Solar is more affordable than you might think.
With New Mexico's solar incentives, owning a Solar PV system is more affordable than you might think. Below are the incentives that you can take advantage of to maximize the return on investment over the lifetime of your system.
Incentives
Ocotillo Solar Electric can provide you with a high quality installation, top-tier products and timely maintenance package, which are essential to achieving a lifetime of energy production. It also means that your investment can work hard for you in the years to come without the need to worry about it.
Please visit DSIRE to review all the New Mexico incentives that are available to you.
- 10% NM State Solar Tax Credit (up to $6,000, for systems installed 2025 through 2031)
- Net Metering
- NM Gross Receipts Tax Exemption
- MACRS - Accelerated Depreciation
- Property Tax Exemption for Residential Solar Systems
Slide to see what 10% looks like
Example only. The credit is 10% of the system cost, up to $6,000 per taxpayer, for systems installed 2025 through 2031. Credits are approved first come, first served under the state's annual cap. Source: NM EMNRD.
Financing
Here are a few options for financing your PV system:
Loans
Ocotillo Solar Electric offers Solar Loans through our lending partners.
- Low APR with terms ranging from 5 - 20 years
- Re-amortization feature
- No pre-payment penalties
Solar Loans can offer a number of benefits. Oftentimes, the amount of money you save by not paying your normal PNM bill is higher than the Solar Loan payment. Which means you can save $$ from Day 1.
Once the loan is paid off, all of the energy produced by your Solar PV system is now power you own! Finding a lender you can trust can be hard sometimes, work with us to get the financed product that will work within your goals and provide the service you deserve.
Cash
The cheapest method to get a Solar PV system is to purchase your PV system via a cash purchase. If you are able to acquire financing on your end through a HELOC or the tooth fairy, we will treat that as a cash purchase and offer you the lowest pricing available. Versus a Loan product, a Cash purchase will see positive cash flow from Day 1 and a typical ROI payback can be as low as 5-7 years. The savings you produce will be yours from the day the system is turned on. Get started before the Summer heat makes for high electricity bills!
Lease Agreement & Power Purchase Agreement
Educate yourself about the different types of agreements available when purchasing a solar system!
| Compare | Own (cash or loan) | Lease | Power Purchase Agreement |
|---|---|---|---|
| Who owns it | You own the system. With a loan, the lender may hold a security interest until it is paid off. | The solar company owns the equipment, like renting. The contract may include an option to buy. | The solar company owns the system. You buy the electricity it produces. |
| What you pay | Pay outright, or finance over time like a car loan or mortgage. | Fixed monthly payments for years, which may rise regardless of the cost of electricity. | A rate for all the energy the system produces, which may increase over time, plus your utility bill. |
| Tax credits | You may qualify for state or federal credits and incentives. | The solar company receives the credits and incentives, not you. | The solar company receives the credits and incentives, not you. |
| Selling your home | The system may add value and can transfer with the house if the sales contract includes it. | The buyer may need to take over the lease, or you may need to buy it out. | The buyer may need to take over the agreement, and a notice may be filed against the title. |
Source: City of Albuquerque Office of Consumer Protection, “Thinking of Solar for Your Home?” Read the City’s guide. General information, not legal advice.
See what solar looks like on your home.
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