The Vitality, Minerals and Pure Sources Division (EMNRD) is alerting New Mexico taxpayers that the fund supporting the New Photo voltaic Market Growth Tax Credit score is sort of exhausted for the 2023 tax 12 months. This information comes lower than three months earlier than the deadline for submitting 2023 federal and state tax returns.
New Mexico residents who put in photo voltaic power methods of their properties in 2023 have obtained greater than $10 million value of tax credit score certificates. By state regulation, the company is allowed to problem not more than $12 million in tax credit for the 2023 tax 12 months.
“The New Photo voltaic Market Growth Tax Credit score continues to be very fashionable with New Mexico owners,” mentioned Rebecca Stair, director of EMNRD’s Vitality Conservation and Administration Division, which administers this system. “There presently is simply over $1 million remaining within the fund for 2023 tax credit, and we’re processing new purposes day by day, inflicting that quantity to continually dwindle. We encourage anybody who put in a photo voltaic system in 2023, however has not but utilized for the tax credit score, to submit their utility instantly.”
To be thought of for a 2023 tax credit score certificates, the system should have handed inspection between January 1, 2023 and December 31, 2023. Purposes are evaluated on a first-come, first-served foundation for full purposes. As soon as the annual funding cap has been reached , EMNRD can not settle for tax credit score purposes for that 12 months.
The New Photo voltaic Market Growth Tax Credit score Program presents as much as a ten% tax credit score on photo voltaic system set up prices for certified photo voltaic thermal and photovoltaic (PV) methods, as much as a most of $6,000.
Since its 2020 inception, greater than 12,000 New Mexico owners going photo voltaic have obtained tax credit averaging $3,081.00. EMNRD estimates these owners have saved a mean of $1,624.00 per 12 months in power prices whereas including a complete of 97 MW of distributed photo voltaic era to the state’s energy grid.
“This program not solely saves customers cash—each by means of the tax credit score and electrical energy prices — it additionally reduces New Mexico’s carbon footprint, transferring us nearer to our local weather targets,” Stair mentioned.
Particulars on the Photo voltaic Market Growth Tax Credit score, together with directions on easy methods to full and apply, can be found on the EMNRD web site.
Information merchandise from EMNRD
