SANTA FE – Governor Michelle Lujan Grisham announced on Tuesday the introduction of Senate Bill 518 to reinstate a solar tax credit and more easily allow for home and business owners to take advantage of New Mexico’s solar energy potential.
Sponsored by Senator Mimi Stewart, SB 518 creates the new solar market development income tax credit for ten percent of solar installation costs in a residence, business or agricultural enterprise. New Mexico’s number of sunny days and higher elevation creates a unique environment for solar energy that will be more easily accessed by New Mexicans with this legislation. A previous solar tax credit that was allowed to expire in 2016 was associated with a 2,000 percent increase in residential solar installations alone between 2009 and 2014. SB 518 allows for a credit to be claimed beginning January 1, 2019, through January 1, 2029
“In a state that ranks second for solar potential nationwide, it’s crucial that New Mexicans have an easier path to installing solar on their own homes and businesses,”Gov. Lujan Grisham said. “This legislation will not only incentivize more sun-powered energy across the state, it will continue to drive this important and promising sector forward in New Mexico, boosting the renewable energy economy and creating more green-collar jobs in solar manufacturing and installation.”
“I’m thrilled that Governor Lujan Grisham is as concerned as I am about moving to renewable energy,” said Senator Mimi Stewart (D-17). “She’s already shown her leadership on the introduction of the Energy Transition Act (Senate Bill 489), and I’m so pleased that she’s also on board with my continued effort to reinstate our consumer solar development tax credit for homeowners, for small ag and for small business. I’m confident that her leadership will help move it across the finish line.”