The Advanced Energy Tax Credit allows owners of solar arrays to receive a credit in consideration for the qualified production of solar energy.
As of July 1, 2009, NMSA Sections 7-2-18.25 and 7-2A-25 provides a tax credit for the development and construction of qualified generation facilities (e.g., solar thermal electric plants and associated energy storage devices) are eligible for a 6% tax credit against New Mexico gross receipts, compensating, withholding taxes, or personal and corporate income taxes. Photovoltaic and geothermal electric generating facilities must produce at least 1 megawatt of energy to qualify for this incentive. The tax credit amount is capped at $60 million. This credit sunsets on December 31, 2017 in the absence of further legislative action.