Update on the Solar Tax Credit

From the Energy, Minerals and Natural Resources Department

We are pleased to inform you that Governor Michelle Lujan Grisham has signed House Bill 252, an update to New Mexico’s tax laws, into law. This new law makes $20 million in supplemental New Solar Market Development tax credits available to individuals.

New Mexicans who applied for a New Solar Market Development Tax Credit in either the 2020, 2021, 2022, or 2023 tax years, and had their application rejected because the statutory cap on credits had already been allocated for those years, can soon reapply.

To receive this supplemental credit, they will have to apply again. The Energy Minerals and Natural Resources Department (EMNRD) is currently updating its rules and finalizing the application process for these supplemental tax credits and hopes to begin accepting applications in June 2024.

For more information, please see the frequently asked questions (FAQ) section of the EMNRD website. For updates on this program and others, you can also check the Energy Conservation and Management Division (ECMD) website or sign up for the ECMD newsletter. EMNRD will also help make public announcements via news outlets and other media.

Update on the Solar Tax Credit