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

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

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 Roswell solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 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 Roswell?

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

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/


Solar incentives mitigate the cost of installing a solar panel system on your home. This category of financial incentives is intended to encourage more Americans to convert their home partially or fully to renewable energy. You may qualify for different types of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the New Mexico government and others from the federal government. Some solar incentives you might qualify for are:

  • Net Metering: You can sign a net metering agreement with your Roswell utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then subtract this value from your monthly utility bill.
  • Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually be deducted from the total price before tax credits are calculated.
  • Tax Credits: Tax credits decrease, dollar-for-dollar, the amount of income tax you owe the government. Tax credits are different from tax deductions.
  • Tax Exemptions: Sales tax exemptions go into effect at the point of sale for your solar system. Property tax exemptions allow you to ignore the added value of your solar system when you're calculating how much property tax you need to pay on your house.

Federal Solar Incentives

Federal solar incentives are likely to be the first thing that you think of when you think about solar incentives. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a specified percentage of your solar system's cost.

The ITC applies to solar panels installed after January 1, 2006 on a primary or secondary residence in the United States that you own. The credit initially covered 30% of the total cost — for panels, accessories, labor and equipment — although it may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the amount you can claim.

Have questions about how the ITC applies to your specific situation? Reach out to your local Roswell solar panel installer to get more information.

The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. For solar system installations that begin after January 1, 2022 and are completed by the end of 2032, homeowners can receive a credit for 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit ends in 2035. Beginning in 2023, it will also be easier to obtain credits for energy storage systems under the new laws.

Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit applies to you is to get in touch with your local Roswell solar panel company.

State & Local Solar Incentives

Not all solar incentives are federal; tax credits, rebates and more are often offered at the state and local level. These incentives — which may be given by your county or municipality, or by the state of New Mexico — may be offered for only a limited time, or on an ongoing basis.

Next Steps for Installing Solar in Roswell

There are a number of different solar incentives: those given by local utility companies, those given by the federal government and those given by the New Mexico government, to name a few. Solar energy utilization has increased tremendously in the last 15 years, partially thanks to these incentives. Your local Roswell solar panel installer can help you learn more about which incentives you should apply for, and get you feeling good about making the change to renewable energy today.

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 Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

Best Warranty Coverage

Sunpro Solar

★★★★★
4.0

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

EcoWatch's Roswell, NM Solar Incentives FAQs

What if I add a solar system to a vacation home, rental property or commercial property? Will I still qualify for incentives?

Many solar incentives are intended to apply to a property you own that is located within the United States, and most secondary residences will fall under this distinction. There may be other solar incentives available for commercial properties, depending on the details. We recommend speaking with your local solar installer and/or tax professional to best understand what incentives will apply to your specific situation.

Who installs solar panels near me?

To find the best solar panel installers near you, read our article on the top solar companies in Roswell.

How long until the federal solar tax credit ends?

The Clean Energy Credit (previously called the federal solar tax credit, or ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.

I want to switch my appliances out for ones that are more energy-efficient. Are there any credits I can apply for?

With the passage of the new Inflation Reduction Act, there are several new financial incentives for making eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.

Can I use both solar and another type of renewable energy to power my home?

You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Make sure you discuss your ideas with your local Roswell solar installation expert. They can help you as you plan for your project and give you an understanding of various incentives that you may or may not qualify for.

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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