Located in the southwestern US, New Mexico is one of the most expansive states in the country, with a total area of almost 122,000 square miles. Given New Mexico’s diverse culture, low cost of living, access to a quiet life, and the excitement of urban areas, it isn’t surprising that millions choose to reside here. If you are a resident, you know that the Land of Enchantment with its warm sunny days and incredible sunsets makes living more incredible.
As you enjoy sunny weather all-year-round, why not take advantage of the sun by going solar in New Mexico? More and more households in the state are relying on solar energy, and it is time for you to do the same. If you are yet to make up your mind, here are reasons to convince you that going solar is the best decision you can make for your family and the environment.
Tax Incentives, Credits, and Rebates
Without a doubt, New Mexico is one of the best states to live for any homeowner who wants to go solar. For one, you can enjoy federal Solar Investment Tax Credit (ITC) that is equivalent to 26 percent of the total cost you invest in your solar equipment, in case the construction started in 2019 or 2020. Note that you can also enjoy this benefit if you move into a new home with its own solar panels.
Apart from federal incentives, the state of New Mexico offers tax credits if you go solar. You just need to have your home certified by the U.S. Green Building Council. The credit amount will depend on your level of certification.
The Land of Enchantment also implements a net metering policy, wherein you can receive credit for any additional power produced by your solar panels. You can then use this credit whenever you need extra power.
Return on Investment
Adding solar panels in your home is not an expense but a wise investment. You can earn as much as 30 percent of your total solar purchase yearly. As such, you can pay off your entire solar power system’s cost in just a couple of years.
The remarkable thing about using solar energy is that you get a solid return on investment for as long as your solar panel works, which is at least 25 years.
Protection from High Electricity Costs
Perhaps the most obvious benefit of installing solar panels is protection against the steadily increasing cost of electricity. Did you know that power rates rose to an average of three percent every year in the past decade? When you invest in solar electricity today, you can be assured that you will not suffer the cost of an unpredictable rise in energy rates in the years to come.
Increase in Property Value
Another reason why you should install a solar panel in your home is to increase its market value. Numerous studies show that solar-equipped homes are valued up to 4 percent higher than non-solar residential properties. Imagine, apart from electricity-saving, you can also recover the cost of your solar power system when you put your house on sale.
The reasons mentioned above are just some of the top benefits you can experience if you choose to go solar in New Mexico. Imagine enjoying financial rewards for many years while significantly contributing to saving the planet. Do not let the sun’s energy in your area go to waste by installing solar panels today.