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New Solar Market Development Income Tax Credit (NSMDTC)
New Mexico — state program10% tax credit, up to $6,000
New Mexico state tax credit for individuals, corporations, and agricultural enterprises that install a solar thermal or solar photovoltaic system on their property. Applicants receive a 10% tax credit, up to $6,000, and must submit an electronic application to EMNRD within one year of the taxable year of installation or until funds are exhausted.
Program details
- Type
- tax-credit
- Amount
- 10% tax credit, up to $6,000
- Eligibility
- A NM taxpayer who has purchased and installed a solar thermal or solar photovoltaic system on or after March 1, 2025, as long as the taxpayer is not a dependent of another individual. For federally recognized Indian nations, tribes, or pueblos, property held in leasehold also qualifies.
- Status
- open
- Administrator
- Energy, Minerals and Natural Resources Department (EMNRD)
Source: New Mexico — state program. Confirm current terms with the administering agency before applying.