Planning Now for the 2022 Sunset of Federal Solar Tax Rebate
HILLSBORO, N.M., Aug. 25, 2020 /PRNewswire/ -- Still more than a year and a half away, homeowners in New Mexico are already making plans to install solar power units on their homes by December 31, 2021. On that date, the Federal government's 26% tax credit for photovoltaic systems will expire, unless Congress acts to extend it. New Mexico Water & Electric (NMWE) is taking appointments for installations for 2021 already and encouraging residential homeowners to consider a solar energy system now.
"We've been taking calls all year," said Jon Miller, President of New Mexico Water and Electric. "Many homeowners think that the federal tax credit has already expired. It has dropped a bit since it was first created, but it's not set to fully expire until December 31 of next year. New Mexico homeowners can still take advantage of this massive tax credit."
Jon Miller added that while not every homeowner qualifies, it's worth investigating. NMWE offers free estimates, including verifying eligibility for federal, state, and local tax credits and energy reimbursements.
In many cases, homeowners will generate more electricity than they use, leading to actually making money from their photovoltaic systems.
Aside from needing to act promptly to ensure that they get the tax credit, Miller warned homeowners to beware of "fly by night" companies that will install solar energy systems then disappear.
"Every week, we get calls from someone who hired a new company to do their installation. These companies are coming, installing substandard systems poorly and then disappearing," Miller said.
"While the technology is fairly similar, an installation can include reinforcing the roof and drilling up to a few hundred holes. As a homeowner, you want to make sure that the people who do the work are there to call if there's a problem or simply a question."
Headlines over the last several years about companies scamming homeowners and getting them in contracts that forced them to buy extremely expensive electricity also points to the importance of buying a photovoltaic system from a local company. Some large national chains have been accused of writing illegal contracts to defraud homeowners looking to save money and the planet.
A licensed contractor of NMWE discussed this recently. "Working with people who shop at the same grocery store and whose kids go to the same schools means we're not going to scam you. After all, we're going to be here for a long time."
Jon Miller added that a local company will also be there to provide support, whereas big chains tend to pull up stakes as soon as the market has reached a certain saturation point.
The team at New Mexico Water & Electric is a part of the southern New Mexico region, having been here for years and calling the region home. We are the region's foremost solar energy system installation firm.
New Mexico Water & Electric is southern New Mexico's leading solar energy system installation company, providing installation and support to homeowners and businesses throughout the region. They also are full-service electrical contractors and install water wells. NMWE is the area's 'go to' company for all things solar, electrical, and water well related.
If you would like more information about this topic, please contact Jon Miller at (575)895-3306 or email at [email protected]
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SOURCE New Mexico Water & Electric