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On average, Santa Fe, New Mexico, enjoys 325 sunny days per year.1 That’s a lot of available sunshine for solar panels to do what they do best in creating clean energy.
As of April 2020, New Mexico’s electricity costs, on average, are more expensive than half the states in the U.S., at almost 13 cents per kWh, making solar an attractive energy source.2
The Solar Energy Industries Association ranked New Mexico 17th in the U.S. for solar energy. This ranking is based on a variety of factors, including the number of homes that can be powered (264,133) from the installed solar capacity, the percentage of electricity the state gets from solar (4.81%), and the number of solar jobs (2,021).3 The good news is that prices in the state have fallen 40% over the last five years.3
We’ve compiled some solar incentive information for residents of New Mexico who want to take advantage of current prices. Installing solar power can provide significant utility bill savings over time and is a positive step toward protecting the environment.
Homeowners of New Mexico can take advantage of programs and incentives that help cushion the up-front costs of solar power. It helps that utilities in the state must meet a Renewable Portfolio Standard (RPS), meaning they must obtain a certain amount of their energy from renewable resources. Utilities can fulfill some of this requirement by “purchasing” solar energy from customers who have solar panels.
PNM and El Paso Electric offer a rebate to certain customers:
Net metering enables some solar system owners to feed excess renewable energy from their systems into the local grid, reducing the demand for fossil fuels. In areas where net metering is available, utilities will offer payments, usually in the form of energy credits, to utility customers who sell their excess energy to the grid.
Rules developed by the New Mexico Public Regulation Commission (NMPRC) require utilities to compensate customers with net-metered systems below 80 MW. Compensation can come in the form of crediting a customer account or paying a customer for the net excess generation supplied to the utility. Any credits that remain can be carried over indefinitely and are paid to the customer at the conclusion of the term.5
In addition to the utility-based rebate program, homeowners in New Mexico who install solar get a 10% tax credit with an annual cap of $6,000.6
PACE (Property Assessed Clean Energy) Financing is a program that involves loaning the cost of an eligible energy upgrade to a homeowner to be repaid over time through property tax bills. Currently, PACE financing is available to homeowners through the Ygrene Energy Fund.7
For a complete list of the 66 energy efficiency programs and incentives available in New Mexico, including solar energy programs, visit the New Mexico Page of DSIRE, a service of the NC Clean Energy Technology Center.
As a way to promote clean and renewable energy, the federal government has put in place two nationwide solar incentives that are available to New Mexico residents. Homeowners should apply for them shortly after installation is complete. Your LG PRO installer can help you understand these incentives and how to apply.
1. “Climate.” Santa Fe Chamber of Commerce. n.d. Web: https://www.santafechamber.com/climate.html.
2. “Rankings: Average Retail Price of Electricity to Residential Sector, July 2019.” U.S. Energy Information Administration. n.d. Web: https://www.eia.gov/state/rankings/?sid=NM#series/31.
3. “New Mexico Solar.” SEIA. April 29, 2019. Web: https://www.seia.org/state-solar-policy/new-mexico-solar.
4. "Customer Solar Energy Program." PNM. March 10, 2020. Web: https://www.pnm.com/solar-energy-incentives.
5. "Net Metering in New Mexico." DSIRE USA Web: https://programs.dsireusa.org/system/program/detail/284.
6. "New Mexico State Solar Tax Credit Offers a Promising Addition to the Growing Industry." Sept. 9, 2020 Web: https://www.novoco.com/periodicals/articles/new-mexico-state-solar-tax-credit-offers-promising-addition-growing-industry.
7. “What is PACE? Property Assessed Clean Energy.” Show Me PACE. April 29, 2019. Web: http://www.showmepace.org.
8. “Solar Investment Tax Credit.” SEIA. April 11, 2019. Web: https://www.seia.org/initiatives/solar-investment-tax-credit-itc.
9. Federal Government of the United States. "Title 26 - Internal Revenue Code". Federal Government of the United States. Federal Government of the United States. p.520. n.d. Web: https://www.gpo.gov/fdsys/pkg/USCODE-2011-title26/pdf/USCODE-2011-title26-subtitleA-chap1-subchapB-partIII-sec136.pdf. 10 Dec. 2018.
Because life waits for no one, at LG USA we create consumer electronics, appliances and mobile devices that are designed to help you connect with those who matter most. Whether that means cooking a nutritious, delicious meal for your family, staying connected on-the-go, sharing your favorite photos, watching a movie with your kids or creating a clean, comfortable place to celebrate the moments that matter, we'll be there for you every step of the way.
Designed with you in mind, LG products offer innovative solutions to make life good. With intuitive, responsive controls, sleek, stylish designs, and eco-friendly features, our collection gives you the power to do more at home and on the go. It includes:
Mobile: To help you stay connected your way, our mobile devices feature powerful smartphones, slim tablets and stylish smartwatches that fit seamlessly into your life. And whether you want to download the latest apps, shop online, text, track your fitness or just surf the web, they make it easy to do it all on-the-go.
TV/Audio/Video: If you can't get enough of your favorite sports, the latest movies, love 3D entertainment -- or just want to listen to your favorite music in stunning clarity -- our newest electronics can help you experience it all in a whole new way. Featuring brilliant pictures, lifelike colors and sound that envelop you from the very first note, our collection will transform your living room into a stunning home theater.
Appliances: Created to help you enjoy more of what life has to offer, our appliance collection features ranges and ovens that can help you cook healthy, delicious meals more efficiently, clean your dishes faster, do more laundry in less time, and even clean and cool your house so you can enjoy a comfortable space all year long.
Computer Products: Life happens in an analog environment -- and on a digital plane. And our newest computer products can help you experience the best of both worlds. Designed to give you crystal-clear images, deep blacks and rich colors, plus the speed and storage you need to work and play, safeguard memories and protect important documents, they can help you make the most of life in every way.
Explore our complete collection of LG electronics, mobile devices, appliances and home entertainment solutions -- and find everything you need to connect with your friends and family, no matter where they are.