For homeowners in Albuquerque, installing a solar panel system is a big financial decision. But, a solar panel system is an excellent investment in your future financial health, as well as the health of the planet! When you consider the many benefits of owning a sun-powered home, you’ll see that it’s a smart choice, financially and otherwise. Here, we’ll discuss three key reasons why solar panels are a smart investment for Albuquerque homeowners: solar incentives, energy savings, and environmental benefits.
Numerous incentives are available for Albuquerque homeowners who invest in solar panels. In fact, the incentives for solar panel owners in New Mexico are among the best in the nation!
New Mexico Net Metering
The net metering policy in New Mexico is one of the most significant incentives for solar panel owners in the state. With this policy, those with solar panel systems are credited for any extra electricity produced by the solar panels. These credits can be redeemed when your home needs more power, such as overnight or during an overcast day. With net metering, Albuquerque homeowners can continue to save money on energy, even when their solar panels aren’t actively gathering power from the sun.
New Mexico Tax Credit
If you invest in solar panel installation for your Albuquerque home, you can enjoy a tax credit from the New Mexico state government. This credit applies if your solar panel system is installed as a component of your home’s sustainable building efforts. You’ll need to have your home certified as sustainable by the U.S. Green Building Council to qualify for this tax credit. The value of the credit also fluctuates based on your home’s certification level. But, if you qualify, you can save a large chunk of money on your New Mexico state taxes.
Federal Solar Tax Credit
One major financial incentive for solar panel owners across the United States is the federal solar tax credit. This tax credit is awarded to people in the United States who own a solar panel system. With the credit, more than 20% of the cost of installation for your solar panel system can be deducted from your federal taxes. This typically totals thousands of dollars of money back into homeowners’ pockets. Plus, if your tax liability isn’t high enough to qualify you for the federal solar tax credit, you can roll the leftover credits to future years.
The Financial Benefit of Energy Independence
When you invest in solar panels for your home, you’re also investing in your future energy independence. As the owner of an energy independent home, you won’t have to purchase any energy from the big utility companies. The power that your home needs will be produced right on your own roof with your solar panel system. The capacity to produce free energy from the sun will eliminate energy from your monthly home expenses, opening up room in your budget for your own use.
While energy independence may seem like a far-off goal, it’s closer than you might think. Most solar panel systems pay for themselves within seven to ten years. Then, for the duration of your solar panel system’s lifespan, your home will produce its own energy – no utility company required.
Investing in The Planet
We all call this planet home. By caring for the planet’s wellbeing, we can all also continue to benefit from the many gifts that it gives us.
The Detriment of Non-Renewable Energy
Conventional energy sources for homes and businesses, namely electricity and natural gas, have a negative, lasting impact on the environment. These nonrenewable energy sources create pollution, which poses a host of threats to the environment. Pollution can render water undrinkable and soil unusable. It can destroy plants and landscapes, as well as kill off wildlife. If we continue to create as much pollution as we do now, the planet will likely become unlivable for the generations to come.
An investment in solar panels is an investment in the future of our planet. As a clean, renewable energy source, the sun can power your home without impacting the environment or contributing to pollution. With the sun as your home’s energy source, you can feel better about the mark you’re leaving on the Earth.