New Mexico is the 47th state formed in the United States of America. It lies in the southwest region surrounded by land on all sides. Aptly nicknamed “The Land of Enchantment,” it has a vast land area of 121, 590 square miles, which is filled with breathtaking scenery, rich history, and art.
Well, it is mostly known for its deserts, but it certainly is more than that. It has recently launched a renewable energy project, which covers Solar New Mexico. It is not yet finalized, but still, how will it affect the state in general?
What is the Energy Transition Act?
With global warming and various climate problems right around the corner, New Mexico wanted to do their part. The turnaround year was 2019 as they are seeking to approve the Energy Transition Act. It is a bill that aims to increase the state’s renewable portfolio standard.
In good faith, New Mexico aspires to be a leader when it comes to implementing solar, wind, and geothermal energy. In turn, they can provide job opportunities to more people as more plants will be opened.
With this bill, it can double the renewable energy in the state by 2025 and produce 100% carbon-free electricity by 2045. The government is utilizing a new financial aid called securitization. It plans to close down coal plants by offering them lower interests, AAA-rated bonds in an attempt to get them shut.
The state still has a long way to go, but it certainly is a step to a better future. Currently, it is the 16th state with the highest number of solar installations. Solar New Mexico in 2019 produces enough power to give renewable energy to 205,000 homes.
Aside from solar panels, New Mexico is also taking steps in encouraging its residents to switch to electric vehicles, which will significantly lower carbon footprints. One of which is by offering a state-wide discount auto loan for new models of electric and fuel-efficient cars.
Underground HVAC system installation, putting solar panels on buildings to at least deliver 20% of the building’s total electricity, and the placing of new window glazing are a few initiatives already under process.
Benefits of Installing a Solar Energy Panel
Solar energy panels convert heat and photo energy from the sun, which turns into usable electricity for any building. On average 6000-watt lighting system can cost about $3.24 per watt, and about $13, 608 for installation. It might seem like a hefty amount for now, but it lowers everything in the long run far less than the average electric bill.
To maximize the efforts, the New Mexico government is also offering a federal solar tax credit. It is slashing about 30% of the total qualified system costs when homeowners install a photovoltaic solar system.
The state of New Mexico also provides a property tax exemption whenever homeowners install a renewable energy system like solar panels. They are not considered an enhancement to the property, hence, mitigating the increase of any property tax.
For beginners who do not know how much is enough when it comes to solar panels, try to request a solar quote from solar companies. Then, it would automatically compute how much everything costs depending on the size of your home.