NM Taxation and Revenue Department
New Mexico provides a 10% state income tax credit (up to $9,000 per taxpayer per year) on the purchase and installation of solar photovoltaic or solar thermal systems for residential properties. Combined with the 30% federal Investment Tax Credit (ITC), homeowners can offset up to 40% of solar installation costs. Credits may carry forward if not fully used in the current year.
10% NM credit up to $9,000 + 30% federal ITC. Combined potential offset of 40% on a $30,000 system. NM credit non-refundable; requires NM tax liability.
Deadline: Annual, file with NM state income tax return
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This is just one of many grants, rebates, and free programs available. Stack them together to maximize your savings.
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