The New Solar Market Development Tax Credit (NSMDTC) is a fantastic opportunity for homeowners, businesses, and farms adopting solar panels in New Mexico. This New Mexico solar tax credit provides a financial boost, covering up to 10% of the installation cost for qualified solar systems. Starting in 2024, the program expanded with a $30 million cap, making it accessible to more residents across NM.
To qualify, applicants must be independent individuals who have installed photovoltaic or solar thermal systems on or after March 1, 2020. Eligible participants can claim the New Mexico solar tax credit using EMNRD’s online application portal. Required documents include Learn more property ownership proof, a building code inspection report, a detailed invoice for solar installation in New Mexico, and a technical report of the solar system design.
This tax credit works alongside other New Mexico solar incentives such as NM solar rebates, Duke Energy solar rebate, and net metering New Mexico programs. Residents can also explore solar panel cost NM considerations to understand the value of combining rebates, incentives, and the NSMDTC to make solar panels New Mexico a smart long-term investment.
The NSMDTC is open to applicants on a first-come, first-served basis, including those on tribal or leasehold lands approved by federal authorities. With proper documentation and timely application, participants can receive an eligibility certificate from EMNRD, confirming the amount of credit they qualify for in the tax year of installation.
For homeowners seeking trusted guidance, Solar SME is a leading local partner for solar installation in New Mexico. With expertise in the New Mexico solar tax credit, New Mexico solar rebates, and other solar incentives New Mexico, Solar SME ensures each project is efficiently installed, fully compliant, and optimized for maximum savings and energy production.