There isn’t any scarcity of daylight in New Mexico, which makes it a perfect place to put money into photo voltaic panels. Whereas electrical energy is extra inexpensive within the state — at lower than 16 cents per kilowatt-hour in August 2024 — you may by no means be too positive of the vitality costs. Should you’re searching for some peace of thoughts and consistency in your vitality payments (when you have a invoice in any respect), photo voltaic panels could be a nice funding. They’ll even offer you vitality independence within the occasion of blackouts.
Plus, there are strong state-level incentives to encourage your photo voltaic swap. New Mexico additionally has its personal tax credit score on prime of the massive, newly expanded federal tax credit score for going photo voltaic. So on prime of 30% of the associated fee again from the federal authorities, you may get a further 10%, as much as $6,000, again in your state taxes. Remember the fact 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 firms working inside the state.
New Mexico photo voltaic panel firms
Palmetto Photo voltaic
Finest general
Photo voltaic panels are sometimes low upkeep tools, however they’re additionally unfamiliar. If you wish to reap the advantages of photo voltaic however could have a bit extra peace of thoughts if another person is ensuring it is working, Palmetto may be a great match for you. Simply keep 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 learn from its proprietary engine and aggressive bidding course of. The corporate affords a spread of {hardware} for panels, batteries and inverters, has plentiful financing choices and affords responsive customer support assist.
Freedom Without end
Finest for money clients
Embrace Freedom Without end in your search in order for you the backing of a nationwide firm that installs all kinds of the most well-liked photo voltaic tools accessible. Freedom Without end additionally extends a few merchandise that take a number of the ache and danger out of going photo voltaic, like a manufacturing assure and an escrow choice 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 inexpensive
Tesla’s photo voltaic department appears to be the least beloved 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’s 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 counsel Tesla’s service is a little bit of a chance.
Native photo voltaic firms in New Mexico
Constructive Vitality Photo voltaic is an area New Mexico-based photo voltaic set up firm with areas in Albuquerque and Santa Fe. It has supplied sustainable vitality companies since 1997, together with house photo voltaic panels, battery storage choices and electrical car chargers. With Constructive Vitality Photo voltaic, you should buy your photo voltaic panels upfront or finance them with a photo voltaic mortgage.
Some of the vital stand-out options Constructive Vitality Photo voltaic affords is its prolonged guarantee phrases. It affords a 25-year guarantee masking merchandise, energy and high quality of labor, in addition to a 30-year prolonged insurance coverage guarantee masking mechanical and electrical failures. Constructive Vitality Photo voltaic states they continue to be the purpose of contact for any guarantee points their clients expertise, so you will not need to contact or coordinate with the product producer. The corporate affords extensively used photo voltaic merchandise from firms with a observe file of reliability, like REC, Q Cells and Tesla.
The way 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 response to the Photo voltaic Vitality Industries Affiliation. Discovering the proper photo voltaic installer in your house is important as a result of totally different installers supply quite a lot 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 shouldn’t exchange 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 quite a lot of firms and evaluate them not simply on value but in addition on customer support, fame, tools and the way properly every system meets your wants. Photo voltaic panel methods are extremely individualized to your property, so discovering the proper installer would possibly take some analysis.
Value of photo voltaic panels in New Mexico
This is a have a look at the typical money value for a typical photo voltaic panel system in New Mexico earlier than factoring in tax credit and incentives, in response to knowledge from FindEnergy.com.
Common price of photo voltaic panels in New Mexico
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| Typical system measurement (kW) | Value per watt | Whole put in price | Value 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 typical complete money value, price per watt and system sizes for photo voltaic panel methods throughout the US, in response to 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 typical price per watt for photo voltaic panels in New Mexico is barely greater 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 inexpensive.
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 isn’t any cap on the residential clear vitality credit score, that means you may 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 type 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 means of web metering packages, you may ship extra solar energy to the grid in trade for credit on vitality payments. |
| New Photo voltaic Market Growth Tax Credit score | Residences with photo voltaic panels put in obtain a ten% private revenue 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 shall 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 while you set up photo voltaic panels. |
| Sustainable Constructing Tax Credit score | Single-family and multi-family houses licensed as sustainable will qualify for a tax credit score. Residences are thought of sustainable once they have sure renewable applied sciences, like photo voltaic panels, wind generators or electrical autos. |
How solar-friendly is your state?
