There is no such thing as a scarcity of daylight in New Mexico, which makes it a perfect place to put money into photo voltaic panels. Whereas electrical energy is extra reasonably priced within the state — at lower than 16 cents per kilowatt-hour in August 2024 — you’ll be able to by no means be too positive of the vitality costs. In case you’re searching for some peace of thoughts and consistency in your vitality payments (if in case you have a invoice in any respect), photo voltaic panels generally is a nice funding. They will even give you vitality independence within the occasion of blackouts.
Plus, there are stable state-level incentives to encourage your photo voltaic swap. New Mexico additionally has its personal tax credit score on high of the large, newly expanded federal tax credit score for going photo voltaic. So on high of 30% of the fee again from the federal authorities, you may get an extra 10%, as much as $6,000, again in your state taxes. Remember that whereas photo voltaic panels could also be expensive, you will be exempt from gross sales and property taxes related along with your buy. The Land of Enchantment additionally has a good web metering coverage for exchanging extra vitality with the grid.
This is what it’s best to know earlier than switching to a photo voltaic vitality system in New Mexico, beginning with the greatest photo voltaic panel set up corporations working inside 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 is perhaps a superb 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 will deal with your photo voltaic set up from starting to finish whereas additionally permitting you to profit from its proprietary engine and aggressive bidding course of. The corporate presents a variety of {hardware} for panels, batteries and inverters, has plentiful financing choices and presents responsive customer support assist.
Freedom Perpetually
Greatest for money clients
Embrace Freedom Perpetually in your search if you need the backing of a nationwide firm that installs all kinds of the most well-liked photo voltaic tools out there. Freedom Perpetually additionally extends a few merchandise that take among the ache and danger out of going photo voltaic, like a manufacturing assure and an escrow possibility with money purchases. On-line opinions 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 liked 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 recommend Tesla’s service is a little bit of a chance.
Native photo voltaic corporations in New Mexico
Optimistic Power Photo voltaic is a neighborhood New Mexico-based photo voltaic set up firm with places in Albuquerque and Santa Fe. It has supplied sustainable vitality companies since 1997, together with house photo voltaic panels, battery storage choices and electrical automobile chargers. With Optimistic Power Photo voltaic, you should purchase your photo voltaic panels upfront or finance them with a photo voltaic mortgage.
One of the crucial important stand-out options Optimistic Power Photo voltaic presents is its prolonged guarantee phrases. It presents a 25-year guarantee overlaying merchandise, energy and high quality of labor, in addition to a 30-year prolonged insurance coverage guarantee overlaying mechanical and electrical failures. Optimistic Power Photo voltaic states they continue to be the purpose of contact for any guarantee points their clients expertise, so you will not must contact or coordinate with the product producer. The corporate presents broadly used photo voltaic merchandise from corporations with a observe report of reliability, like REC, Q Cells and Tesla.
Find out how to decide which photo voltaic firm in New Mexico is greatest for me
There are 87 photo voltaic installers working all through New Mexico, in accordance with the Photo voltaic Power Industries Affiliation. Discovering the suitable photo voltaic installer on your house is important as a result of totally different installers supply a wide range of photo voltaic merchandise, guarantee phrases and costs.
Whereas we have compiled a listing of photo voltaic panel installers that stand out within the photo voltaic trade, this listing mustn’t change 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 additionally on customer support, popularity, tools and the way properly every system meets your wants. Photo voltaic panel methods are extremely individualized to your house, so discovering the suitable installer would possibly take some analysis.
Price of photo voltaic panels in New Mexico
This is a have 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, in accordance with knowledge from FindEnergy.com.
Common value of photo voltaic panels in New Mexico
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| Typical system measurement (kW) | Worth per watt | Whole put in value | Price 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 whole money value, value per watt and system sizes for photo voltaic panel methods throughout america, in accordance with knowledge from FindEnergy.com. These costs do not consider rebates or earnings from tax credit or state incentives. Sure states have no FindEnergy photo voltaic knowledge and are grayed out on the map.
New Mexico photo voltaic panel incentives or rebates
Whereas the common value per watt for photo voltaic panels in New Mexico is barely increased 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 vitality credit score is a federal photo voltaic 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 Discount Act was handed. There is no such thing as a cap on the residential clear vitality 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 vitality credit score by filling out IRS kind 5695 (PDF) and following directions on finishing the shape.
There are additionally a number of different state and native photo voltaic incentives in New Mexico. Listed here are a number of incentives it’s best to know.
New Mexico photo voltaic incentives
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| Program | Description |
|---|---|
| Internet metering | Shoppers who personal photo voltaic panels can register for web metering in New Mexico. By way of web metering applications, you’ll be able to ship extra solar energy to the grid in alternate for credit on vitality payments. |
| New Photo voltaic Market Growth Tax Credit score | Residences with photo voltaic panels put in obtain a ten% private earnings 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 might 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 enhance whenever you set up photo voltaic panels. |
| Sustainable Constructing Tax Credit score | Single-family and multi-family properties licensed as sustainable will qualify for a tax credit score. Residences are thought-about sustainable after they have sure renewable applied sciences, like photo voltaic panels, wind generators or electrical automobiles. |
How solar-friendly is your state?
CNET not too long ago ranked states primarily based on their residential photo voltaic insurance policies: the legal guidelines and laws affecting consumer-level photo voltaic panel set up and adoption. These insurance policies play a serious position in figuring out how accessible and reasonably priced a photo voltaic panel system is to the common resident.
Every state was evaluated by a methodology and scored primarily based on eight classes. The ultimate rating was transformed to a letter grade.
This is how your state scored on CNET’s photo voltaic coverage take a look at.
