The Department of Energy, Minerals and Natural Resources (EMNRD) recently reminded New Mexico taxpayers that the tax credit fund to support new solar market development is almost exhausted for the 2023 tax year. The news comes less than three months before the deadline to file 2023 federal and state tax returns. New Mexico residents who installed solar systems on their homes in 2023 have received tax credit certificates worth more than $10 million. Under state law, the agency authorizes the issuance of tax credits of up to $12 million for the 2023 tax year.
“The New Solar Market Development Tax Credit program is very popular for New Mexico homeowners,” said Rebecca Starr, director of the Department of Energy Management and Management. This department administers the program. “Currently, there is just over $1 million in 2023 tax credits remaining in the fund, and we are processing new applications every day, causing this amount to continue to dwindle. We encourage those who have a solar system installed in 2023 but have not yet applied Those who are eligible for the tax credit submit applications immediately.”
To apply for a 2023 tax credit certificate, the system must be inspected between January 1 and December 31, 2023. Complete applications are evaluated on a first-come, first-served basis. Once the annual funding cap is reached, EMNRD will no longer accept tax credit applications for that year.
The New Solar Market Development Tax Credit program provides a tax credit of up to 10% on the installation cost of qualified solar thermal and photovoltaic (PV) systems, with a maximum limit of $6,000.
Since its inception in 2020, more than 12,000 New Mexico solar home users have received tax credits averaging $3,081. EMNRD estimates these homeowners saved an average of $1,624 per year on energy bills while adding a total of 97 megawatts of distributed solar generation capacity to the state’s electric grid.
“This program not only saves consumers money — both through tax credits and electricity bills — it also reduces New Mexico’s carbon footprint and brings us closer to meeting our climate goals,” Starr said.
The EMNRD website provides detailed information about the Solar Market Development Tax Credit, including instructions for completion and application.
Susie
Sichuan Green Science & Technology Ltd., Co.
0086 19302815938
Post time: Feb-06-2024
