Estimated Savings for a Typical New Mexico Home
Based on a $150/month electric bill
System Size
6.1 kW
Gross Cost
$16,785
Federal Credit
-$5,035
State Incentive
-$6,000
Net Cost
$5,749
Annual Savings
$1,460
Payback Period
3.9 yrs
25-Year Savings
$44,121
CO₂ Offset/yr
10,494 lbs
New Mexico Solar Incentives
30%
Federal Investment Tax Credit (ITC)
Deduct 30% of your total solar installation cost from your federal taxes. Available through 2032 with no dollar cap.
$6,000
New Mexico State Incentive
New Mexico offers a 10% state tax credit up to $6,000.
Net Metering Policy: Full Retail
Top utility in New Mexico: Public Service NM. View full incentives detail →
Solar Costs by City in New Mexico
| City | Annual Savings | Payback (yrs) | Population ↓ | Utility |
|---|---|---|---|---|
| Albuquerque | $1,460 | 4.1 | 564,559 | Public Service NM |
| Las Cruces | $1,460 | 4.3 | 111,385 | El Paso Electric |
| Rio Rancho | $1,460 | 3.5 | 104,046 | Public Service NM |
| Santa Fe | $1,460 | 4 | 90,863 | Public Service NM |
| Roswell | $1,460 | 3.5 | 48,611 | Xcel Energy NM |
| Farmington | $1,460 | 3.4 | 45,877 | Public Service NM |
| Hobbs | $1,460 | 4.5 | 40,290 | Xcel Energy NM |
| Clovis | $1,460 | 4.9 | 39,859 | Xcel Energy NM |
| Alamogordo | $1,460 | 3.5 | 31,227 | El Paso Electric |
| Carlsbad | $1,460 | 2.8 | 29,613 | Xcel Energy NM |
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Quick Facts: New Mexico
- ⚡ Avg rate: $0.128/kWh
- 🌞 Peak sun: 6.4 hrs/day
- 🏭 Top utility: Public Service NM
- 📋 Net metering: Full Retail