Many residents of New Mexico have been making use of the solar tax credit and the program is gaining popularity. The state anticipates the $3 million tax credit limit to be reached for this year. The tax credit pays as much as 10 percent (up to $9,000) for photovoltaic or thermal systems operational after Jan. 1, 2009. New Mexico implemented the tax credit approximately ten years ago, with the average tax credit approved this year of $2,709. Homeowners and businesses that install solar can also benefit from a federal tax credit of 30 percent. Recently, this credit was extended to 2019. It is also believed that this incentive has generated a positive effect on the job market. In New Mexico, there are currently 2,000 people employed in the industry. While annual job growth in New Mexico is just 0.9 percent, solar employment growth is expected to reach 12.4 percent this year. The projected national rate is 14.7 percent.
Because New Mexico has an abundance of sun, its relatively low electricity prices are no match for the impressive energy-generating ability of solar panels. Going solar in New Mexico starts paying off right away, and with state and federal tax credits, it has become an increasingly affordable option. Leasing is a great way to go if you haven’t got stacks of cash or oodles of equity in your home. With a lease, it’s possible to get panels for $0 down and see big savings over 20 years! It’s estimated that the current payments on a leased 5-kW solar system are approximately $800 per year, but the energy the panels generate will save you $936 per year.
Coming soon: Perma-Liner Industries is busy making plans for you. We’re planning a “Trenchless Tour” on July 27th in the New England area. We’ll be posting more information on this spectacular event…stay tuned!