Incentives
With a handful of Federal and State Incentives, it has never been more affordable to own a Solar PV system. Below are the incentives that you can take advantage of to maximize the return on investment over the lifetime of your system.
Ocotillo Solar Electric can provide you with a high quality installation, top-tier products and timely maintenance package, which are essential to achieving a lifetime of energy production. It also means that your investment can work hard for you in the years to come without the need to worry about it.
Please visit DSIRE to review all the New Mexico incentives that are available to you.
- 30% Federal Tax Credit
- 10% NM State Solar Tax Credit
- Net Metering
- NM Gross Receipt Tax Exemption
- MACRS - Accelerated Depreciation
- Property Tax Exemption for Residential Solar Systems
Financing
Here are a few options for financing your PV system:
Loans
Ocotillo Solar Electric offers Solar Loans through our our lending partners.
-$0 down
-Low APR with terms ranging from 5 - 20 years
-Re-amoritization feature
-No pre-payment penalties
Solar Loans can offer a number of benefits. Oftentimes, the amount of money you save by not paying your normal PNM bill is higher than the Solar Loan payment. Which means you can save $$ from Day 1.
Once the loan is paid off, all of the energy produced by your Solar PV system is now power you own! Finding a lender you can trust can be hard sometimes, work with us to get the financed product that will work within your goals and provide the service you deserve.
Cash
The cheapest method to get a Solar PV system is to purchase your PV system via a cash purchase. If you are able to acquire financing on your end through a HELOC or the tooth fairy, we will treat that as a cash purchase and offer you the lowest pricing available. Versus a Loan product, a Cash purchase will see positive cash flow from Day 1 and a typical ROI payback can be as low as 5-7 years. The savings you produce will be yours from the day the system is turned on. Get started before the Summer heat makes for high electricity bills!
Lease Agreement & Power Purchase Agreement
Educate yourself about the different types of agreements available when purchasing a solar system!
”The City of Albuquerque’s is committed to developing sustainable renewable energy resources. Home solar offers many benefits, but not all companies offer straightforward options… The Consumer Financial Protection Initiative is launching a public awareness campaign about unfair and deceptive solar panel marketing to Albuquerque homeowners. While going solar can be a win-win for saving money and protecting the environment, it’s important for residents to have all the details. “Thinking of Solar for Your Home?" provides information about the differences between a financed purchase, a leasing agreement, and a power purchase agreement. These agreements are not the same and some may put homeowners at risk of higher costs or disadvantageous contract provisions. For more information about the City’s efforts concerning solar panel awareness, click here.”