Senate Bill 29, the Solar Market Development Income Tax Credit Bill, passed the House on Wednesday with bipartisan support by a vote of 51-19. Sponsored by Senator Mimi Stewart and Representative Matthew McQueen, SB 29 aims to make solar systems more accessible for New Mexico residents and business owners. Gov. Michelle Lujan Grisham issued the following statement:
“By reinstating the solar tax credit, we’re making sure New Mexicans have an easier path to installing solar on their homes and businesses. This not only saves consumers money but reduces our carbon footprint, moving New Mexico closer to our absolutely essential climate goals. I applaud the Legislature for supporting this bill to expand renewable energy jobs in New Mexico.”
Installing solar panels helps reduce emissions in the electricity sector and saves money over time by cutting electricity bills. Senate Bill 29 provides a 10 percent tax credit toward the purchase of a solar system for homes and businesses with a $6,000 cap per taxpayer per year.
The bill, which passed the Senate by a bipartisan vote of 33-6, now heads to the governor’s desk for signature.