 40 levels. You also needs to contemplate the age and situation of your roof to find out whether or not your roof must be maintained or changed earlier than putting in photo voltaic panels.
Your neighborhood rules. New Mexico’s solar rights law prevents owners’ associations from banning photo voltaic panels. Nevertheless, particular necessities in your neighborhood could influence the design and placement of your photo voltaic system. Verify your neighborhood’s guidelines earlier than putting in photo voltaic panels.
The place you reside. On common, New Mexico experiences 278 sunny days per year, about 35% greater than the US common. The extra sunny days, the extra electrical energy photo voltaic panels can generate. With estimates of your photo voltaic array measurement and power consumption, you’ll be able to estimate how much you’ll save given what number of hours of daylight your roof receives. Earlier than signing a contract with a photo voltaic installer, monitor what number of hours of daylight your roof receives.
Your insurance coverage plan. After putting in photo voltaic panels, you may need to replace your homeowner’s insurance to incorporate the panels in your coverage. Most traditional house owner’s insurance policies cowl rooftop photo voltaic panels while not having a separate plan however examine together with your insurance coverage company for particulars.
Renting your property. For those who rent a home or stay in a multi-family dwelling, you could not be capable to set up photo voltaic panels in your roof. Verify together with your landlord or rental administration firm to search out out. For those who aren’t allowed to put in photo voltaic panels, you might be able to profit from community solar programs within the close to future. New Mexico Governor Michelle Lujan Grisham signed the Community Solar Act into legislation in April 2021, making a statewide neighborhood photo voltaic pilot program. The subsequent steps are anticipated in March 2023, when neighborhood photo voltaic challenge awards are introduced. By enrolling in a neighborhood photo voltaic program, renters can subscribe to solar energy produced in one other location and obtain credit score on power payments. The month-to-month payment you pay for the subscription is about at a decrease price than the worth of the invoice credit, so you find yourself paying lower than you often would for power.
How we discovered one of the best photo voltaic corporations
The businesses we listed above as “one of the best” are curated from CNET’s best solar companies checklist. Corporations making one of the best checklist are scored on the tools, warranties and customer support they provide. Then, we be certain these suggestions can be found in your state. You’ll be able to learn a full breakdown of how we review solar companies here.
Corporations listed below the native installers have been chosen in a much less rigorous manner. We selected them as a result of they provided one thing distinctive or notable to prospects within the state, they appeared well-regarded by web reviewers or as a result of they have been one of many few installers we might discover data on within the state.
Whether or not we have accomplished a full evaluate on an organization or not, it is at all times a good suggestion to get a number of quotes from completely different installers earlier than selecting an organization.
New Mexico solar energy FAQs
Are photo voltaic panels value it in New Mexico?
Sure, photo voltaic panels could be a nice funding when you stay in New Mexico. With a excessive variety of annual sunny days and a wide range of photo voltaic incentives on the federal and state ranges, photo voltaic panels are likely to carry out nicely in New Mexico. Make sure to contemplate the set up elements we listed above to find out whether or not your property and residing state of affairs is an effective match for photo voltaic panels earlier than signing a contract.
What number of photo voltaic panels would I want in New Mexico?
The typical photo voltaic system consists of 20 to 25 solar panels. The variety of photo voltaic panel modules depends upon a number of elements, together with your funds and power consumption habits. You also needs to contemplate whether or not you need your photo voltaic system to cowl your power utilization fully, or if the panels solely must cowl a portion. The extra power you need your system to provide, the extra photo voltaic panels your system will want.
How can I discover a good New Mexico photo voltaic installer?
Selecting the best photo voltaic installer can really feel overwhelming given the rising variety of choices. Learn buyer critiques, ask for suggestions and get a number of quotes from completely different installers. You’ll be able to evaluate CNET’s selections for top solar companies as a place to begin.
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