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Rebecca “Puck” Steer
EMNRD News:
Santa Fe — The Energy, Minerals and Natural Resources Department (EMNRD) New Mexico taxpayers are being warned that the funds supporting the New Solar Market Development Tax Credit will be nearly depleted in the 2023 tax year.
The news comes less than three months before the deadline for filing 2023 federal and state tax returns.
New Mexico residents who installed solar energy systems in their homes in 2023 received tax credit certificates worth more than $10 million. Under state law, the agency is authorized to issue tax credits of up to $12 million for the 2023 tax year.
“New Solar Power Market Development Tax Credit” “It continues to be very popular among New Mexico homeowners,” said Rebecca Steer, director of EMNRD’s Energy Conservation Management Division, which administers the program. “Currently, there is just over $1 million left in the fund for the 2023 tax credit, and that amount is constantly decreasing as we process new applications every day. Anyone who has installed a photovoltaic system but has not yet claimed a tax credit is encouraged to submit their application now.”
To be eligible for a 2023 tax credit certificate, your system must pass inspection between January 1, 2023 and December 31, 2023. Applications will be evaluated on a first-come, first-served basis for complete applications.A dashboard is available that displays the current amount of tax credit funds allocated for a particular tax year here. Once the annual funding limit is reached, EMNRD will no longer be able to accept tax credit applications for that year.
The new Solar Power Market Development Tax Credit Program provides a tax credit of up to 10% and up to $6,000 on solar PV system installation costs for eligible solar thermal and photovoltaic (PV) systems.
Since the start of 2020, more than 12,000 New Mexico homeowners have received an average tax credit of $3,081.00. EMNRD estimates that these homeowners are saving an average of $1,624.00 in energy costs per year while adding a total of 97 MW of distributed solar power to the state’s power grid.
“Not only does this program save consumers money through both tax credits and electricity bills, it also reduces New Mexico’s carbon footprint and moves us closer to our climate goals,” Steer said. Stated.
More information about the Solar Market Development Tax Credit, including instructions on how to complete and apply, can be found at:e EMNRD website.
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