New Mexico goes solar with SunPower®
Taking solar in the Southwest to new heights
The state of solar in New Mexico
New Mexico is a dry desert state with an average of 278 sunny days and only 60 rainy or snowy days each year.*BestPlaces.net, Climate in New Mexico, (Aug 2021). https://www.bestplaces.net/climate/state/new_mexico Having plentiful access to bright sunlight places New Mexico is in an optimal position to make the most of solar energy production. And with over 30,513 statewide solar installations thus far, New Mexico is taking advantage of its uniquely sunny climate.*SEIA, New Mexico Solar, (Q1 2021). https://www.seia.org/state-solar-policy/new-mexico
New Mexico continues to improve its solar energy generation each year. In January 2021, the state announced a renewable energy lease for the Wildcat Solar Power Plant, spanning 960 acres in McKinley County.*KRQE, State announces 2 new renewable energy projects, (Jan 2021) https://www.krqe.com/news/new-mexico/state-announces-2-new-renewable-energy-projects/
How much solar energy does New Mexico produce?
New Mexico produces 1,210.9 MW of solar power through its thousands of solar panel installations across the state.*SEIA, New Mexico Solar, (Q1 2021). https://www.seia.org/state-solar-policy/new-mexico These installations generate enough solar energy to power 287,628 homes and allow New Mexico to power 6.4% of its electricity through solar energy.
What are the advantages of going solar in New Mexico?
Now is the most affordable time to switch to solar power in New Mexico. The price of installing solar panels for homes has fallen 43% over the last five years, making going solar less burdensome on the budget than ever before.
Additionally, with the savings on energy bills that New Mexico homeowners can produce after switching to solar, some New Mexico families have even profited off installing solar panels. The average home in New Mexico saves $25,526 during the 20 years following their solar purchase and installation.*EnergySage, Solar Panel Cost in New Mexico, (Jul 2021). www.energysage.com/local-data/solar-panel-cost/NM/
Even better, New Mexico homeowners take an average of just 10.41 years to pay back their solar panel installations with the savings they’ve accrued.*EnergySage, Solar Panel Cost in New Mexico, (Jul 2021). www.energysage.com/local-data/solar-panel-cost/NM/ In other words, going solar is a wise investment that pays for itself over time.
How much does solar cost in New Mexico?
The cost of a home solar system can vary, even in the same state, due to a range of factors. These include:
The angle of the roof
The quality of the solar panels
The household’s energy needs
To help you understand the price of going solar in your area, we've analyzed SunPower price quotes as well as quotes gathered by third-party sources for thousands of homeowners across the country.
In New Mexico, we found that the cost of owning a 5 kW solar system ranges from $11,900 to $26,450, or in other words from $2.38 to $5.29 per watt, and that's before considering the benefits of any available tax credits or incentives listed below.
New Mexico officials want residents to switch to solar, which is why the state offers a generous tax credit for homeowners who install solar systems. The New Mexico Solar Market Development Tax Credit is calculated based on 10% of the entire installation cost, producing a maximum savings of $6,000 per taxpayer each year.*Tax credits and incentives are subject to change. Visit dsireusa.org for detailed solar policy information.
Along with the above tax credit, residents can receive additional tax incentives if they certify their homes with the U.S. Green Building Council.*Earth Advantage, LEED Residential Certification. (Aug. 12, 2021) https://www.earthadvantage.org/certifications/leed-residential-certification.html Achieving this certification could earn New Mexico homeowners as much as $6.50 per square foot in the form of an income tax credit.
Some New Mexico energy companies also offer Solar Renewable Energy Credits (SRECs), which allow residents to receive compensation for every kWh of solar energy their systems produce.*The El Paso Electric Company, New Mexico - Interconnection of facilities less than 10 kW, (Aug 2021). https://www.epelectric.com/renewables-tech/distributed-generation/new-mexico-interconnection-of-facilities-less-than-10-kw This net metering program can reduce the overall expenses involved in going solar.*The availability of net metering varies by location and is subject to change. Visit dsireusa.org for detailed solar policy information.
Finally, the federal investment tax credit program provides New Mexico residents who install solar systems on their homes with a 30% income tax credit.*Tax credits and incentives are subject to change. Visit dsireusa.org for detailed solar policy information.
What’s the best way to go solar in New Mexico?
Switching to solar energy is an investment that could produce benefits for you and your family for decades to come, not to mention the environmental benefits that come from using clean energy. However, an important step in getting the most out of your transition to solar power is to work with a knowledgeable solar provider throughout the entire process.
A professional solar provider can design a custom installation that preserves your home’s curb appeal, adheres to your budget, and achieves your energy goals. When you schedule a consultation, your solar provider will survey your property, ask you important questions, and craft a solution that meets your needs.
Start saving with solar in Texas! Schedule your online appointment with SunPower.