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Rio Rancho is the largest city located in Sandoval County, which is part of Albuquerque in New Mexico. It has an estimated population of about 100,000 as of 2019. The city is also very dry, receiving only eight inches of rain per year. The climate makes it a fertile ground to harness solar power to energize homes and businesses.
There are plenty of contractors specializing in solar panel installation in Rio Rancho, NM, and they have financial programs to make renewable energy more accessible to residents.
Tax Credits for New Mexico
Tax credits will allow you to deduct from your income tax by calculating the cost of your solar panel. Typically, the owner will shoulder all the costs of installation.
Senate Bill 29, authored by Sen. Mimi Stewart and co-sponsored by Rep. Matthew McQueen of Albuquerque, has advanced in the Senate. After passing the Committee on Corporations and Transportation, the proposed legislation was endorsed to the Finance Committee in the Senate for deliberation.
Once it becomes law, it will effectively allow households and businesses in New Mexico to credit 10% of the cost of installation against their income tax for that year. However, the proposal places a ceiling of $6,000 in incentives for each application. The total incentive for the year also maxes out at $10 million. Nevertheless, the tax credit is 10% of the total cost of your investment.
However, you can now get a 26% tax credit through the Federal Solar Investment Tax Credit. The bad news is that the program is tapering off until the credits whittle down to zero in 2023.
How Long to Install Solar Panels
The solar panel installation in Rio Rancho, NM, is pretty straightforward. When you call the contractor for an estimate, they will visit your location for an ocular inspection. They will then provide you with a quotation after obtaining a copy of your recent electricity bill.
The consultant will then provide you with several options, based on the results of their site assessment. They will take into consideration your usage rate, the design of your home, roof space, and other factors to determine the ideal solar power unit for you.
You can also ask about financial packages, such as install now, pay later arrangements. Do not be afraid to ask questions from the consultants to quell all your doubts and address your nagging concerns.
The entire installation process will only take from one to three days, depending on the total footprint of the building. It is not disruptive, which means you can go about your business while the contractors install the panels on the roof.
The solar panel will then be connected to the grid. It allows you to receive credits when you sell excess electricity to your utility company.
With all the incentives and the financial programs, it is now more affordable to install a solar panel on your home or business. What most people are not aware of is that solar energy costs almost the same as what you are paying your utility company now. However, you can enjoy fixed electricity rates monthly, which makes it easier to rationalize your budget in the years to come.