{"id":101478,"date":"2023-03-06T08:21:10","date_gmt":"2023-03-06T13:21:10","guid":{"rendered":"https:\/\/www.solarpowerworldonline.com\/?p=101478"},"modified":"2023-03-06T08:21:10","modified_gmt":"2023-03-06T13:21:10","slug":"new-mexico-reaches-10-million-for-2022-rooftop-solar-customers","status":"publish","type":"post","link":"https:\/\/www.solarpowerworldonline.com\/2023\/03\/new-mexico-reaches-10-million-for-2022-rooftop-solar-customers\/","title":{"rendered":"New Mexico reaches $10 million payout for 2022 rooftop solar customers"},"content":{"rendered":"

The Energy, Minerals and Natural Resources Department (EMNRD) has issued more than $10 million worth of tax credit certificates to New Mexico residents who installed solar energy systems in their homes in 2022. By state law, the agency is authorized to issue a total of $12 million in tax credits for the 2022 tax year.<\/p>\n

\u201cThe Solar Market Development Tax Credit has proved extremely popular,\u201d said Louise Martinez, director of EMNRD\u2019s Energy Conservation and Management Division, which administers the program. \u201cWe are roughly $2 million shy of reaching our cap for the most recent tax year. So, we encourage anyone who installed a solar system in 2022, but has not yet applied for the tax credit, to submit their applications immediately.\u201d<\/p>\n

To be considered for a 2022 tax credit certificate, the system must have passed inspection between January 1, 2022, and December 31, 2022. Martinez also noted that the annual funding cap for 2021 has been reached, meaning EMNRD can no longer accept tax credit applications for that year.<\/p>\n

The legislature has allocated an additional $12 million to fund tax credits for the 2023 tax year. Given the program\u2019s popularity, EMNRD urges individuals who install solar systems in 2023 to submit a tax credit application immediately after a successful inspection rather than waiting for tax filing season. Applications are evaluated on a first-come, first-served basis for complete applications.<\/p>\n

A dashboard that displays the current amount of tax credit funding that has been allocated for a given tax year is available here<\/a>.<\/p>\n

The Solar Market Development Tax Credit Program offers a 10% tax credit on solar system installation costs for qualified solar thermal and photovoltaic (PV) systems, up to a maximum of $6,000. Since its 2020 inception, program has spurred the addition of 63 MW of distributed solar generation to the state\u2019s power grid.<\/p>\n

\u201cThis program not only saves consumers money \u2014 both through the tax credit and electricity costs \u2014 it also reduces New Mexico\u2019s carbon footprint, moving us closer to our climate goals,\u201d Martinez said.<\/p>\n

Details on the Solar Market Development Tax Credit \u2014 including instructions on how to complete and submit an application \u2014 are available on the EMNRD website<\/a>.<\/p>\n

News item from EMNRD<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Energy, Minerals and Natural Resources Department (EMNRD) has issued more than $10 million worth of tax credit certificates to New Mexico residents who installed solar energy systems in their homes in 2022. By state law, the agency is authorized to issue a total of $12 million in tax credits for the 2022 tax year.…<\/p>\n","protected":false},"author":10031,"featured_media":99375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[5117,16,7,5118],"tags":[5295],"yoast_head":"\nNew Mexico reaches $10 million payout for 2022 rooftop solar customers<\/title>\n<meta name=\"description\" content=\"The program offers a 10% tax credit on solar system installation costs for qualified solar thermal and PV systems, up to a maximum of $6,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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