CNET lately ranked states based mostly 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 significant position in figuring out how accessible and inexpensive a photo voltaic panel system is to the typical resident.
Every state was evaluated via a methodology and scored based mostly on eight classes. The ultimate rating was transformed to a letter grade.
This is how your state scored on CNET’s photo voltaic coverage check.
New Mexico
Grade: B
Incentives accessible:
- Statewide photo voltaic tax credit score
- Retail charge web metering (could possibly be compensated at wholesale charge)
- Photo voltaic panel methods totally exempt from property taxes
- Photo voltaic panel methods totally exempt from gross sales tax
- Group photo voltaic subscriptions accessible for low-income households
Strongest scoring classes:
New Mexico earned excessive marks in practically each class. It is without doubt one of 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 the right way to 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 price charge.
The way to pay for photo voltaic panels in New Mexico
In case you are contemplating photo voltaic panels in your house, a number of financing choices can be found to make the acquisition extra inexpensive. You should purchase 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 accessible in New Mexico. These choices allow you to energy your property with photo voltaic vitality with out paying the upfront price 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 shall be decrease over time.
Listed here are the professionals and cons to every financing methodology in your photo voltaic panel buy:
Money: Buying your photo voltaic panel system upfront is the best option 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 choice for most individuals, as photo voltaic panel methods are a large funding. Should you pays with money, it is a good way to decrease your photo voltaic payback interval.
Photo voltaic mortgage: Your chosen photo voltaic set up firm might need a relationship with an area 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 wish to have a look at totally different loans and related rates of interest earlier than locking in probably the most favorable deal you may.
Energy buy settlement: Very similar to leasing photo voltaic panels, energy buy agreements are contracts the place you will not personal the photo voltaic panel system on your property. 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 could possibly be quite a bit decrease than in the event you had been relying in your native utilities.
HELOC/Dwelling fairness mortgage: Each a house fairness line of credit score and a house fairness mortgage are methods to leverage collateral to get a mortgage in your photo voltaic panel system. Should you fail to pay these again on time, it may price you your property, so it is vital to grasp the monetary duty you take on earlier than locking one among these in.
Set up components to remember
Buying photo voltaic panels or signing a photo voltaic lease settlement is a giant choice, so it is vital to contemplate whether or not photo voltaic is the proper alternative in your house. Along with completely 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 Vitality 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 owners’ associations from banning photo voltaic panels. Nevertheless, particular necessities in your neighborhood might influence 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 may 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 wish 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 with no need a separate plan however verify along with your insurance coverage company for particulars.
Renting your property. Should you hire a house or stay in a multi-family house, chances are you’ll not be capable of set up photo voltaic panels in your roof. Test along with your landlord or rental administration firm to seek out out. Should you aren’t allowed to put in photo voltaic panels, you could possibly profit from group photo voltaic packages within the close to future. New Mexico Governor Michelle Lujan Grisham signed the Group Photo voltaic Act into legislation in April 2021, making a statewide group photo voltaic pilot program. The subsequent steps are anticipated in March 2023, when group photo voltaic venture 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 payment you pay for the subscription is about at a decrease charge than the worth of the invoice credit, so you find yourself paying lower than you normally would for vitality.
How we discovered one of the best photo voltaic firms
The businesses we listed above as “one of the best” are curated from CNET’s greatest photo voltaic firms listing. Firms making one of the best listing are scored on the tools, warranties and customer support they provide. Then, we ensure these suggestions can be found in your state. You’ll be able to learn a full breakdown of how we evaluate photo voltaic firms right here.
Firms listed beneath the native installers had been chosen in a much less rigorous means. 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 had been one of many few installers we may discover info on within the state.
Whether or not we have accomplished a full evaluate on an organization or not, it is at all times 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 could be a nice funding in the event you stay in New Mexico. With a excessive variety of annual sunny days and quite a lot of photo voltaic incentives on the federal and state ranges, photo voltaic panels are likely to carry out properly in New Mexico. Make sure to contemplate the set up components we listed above to find out whether or not your property and dwelling scenario is an efficient match for photo voltaic panels earlier than signing a contract.
What number of photo voltaic panels would I would like in New Mexico?
The common photo voltaic system consists of 20 to 25 photo voltaic panels. The variety of photo voltaic panel modules depends 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 fully, or if the panels solely must 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 selections for prime photo voltaic firms as a place to begin.