Fund for New Mexico credit for solar power systems in 2023 nearly depleted – KRQE News 13

NEW MEXICO (KRQE) – State energy officials say the fund offering solar tax credits is running out of money. The state is allowed to issue up to $12 million in tax credits to encourage people to install a solar power system last year. The qualify, the system has to have passed inspection between January and December of last year.

However, the Energy, Minerals, and Natural Resources Department says that the fund is down to its last million dollars. They are now urging residents who haven’t applied to do so quickly so they don’t miss out. Applications are evaluated on a first-come, first-serve basis. The department says when the program began in 2020 more than 12,000 people have participated.

The New Solar Market Development Tax Credit Program offers up to a ten percent tax credit costs up to a maximum of $6,000. Details on how to apply for the credit can be found on the EMNRD’s website.

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