The endorsed bill aims to renew the state’s solar incentive credits for an additional eight years, gradually being reduced from 10 percent to 5 percent by 2025.
“New Mexico is known for its abundant sunshine, yet Arizona and Colorado have more solar-related businesses, jobs and installation capacity than we do,” Fox Business News quoted Republican Rep. Sarah Maestas Barnes, a sponsor of the legislation.
Since New Mexico’s previous tax credit had expired in 2016, the state saw a sudden drop of employment and revenue generated by solar installations. Over the tax credit’s eight year lifespan, people installing solar had spent over $40 million on labor, spurring nearly a quarter billion dollars of related investments and economic growth.
For legislators and constituents, the promise of invigorating the state’s economy during these sluggish times was well worth the $5 million annual price tag of funding the incentive program.
As an added bonus for residents considering switching to solar, a drastic reduction in the price of materials has nearly halved the cost per a watt from $9 in 2009 to $4.52 in 2016 with the tax credit program.
A combination of New Mexico’s latest solar incentive and record low costs for solar materials will surely generate some of the lowest solar costs residents of the state have ever seen–but only for those that manage to secure the new tax credit before its funding cap is reached and applications fill up.
If you’d like to learn how you can snatch up New Mexico’s newest incentive program contact GoGreenSolar via email or call (888) 338-0183.