What is the average cost for solar panels in New Mexico?
What is the average cost for solar panels in New Mexico?
As of December 2021, the average solar panel cost in New Mexico is $3.17/W. Given a solar panel system size of 5 kilowatts (kW), an average solar installation in New Mexico ranges in cost from $13,472 to $18,228, with the average gross price for solar in New Mexico coming in at $15,850.
Does New Mexico have net metering?
Put simply, net metering is a utility billing mechanism available in New Mexico that offers a credit to residential and business customers who are making excess electricity with their solar panel systems and sending it back to the grid.
What’s new with home solar power in New Mexico?
Prospects for home solar power in New Mexico are brighter than ever, since the state legislature teamed up with Governor Michelle Lujan Grisham to pass a law requiring 100% of all energy generated in the state to come from renewable sources by 2045. That’s an amazing feat!
Are there tax credits for solar panels in New Mexico?
However, New Mexicans can take advantage of a number of tax credits, exemptions and even net metering to help them save on installing a solar energy system. In New Mexico, you can benefit from a state tax credit which allows you to redeem up to 10% of your panel’s cost.
How much does PNM pay for solar in New Mexico?
PNM solar payments An average sized 6-kW solar system will produce about 10,500 kilowatt-hours (kWh) over a year in New Mexico. As part of a PNM program to purchase your renewable energy credits, they’ll pay you $0.0025 per kwh for a term of 8 years.
What is New Mexico’s solar carve out?
New Mexico is a leader when it comes to encouraging both utility companies and private citizens to consider solar energy. But New Mexico’s solar carve out is nothing to sneeze at either. New Mexico calls for 4% of New Mexico’s RPS to be met by solar panel installations.
