New Mexico receives more than 300 days of sunshine in a year. This abundant source of solar energy is harnessed to provide electricity to more than 30,000 homes.
New Mexico is the third state in the U.S. to set up clean energy goals. The state has committed to achieving a 100% percent clean and renewable energy. It’s a sizable contribution to creating a greener and safer environment for generations to come.
Take note that eliminating pollutants like fossil fuels will begin by having an alternative source of electricity. If you’re thinking of living a greener life, reach out to Solar New Mexico companies, which provide top-notch solar panels for your home.
For the best results, opt for Solar New Mexico companies with solid experience to estimate your energy needs.
Keep in mind that solar panels differ in their energy output when they are performing in the world. You should consider all factors like the pitch of the roof, shady trees, angles, and weather patterns.
Likewise, take into account the benefits of adopting solar panels to make an informed decision about switching to solar energy. Read on and find out.
Sustainable Building Tax Credit and Property Tax Exemption
If you install solar panels as part of your efforts to maintain a sustainable building, the New Mexico state government will credit the same on your taxes.
However, your home needs to be certified by the U.S. Green Building Council for you to qualify.
The level of certification decides the value of your credit. You could get as much as $6.50 worth of credit per square foot.
Interestingly, solar panels are also exempted from property tax assessments and provide you with a Federal Tax Credit up to 30%.
Increased Value to Your Home
Real estate is a viable investment if managed well. Having solar panels installed in your home increases its value. According to a Berkeley Lab study, homebuyers have been consistently willing to pay more for homes with host-owned solar energy systems. On average, there is about $15,000 added value for a typical home solar energy system.
Property Tax Exemption
Even if the value of your home increases due to the installed solar energy systems, you need not worry about an increase in taxes. The added value due to the solar energy systems is exempted from property tax assessment.
Independence from Utility Companies
Every watt generated by the solar energy system is more economical than what is purchased from utility companies. Remember that key factors such as fuels, power plants, transmission and distribution systems, weather conditions, and regulations all influence the cost of electricity.
Making matters worse is that these energy companies often suffer outages, which could translate into lost productivity and money.
In 2017 alone, over 36.7 million people were affected by reported power outages. On the other hand, a solar panel provides a sustainable source of energy and prevents downtime at a lower cost.
Solar Panels Provide a Net-Metering System
The net-metering system is a process wherein homeowners can receive credit for any excess solar energy that they produce. This excess is put back onto the grid for others to use.
Also, the system allows homeowners to use their credit in case their system does not generate enough power.
Installing a solar energy system in your home is a win-win situation. Not only does the environment benefit from its sustainability, but the homeowner also saves a lot of money as well.
