Bill > HB296

This bill extends and modifies the Solar Market Development Tax Credit, which allows taxpayers to receive a credit for purchasing or leasing and installing new solar thermal or photovoltaic systems in their homes, businesses, or agricultural enterprises in New Mexico. Photovoltaic systems convert sunlight into electricity, while solar thermal systems convert sunlight into heat for heating or cooling. The credit is generally up to ten percent of the system's cost, with a maximum of $9,000 per system, and the total annual credits are capped at $2 million for solar thermal and $3 million for photovoltaic systems. Unused portions of the credit can be carried forward for up to ten years. The bill also clarifies that the credit does not apply to swimming pool or hot tub heating systems and has specific limitations for commercial or industrial photovoltaic systems, excluding those on farms or ranches not connected to the electric grid. The Energy, Minerals and Natural Resources Department is responsible for certifying eligible solar systems based on technical specifications, and this act applies to taxable years beginning on or after January 1, 2015.