We can’t live without electricity. Our appliances make our lives more comfortable. Our refrigerators can preserve our food longer. Our air conditioner protects us from the harmful heat during the dry summer, and the list goes on.
With the electricity demands increasing every year, electricity costs will steadily increase in the future, and with the changes in the environment and non-renewable sources, who knows what energy consumption prices would look like in ten or twenty years. That is why solar panels might be a future-proof investment for your family.
Here’s why you should install solar panels for your home in New Mexico today.
New Mexico Solar Tax Credits
The government acknowledges the benefits of renewable energy. That is why the local state has new Mexico solar tax credits providing incentives for early adopters. You have to act fast because it would not last very long.
For 2019, the new Mexico solar tax credits amount to 30% dollar-for-dollar credit for eligible solar installations and equipment. And it reduces year by year until 0% in 2022. Here is the tax breakdown schedule for both residential and commercial:
- 2019: 30% tax credit (for both residential and commercial)
- 2020: 26% tax credit (for both residential and commercial)
- 2021: 22% tax credit (for both residential and commercial)
- 2022: 0% tax credit (for residential) and 10% tax credit (for commercial)
And it is easy to claim your tax credits. It may even reduce your tax obligations for this year significantly. Just follow this guide to claim it.
It Pays for Itself
If you invest in safe financial instruments like certificates of deposits and money market funds, solar panels are the right investment for you.
According to recent data, the average consumption per household in New Mexico is around 7280 kWh per year ($900 per year). That is about 610 kWh per month, which is estimated at 75$ (roughly 11.37cents/kWH).
What is good is that the cost of solar power has significantly dropped compared to before. If your consumption is in the average range, you need a 6 kWh solar panels to power your home. It costs around $13,711 after the New Mexico solar tax credits and zero gross-receipt tax.
Give or take, you will get at least 10-15% savings from your current bill.
Your Home Appreciates in Value
The gains don’t stop on your monthly bills. Installing solar panels will also increase the value of your home. According to a study by Berkely Lab, home buyers are willing to pay $15,000 premium for a house with an average size solar panel system. It is a worth-it addition to your portfolio.
Save the Environment
We only have one Earth in our lifetime. Aside from the financials, we owe it to ourselves to protect our planet. The continuous use of non-renewable sources like fossil fuels has detrimental effects on climate change. By using solar panels, we are contributing to solve this problem.
Check Your Usage
You can check your monthly electricity usage in the billing statement. Look for “Kilowatt Hours Used” to find a ballpark figure for your consumption. If you want exact prices, you can request a quote from reliable solar panel providers customized for your needs.
With that, enjoy the fruits of your new-found investment.