2023 Solar Incentives Guide for Corrales, NM - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Corrales.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2023 and beyond)
  • Ways to optimize your solar investment

Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Corrales solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated September 15, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Corrales?

Property Tax Exemption for Residential Solar Systems

Incentive Type:
Property Tax Incentive
Approximately 100%

Solar Energy Gross Receipts Tax Deduction

Incentive Type:
Sales Tax Incentive
100% of gross receipts from sale and installation of solar energy systems, dark-colored water tanks, and non-vented trombe walls

Geothermal Heat Pump Tax Credit (Personal)

Incentive Type:
Personal Tax Credit

Geothermal Heat Pump Tax Credit (Corporate)

Incentive Type:
Corporate Tax Credit

PNM - Performance-Based Solar Program

Incentive Type:
Performance-Based Incentive
$0.0025/kWh

Local Option - Renewable Energy Financing District/Solar Energy Improvement Special Assessments

Incentive Type:
PACE Financing
Determined locally

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


The term "solar incentives" refers to a range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You might qualify for different types of incentives, including cash back, discounts or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of New Mexico and others from the federal government. You might qualify for any of the following types of solar incentives:

  • Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (This is different from a tax deduction.)
  • Tax Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar panels. Property tax exemptions allow you to exclude the added value of your solar system when you're calculating the amount of property tax you need to pay on your house.
  • Rebates: Your solar installer might help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also offer limited-time rebates at various times. Any rebates you receive will usually be deducted from your total price before any tax credits are calculated.
  • Net Metering: Make sure you speak to your Corrales utility company about signing a net metering contract. This will allow you to receive credit towards your utility bill every month for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Warranty Coverage

ADT Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Federal Solar Incentives

Federal solar incentives are likely the first thing that you think of when thinking about solar incentives. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to a certain percentage of the money you spend on your solar system.

The ITC can be applied to a solar system installed on your primary or secondary residence in the United States. The solar system must have been installed after January 1, 2006 on a property you own for you to be eligible for the credit. The ITC originally paid out 30% of all installation costs (panels, accessories, labor and equipment), although the amount has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the claim amount.

Contacting your local Corrales solar panel installer is the best way to understand how the ITC applies to you.

In August 2022, the ITC (now titled the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The Clean Energy Credit re-raises the credit up to 30% for solar installations undertaken between January 1, 2022 and December 31, 2032. After 2032, the credit percentage will see a slight decrease annually until the program expires in 2035. The expansion to the program also makes credits for energy storage systems even easier to claim, beginning in 2023.

Click here to learn more about the new Inflation Reduction Act. Your local Corrales solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it may apply to you.

State & Local Solar Incentives

Some solar incentives are often also provided at the state and local level. Similar to federal incentives, these might include rebates, tax credits and more. Some incentives are ongoing, while others may only be available for a limited time. Incentives may be offered by the New Mexico government, or by your county or municipality.

Next Steps for Installing Solar in Corrales

The large number of available solar incentives has helped tremendously increase the adoption of solar energy nationwide over the last 15 years. You can get solar incentives from your local utility company, the New Mexico government or the federal government. Reaching out to your local Corrales solar panel installation company is the best first step towards getting all the incentives you qualify for when you switch to solar energy.

EcoWatch's Corrales, NM Solar Incentives FAQs

Can I claim incentives for adding solar panels to a vacation home, rental property or commercial property?

While we recommend getting in touch with your local solar installer and/or tax professional to best understand what solar incentives apply to you, many apply to a second home, so long as that home is in the United States and owned by you. There may be additional incentives available specifically for commercial properties, depending on the details.

How can I learn if I qualify for different solar incentives?

In most cases, solar incentives apply to:

  1. a new solar system
  2. installed on property you own
  3. within the U.S.
  4. between the dates specified by a particular incentive.

Specific incentives, including those run by the New Mexico government or by your county/municipality, may have additional qualifications. Talk to your local Corrales solar installer to learn more about what incentives your project may qualify for.

What are the highest-rated solar panel installation companies near me?

To discover the best solar panel installation companies near you, read our article on the best solar companies in Corrales.

What are the environmental benefits of switching to solar energy?

You can reduce your carbon footprint by 500 pounds of CO2 annually when you install solar panels. This adds up to roughly 10,000 pounds over 20 years. In addition, solar power is a renewable energy source, meaning that switching your home over lessens the drain on our planet's resources.

Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?

Yes, you can receive both tax credits and rebates towards the cost of solar panels. Depending on which incentives you are eligible for, they may apply in a different order. Be sure to talk to your solar installer or a local tax professional to ensure that you are claiming incentives correctly and that you're getting the most money you can.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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