| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | New Mexico |
| Incentive Type: | Sales Tax Incentive |
| Web Site: | http://www.emnrd.state.nm.us/ecmd/CleanEnergyTaxIncentives/SolarGrossReceiptsExemption.html |
| Administrator: | New Mexico Energy, Minerals and Natural Resources Department |
| Start Date: | 07/01/2007 |
| Eligible Renewable/Other Technologies: | Solar - Passive, Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Solar Photovoltaics |
| Name: | N.M. Stat. § 7-9-112 |
| Date Enacted: | 04/03/2007 |
| Effective Date: | 07/01/2007 |
| Name: | NMAC 3.2.247 |
New Mexico has a gross receipts tax structure for businesses instead of a sales tax. Businesses are taxed on the gross amount of their business receipts each year before expenses are deducted. Revenue generated by the sale and installation of solar systems used to provide space heat, hot water, or electricity to the property on which it is installed may be deducted from gross receipts before the gross receipts tax is calculated. Dark-colored water tanks exposed to sunlight, including all equipment necessary for the installation and operation of the water tank as a part of the overall water system of the property, as well as a non-vented trombe wall, including all equipment necessary for the installation and operation of the trombe wall, are also eligible for this tax deduction.
The seller must have a signed copy of Form RPD-41341 to claim the deduction or other evidence acceptable to EMNRD that the service or equipment was purchased for the sole use of the sale and installation of a qualified energy system.
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A solar PV system is custom-designed for your home. Final solar system price may vary based on your location, monthly utility bill, government incentives and rebates, the condition of your home, and local installation prices. Solar PV system output and estimated savings are calculated based on several factors including product type, system production, geography, weather, shade, electricity use, full utilization of the 30% solar investment tax credit, and utility rate structures and rate increases. Savings on your total electricity costs are not guaranteed. Financing options and terms vary by location, and may not be available in all areas. Solar QC is neither the lender nor the project installer. Solar QC License# 1130591