New Mexico
Grade: B
Incentives out there:
- Statewide photo voltaic tax credit score
- Retail price web metering (may very well be compensated at wholesale price)
- Photo voltaic panel methods absolutely exempt from property taxes
- Photo voltaic panel methods absolutely exempt from gross sales tax
- Neighborhood photo voltaic subscriptions out there for low-income households
Strongest scoring classes:
New Mexico earned excessive marks in almost each class. It is among 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 web metering coverage, however utilities have a alternative on how one can compensate you for the vitality you promote to the grid. In case your system measurement is 10 kilowatts (10 kW) or much less, your utility may select to compensate you on the wholesale/prevented value price.
Find out how to pay for photo voltaic panels in New Mexico
If you’re contemplating photo voltaic panels on your house, a number of financing choices can be found 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 private mortgage.
Photo voltaic leases and energy buy agreements are additionally out there in New Mexico. These choices allow you to energy your house with photo voltaic vitality with out paying the upfront value of proudly owning the system. You will not qualify for many state and federal tax incentives with a photo voltaic lease, and the vitality financial savings might be decrease over time.
Listed here are the professionals and cons to every financing methodology on 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 haven’t 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. In case you pays with money, it is an effective way to decrease your photo voltaic payback interval.
Photo voltaic mortgage: Your chosen photo voltaic set up firm might need a relationship with a neighborhood monetary establishment for the aim of setting clients up with a photo voltaic mortgage. A photo voltaic mortgage is a mortgage particularly designed for photo voltaic panel set up, however you will nonetheless need to have a look at totally different loans and related rates of interest earlier than locking in probably the most favorable deal you’ll be able to.
Energy buy settlement: Very like leasing photo voltaic panels, energy buy agreements are contracts the place you will not personal the photo voltaic panel system on your house. As an alternative, you will 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 vitality utilization. The corporate additionally good points any rebates or monetary incentives supplied for photo voltaic panel set up. The one good thing about a PPA is that your vitality invoice may very well be quite a bit decrease than should you have been relying in your native utilities.
HELOC/House fairness mortgage: Each a house fairness line of credit score and a house fairness mortgage are methods to leverage collateral to get a mortgage on your photo voltaic panel system. In case you fail to pay these again on time, it may value you your house, so it is vital to grasp the monetary duty you take on earlier than locking certainly one of these in.
Set up components to remember
Buying photo voltaic panels or signing a photo voltaic lease settlement is an enormous choice, so it is vital to contemplate whether or not photo voltaic is the proper alternative on your house. Along with totally researching your space’s installers, contemplate these components. Amongst different variations, some photo voltaic panels are extra environment friendly than others.
The age and situation of your roof. Your roof’s measurement, form and slope will have an effect on your photo voltaic panels’ manufacturing. The Division of Power says photo voltaic panels produce probably the most vitality 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 laws. New Mexico’s photo voltaic rights legislation prevents householders’ associations from banning photo voltaic panels. Nonetheless, particular necessities in your neighborhood might impression the design and placement of your photo voltaic system. Test your neighborhood’s guidelines earlier than putting in photo voltaic panels.
The place you reside. On common, New Mexico experiences 278 sunny days per 12 months, 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 vitality consumption, you’ll be able to estimate how a lot you will 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 will need to replace your home-owner’s insurance coverage to incorporate the panels in your coverage. Most traditional home-owner’s insurance policies cowl rooftop photo voltaic panels while not having a separate plan however examine along with your insurance coverage company for particulars.
Renting your house. In case you hire a house or reside in a multi-family house, you could not have the ability to set up photo voltaic panels in your roof. Test along with your landlord or rental administration firm to search out out. In case you aren’t allowed to put in photo voltaic panels, you might be able to profit from group photo voltaic applications within the close to future. New Mexico Governor Michelle Lujan Grisham signed the Neighborhood Photo voltaic Act into legislation in April 2021, making a statewide group photo voltaic pilot program. The following steps are anticipated in March 2023, when group photo voltaic mission awards are introduced. By enrolling in a group photo voltaic program, renters can subscribe to solar energy produced in one other location and obtain credit score on vitality payments. The month-to-month charge you pay for the subscription is ready at a decrease price than the worth of the invoice credit, so you find yourself paying lower than you normally would for vitality.
How we discovered the perfect photo voltaic corporations
The businesses we listed above as “the perfect” are curated from CNET’s greatest photo voltaic corporations listing. Firms making the perfect listing are scored on the tools, warranties and customer support they provide. Then, we make certain these suggestions can be found in your state. You’ll be able to learn a full breakdown of how we evaluate photo voltaic corporations right here.
Firms listed beneath the native installers have been chosen in a much less rigorous method. We selected them as a result of they supplied one thing distinctive or notable to clients within the state, they appeared well-regarded by web reviewers or as a result of they have been one of many few installers we may discover data on within the state.
Whether or not we have accomplished a full evaluate on an organization or not, it is all the time a good suggestion to get a number of quotes from totally 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 generally is a nice funding should you reside 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 properly in New Mexico. Be sure you contemplate the set up components we listed above to find out whether or not your house and dwelling 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 common photo voltaic system contains 20 to 25 photo voltaic panels. The variety of photo voltaic panel modules is dependent upon a number of components, together with your price range and vitality consumption habits. You also needs to contemplate whether or not you need your photo voltaic system to cowl your vitality utilization utterly, or if the panels solely have to cowl a portion. The extra vitality you need your system to supply, the extra photo voltaic panels your system will want.
How can I discover a good New Mexico photo voltaic installer?
Choosing the proper photo voltaic installer can really feel overwhelming given the rising variety of choices. Learn buyer opinions, ask for suggestions and get a number of quotes from totally different installers. You’ll be able to evaluate CNET’s decisions for high photo voltaic corporations as a place to begin.