Bill > HB70

This bill extends the solar market development tax credit, which allows individuals and small businesses to receive a tax credit for installing solar thermal systems (which convert sunlight into heat for heating or hot water) or photovoltaic systems (which convert sunlight into electricity) in their homes, businesses, or agricultural enterprises in New Mexico. The credit is generally up to ten percent of the purchase and installation costs, with a maximum of $9,000 per system. The bill specifically amends the existing law to push the deadline for purchasing and installing these systems to December 31, 2020, from the previous deadline of December 31, 2016. The bill also maintains existing limitations, such as excluding solar heating for swimming pools or hot tubs, and specific restrictions on commercial or industrial photovoltaic systems unless they are on farms or ranches not connected to the utility grid. Annual aggregate limits for the tax credits remain in place, with $2 million for solar thermal systems and $3 million for photovoltaic systems. Unused portions of the credit can be carried forward for up to ten years. The bill also references the requirement for the energy, minerals and natural resources department to certify these solar systems.