New Mexico is known for its rocky mountain ranges, deserts, forests, and magnificent lakes. It has a rich historical significance, with the Pueblo and Aztec ruins confirming the fact. With the state receiving sufficient sunlight, going solar now is an excellent opportunity to preserve New Mexico, most naturally.
As of 2019 Q4, solar in New Mexico has a national ranking of 22, with 905.44 MW of solar installed. The state offers an ample amount of solar power, enough to support over 200,000 homes, contributing to 4.6% of the state’s electricity from solar. The latest reports confirm nearly 2000 solar job profiles and about 20,000 successful solar installations.
Eligible for ITC Solar Tax Credit
The eligible homeowners, purchasing solar this year, can secure an ITC amounting to 26% of the qualified solar equipment, with December 31, 2020, as the cutoff. It is merely the first drop. The Congress plans a three-year phase-down program, with the ITC percentage set to decrease once again in 2021, to nearly 22%.
At this rate, in another two years from now, the residential credit will nullify. This trend suggests that those wishing to go solar this year can get higher value from their eligible purchase.
Excellent Solar Renewable Portfolio Standard (RPS) Plans
By this year, the New Mexico RPS estimates nearly 30% of the state’s energy requirements to be met by renewable energy production techniques. It aims for over 4% of its RPS to be fulfilled by solar panel installations. Further, 0.6% of total energy has to be imparted by the small-scale plants. It is a fantastic plan and one of the best ones in the country.
New Mexico has proven to be a leader, offering excellent opportunities to both its citizens and companies to use solar energy.
Going Solar in New Mexico is Cost-Effective
Solar energy is a reliable and cost-effective source of power in New Mexico, and residents have made profits with solar installations. Typically, the New Mexicans pay $ 0.13/kwh on an average for their energy consumption, matching the national average. Moreover, the excruciatingly hot summers and the over-exploitation of fossil fuels in the state, makes the current times best suitable for solar in New Mexico.
Going Solar Increases Property Value
The latest real estate trends suggest that an efficient and approved solar installation can contribute to an additional $4/watt to the home value. Statistics show that the average home electricity consumption in New Mexico requires a 5 KW system. You can thus make a profit of an additional $20,000 from your property value.
Going Solar Boosts State Economy
Studies indicate that a substantial investment in green commerce instigates a three times higher number of jobs than those created from fossil fuel programs. Currently, over 200,000 headcounts are working in the country’s solar economy. It includes the 2,000 New Mexicans, emphasizing green economy as one of the credible opportunities for economic prosperity.
The solar growth projection and ranking forecast that New Mexico will rank 43rd with 1,900 MW over the next five years. With multiple positive attributes, 2020 can be the best time to choose solar power in New Mexico and alter the ways of power generation.