There isn’t any scarcity of daylight in New Mexico, which makes it an excellent place to spend money on 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 the event you’re searching for some peace of thoughts and consistency in your vitality payments (you probably have a invoice in any respect), photo voltaic panels could be a nice funding. They will even offer you vitality independence within the occasion of blackouts.
Plus, there are stable state-level incentives to encourage your photo voltaic change. New Mexico additionally has its personal tax credit score on high of the massive, newly expanded federal tax credit score for going photo voltaic. So on high of 30% of the fee again from the federal authorities, you will 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 pricey, you will be exempt from gross sales and property taxes related together with your buy. The Land of Enchantment additionally has a good internet metering coverage for exchanging extra vitality with the grid.
Here is what you must know earlier than switching to a photo voltaic vitality system in New Mexico, beginning with the greatest photo voltaic panel set up firms working throughout the state.
New Mexico photo voltaic panel firms
Palmetto Photo voltaic
Finest total
Photo voltaic panels are usually low upkeep gear, 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 likely to be 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 provides a variety of {hardware} for panels, batteries and inverters, has plentiful financing choices and provides responsive customer support help.
Freedom Perpetually
Finest for money prospects
Embody Freedom Perpetually in your search if you’d like the backing of a nationwide firm that installs all kinds of the most well-liked photo voltaic gear accessible. 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 title 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 raffle.
Native photo voltaic firms in New Mexico
Optimistic Vitality Photo voltaic is a neighborhood 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 residence photo voltaic panels, battery storage choices and electrical automobile chargers. With Optimistic Vitality Photo voltaic, you should purchase your photo voltaic panels upfront or finance them with a photo voltaic mortgage.
Some of the vital stand-out options Optimistic Vitality Photo voltaic provides is its prolonged guarantee phrases. It provides a 25-year guarantee protecting merchandise, energy and high quality of labor, in addition to a 30-year prolonged insurance coverage guarantee protecting mechanical and electrical failures. Optimistic Vitality Photo voltaic states they continue to be the purpose of contact for any guarantee points their prospects expertise, so you will not should contact or coordinate with the product producer. The corporate provides extensively used photo voltaic merchandise from firms with a observe report of reliability, like REC, Q Cells and Tesla.
Tips on 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 response to the Photo voltaic Vitality Industries Affiliation. Discovering the correct photo voltaic installer in your residence is important as a result of completely 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 substitute your personal 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 examine them not simply on value but additionally on customer support, fame, gear and the way properly every system meets your wants. Photo voltaic panel methods are extremely individualized to your house, so discovering the correct installer would possibly take some analysis.
Price of photo voltaic panels in New Mexico
Here 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 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 beneath are the typical complete money value, value per watt and system sizes for photo voltaic panel methods throughout the USA, in response to knowledge from FindEnergy.com. These costs do not think about 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 value per watt for photo voltaic panels in New Mexico is barely larger 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 isn’t any cap on the residential clear vitality credit score, that means you’ll be able to declare the whole 30% whatever the measurement or value of your system. You may 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 just a few incentives you must know.
New Mexico photo voltaic incentives
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| Program | Description |
|---|---|
| Web metering | Shoppers who personal photo voltaic panels can register for internet metering in New Mexico. By means of internet metering applications, you’ll be able to ship extra solar energy to the grid in trade for credit on vitality payments. |
| New Photo voltaic Market Improvement 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 can 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 improve 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 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 function in figuring out how accessible and reasonably priced a photo voltaic panel system is to the typical resident.
Every state was evaluated by means of a methodology and scored primarily based on eight classes. The ultimate rating was transformed to a letter grade.
Here 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 internet metering (could possibly be compensated at wholesale charge)
- Photo voltaic panel methods absolutely exempt from property taxes
- Photo voltaic panel methods absolutely 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 likely 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 internet metering coverage, however utilities have a selection on easy methods 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 might select to compensate you on the wholesale/prevented value charge.
Tips on how to pay for photo voltaic panels in New Mexico
If you’re contemplating photo voltaic panels in your residence, just a few 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 accessible 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 can 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 simplest solution to begin incomes financial savings since you’ll don’t have 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 the event you will pay with money, it is an effective way to decrease your photo voltaic payback interval.
Photo voltaic mortgage: Your chosen photo voltaic set up firm may need a relationship with a neighborhood monetary establishment for the aim of setting prospects 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 completely 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 beneficial properties any rebates or monetary incentives supplied for photo voltaic panel set up. The one advantage of a PPA is that your vitality invoice could possibly be rather a lot decrease than in case you have been relying in your native utilities.
HELOC/Residence fairness mortgage: Each a residence fairness line of credit score and a residence fairness mortgage are methods to leverage collateral to get a mortgage in your photo voltaic panel system. In the event you fail to pay these again on time, it might value you your house, so it is necessary to grasp the monetary duty you are taking on earlier than locking considered one of these in.
Set up elements to bear in mind
Buying photo voltaic panels or signing a photo voltaic lease settlement is an enormous choice, so it is necessary to contemplate whether or not photo voltaic is the proper selection in your residence. Along with completely researching your space’s installers, contemplate these elements. 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 must also 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 regulation prevents owners’ associations from banning photo voltaic panels. Nonetheless, particular necessities in your neighborhood could 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 yr, 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 together with your insurance coverage company for particulars.
Renting your house. In the event you lease a house or reside in a multi-family residence, it’s possible you’ll not be capable to set up photo voltaic panels in your roof. Test together with your landlord or rental administration firm to seek out out. In the event you aren’t allowed to put in photo voltaic panels, you might be able to profit from neighborhood photo voltaic applications within the close to future. New Mexico Governor Michelle Lujan Grisham signed the Group Photo voltaic Act into regulation in April 2021, making a statewide neighborhood photo voltaic pilot program. The following steps are anticipated in March 2023, when neighborhood photo voltaic venture awards are introduced. By enrolling in a neighborhood 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 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 the perfect photo voltaic firms
The businesses we listed above as “the perfect” are curated from CNET’s greatest photo voltaic firms listing. Firms making the perfect listing are scored on the gear, warranties and customer support they provide. Then, we be sure these suggestions can be found in your state. You may learn a full breakdown of how we assessment photo voltaic firms right here.
Firms listed beneath the native installers have been chosen in a much less rigorous approach. We selected them as a result of they supplied one thing distinctive or notable to prospects within the state, they appeared well-regarded by web reviewers or as a result of they have been one of many few installers we might discover info on within the state.
Whether or not we have accomplished a full assessment on an organization or not, it is at all times a good suggestion to get a number of quotes from completely different installers earlier than selecting an organization.
New Mexico solar energy FAQs
Are photo voltaic panels price it in New Mexico?
Sure, photo voltaic panels could be a nice funding in case you reside 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 inclined to carry out properly in New Mexico. You’ll want to contemplate the set up elements we listed above to find out whether or not your house and residing 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 typical photo voltaic system consists of 20 to 25 photo voltaic panels. The variety of photo voltaic panel modules is determined by a number of elements, together with your finances and vitality consumption habits. You must also contemplate whether or not you need your photo voltaic system to cowl your vitality utilization fully, or if the panels solely have to cowl a portion. The extra vitality you need your system to provide, 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 completely different installers. You may assessment CNET’s decisions for high photo voltaic firms as a place to begin.
