This is an income tax credit given to an individual who purchases and installs a solar thermal or photovoltaic system in a residence, business, or agricultural enterprise in New Mexico. This income tax credit may not exceed $6,000 per taxpayer per taxable year. There is a cap on the aggregate number of credits that may be received such that no more than $12,000,000 in credits can be used in a given taxable year. Eligible systems have to be certified by the New Mexico Energy, Minerals, and Natural Resources Department. The taxpayer must apply for the credit within 1 year of installation. This credit is available through 2031.
