Albuquerque Solar Power
The city of Albuquerque has a deep culture and history, which makes it fitting that it’s located in New Mexico, the Land of Enchantment. Like the rest of the state, Albuquerque is rich in sunlight. Because of the amount of sun this city gets, more and more people are deciding to save money by installing Albuquerque solar panels on their homes and businesses. Plus, with the excellent state and federal incentives, going solar has never been cheaper for the people of Albuquerque.
When purchasing your solar energy system, you are guaranteed long-term savings for decades. By producing your own electricity, you will be able to ignore the ever-increasing rates of the utility companies. And with our 25-year warranties and guarantees, you can rest assured that your Albuquerque solar panels will be an excellent low maintenance investment that you can enjoy for years to come. With $0 down financing available, now is the time to make the switch to solar in Albuquerque.
- 30% Federal Solar Tax Credit
- Sustainable Building Tax Credit
- Property Tax Exemption
- Sales Tax Exemption
- RECs in Albuquerque
- Net Metering
Using Federal Tax Credits to Go Solar
The federal solar tax credit is an incentive generously offered by the U.S. government. With this tax credit, you can receive up to 30% of the total cost of your solar panels in tax credits. So take the price of a solar panel system, including installation, and subtract 30% from it. That’s a nice hefty sum that you’ll get back in tax credits. And if you don’t use all the credits one year, the remainder rolls over to the next. This wonderful incentive can be used for both residential solar panel systems, and commercial solar panel systems.
However, this tax credit will not be available at 30% for much longer. The percentage you’d receive back is reduced to 26% in 2020, and then to 22% in 2021. In 2022, only commercial buildings will be eligible for a 10% solar tax credit. To find out how much longer the 30% solar tax credit is available for Albuquerque click here.
Albuquerque, New Mexico’s Sustainable Building Tax Credit
Albuquerque doesn’t just have the federal solar tax credit to enjoy, however. Residents also have New Mexico’s Sustainable Building Tax Credit program as well. If you’re thinking of building a house or a commercial building, this is something to look into.
It’s good for anyone’s Albuquerque home or business to be as energy efficient as possible. But sometimes the building you’re in wasn’t originally designed with that in mind. With the Sustainable Building Tax Credit, if you build energy efficient, sustainable buildings, you will receive a tax credit for it. The tax credit incentives are tiered, and each building must meet certain requirements and guidelines to qualify.
Must be certified by either U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system, or Build Green New Mexico rating system. ENERGY STAR manufactured homes are eligible for the tax credit.
Must be certified by U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system.
To learn more about specific details, please visit the New Mexico Energy, Minerals and Natural Resources Department webpage.
Property Tax Exemption for Solar Panels in Albuquerque
Solar energy systems are a great way to increase your home’s value. In fact, for every $1 in electrical bill savings, you add $20 to the value of your home. That’s an exciting bonus with solar energy systems you may not have considered before! Usually when your home increases in value, so too does your property tax. However, the state of New Mexico allows a property tax exemption for renewable energy systems, such as solar power systems. So your Albuquerque home will increase in value, and you won’t have to worry about additional taxes. That seems like a pretty good deal to us.
Albuquerque Solar Panels Sales Tax Exemption
The property tax exemption is nothing to scoff at, but this next deal is pretty awesome, too. Wherever you go, you’ll usually run across a sales tax when you buy something. This adds a little extra to the final price of whatever it is you’re buying. If the thing you buy is already pricey on its own, sales tax will add even more to the final bill. But in Albuquerque, solar panels have no sales tax! New Mexico has waived the sales tax on solar panels! This means you get to save several hundred dollars that sales tax would have added on.
Solar Renewable Energy Credits (SRECs)
Many people have heard of either solar renewable energy credits (SRECs) or net metering. But there’s some confusion as to what the differences between these two programs are. We’ll explain SRECs below.
Many states have Renewable Portfolio Standards (RPS). This means that they have set time goals to get a certain percentage of their energy from renewable sources. Utility companies often offer rebates or incentives to customers with renewable energy systems. They do this to ensure that they meet standards set for them by the state RPS. One of these incentives is the SRECs. For every 1,000 kWh your solar panel system produces, you will receive an SREC. It doesn’t matter if the energy was sent to the utility grid, or used by you, you will get SRECs. Your utility company will then buy these SRECs from you, and pay you directly for them.
Power New Mexico (PNM)
There are three tiers for solar panel systems, each of which have different application fees.
The customer must sign a REC purchase agreement which will have a term of 8 years.
Flat rate of $0.0025 per kWh produced.
Albuquerque Solar Energy and Net Metering
If you want to maximize the benefits your solar panels bring you, you should look into net metering. With net metering, your Albuquerque solar system is connected to your utility grid. When your solar panels produce more energy than is needed, the excess energy is sent to the utility grid. Your account is then credited for that energy, reducing your monthly utility bill.
New Mexico currently offers statewide net metering. Sunpro Solar will work with your utility company to handle all net metering requirements.
Albuquerque Solar Panel Company, Sunpro Solar
Being energy efficient is important, not just in Albuquerque, but everywhere else too. And to be energy efficient, you need good components for your solar panel system.
Sunpro Solar offers installations using only the best materials for our installations. Our solar panels come from brands such as LG, and Silfab Solar, and our micro-inverters come from Enphase. When Sunpro Solar installs your Albuquerque solar panels, you can rest assured that it will be done according to the highest standards. We offer our unmatched 25 year labor warranty, and 25 year production guarantee with each installation to back up our work.
If you’d like to learn more or have any questions, reach out to our team of expert consultants today.