Why The Solar Tax Credit Benefits New Mexicans

Why The Solar Tax Credit Benefits New Mexicans

With the many resources that New Mexico has to offer, it’s no surprise that sunshine is one of the most plentiful. Several New Mexican cities, like Albuquerque and Roswell, are among the sunniest in the nation with our neighbor in Texas, El Paso, being ranked as the six sunniest city in the country! Averaging at over 280 sunny days, the solar energy potential in the Southwest is nearly unmatched.

For the next year, the full 30% federal tax credit is available for both residential and commercial solar installations. This incentive makes it even easier for most homeowners to get solar panels installed for less than what they are paying in current utility costs. For homeowners, with a tax liability, the Federal Solar Investment Tax Credit (ITC) is currently a 30% dollar-for-dollar credit available for eligible solar installations and equipment.

So, what’s the catch? We’d love to say there isn’t one. But in the coming years, the residential tax credit available for solar projects will drop to 0%. In order to qualify for the full 30% tax credit, solar projects must be installed before the end of 2019. In 2020, the tax credit will decrease to 26% and in 2021, the credit will drop again to 22%. In 2022, the last year of the federal tax credit for residential solar installations, the tax credit will make a final drop to 10% before being extinguished completely.

While going solar will still make sense for New Mexicans after 2022, the financial benefits of going solar today are irrefutable. With the 30% federal ITC still available, electricity rates increasing each year and the cost of solar at an all-time low, the time to go solar is now.

Every homeowner that goes solar helps themselves, the New Mexican economy and the environment. In a state where solar energy is constantly falling from the sky, it makes sense to capitalize on the financial benefits that are available. The 30% tax credit* that is currently available makes it easier than ever for homeowners to do that, by going solar and taking control of their energy costs. Choose to go solar and choose to stay local, contact NM Solar Group today!

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NM Solar Group is a locally owned and homegrown solar company originally based out of Albuquerque, New Mexico. Founded by Ryan Wallace in 2015, NM Solar Group has helped over 500 homeowners own their own energy with solar. Since then they’ve opened a second office, in Alamogordo, and they are continuously expanding to better serve New Mexico and the surrounding communities. 
*We are not tax professionals. As such, we recommend consulting a tax representative to learn how the available tax credits could work for your financial circumstances.

NM Solar Group Becomes Employee Owned

NM Solar Group NM Solar Group   

I started NM Solar Group in 2015.   It had always been my dream to start a company.   I had been warned of all the risks and challenges, but they didn't scare me. In my heart, I knew I could do it.   

 As the son of entrepreneurial parents, I learned that the key to any successful business venture is hard work. Quite simply, I was taught that if you just kept the faith and kept working, eventually you’d get to the other side. So that was what I did.

 The first year of NM Solar Group was very easily the hardest year of my life to date.  As any prospective small business owner will tell you, being solely responsible for the success of your dream can be daunting.

Throughout the stresses of the first year, there were several months where I was sick to my stomach every single minute of every single day. It was during that time that I realized the true challenges of entrepreneurship. No one wanted to help with anything; prospective advertisers, software programmers, and other business owners took advantage of me. I had never felt so alone or frustrated.

 But I stuck to my dreams and to parents’ advice. I worked hard, I kept the faith and piece by piece, NM Solar Group came together. In year two, with the right people by my side, the business grew 500%. What a miracle.

 With growth, comes problems. As the demand for solar increased, the need for NM Solar group to expand was apparent so we migrated from our home base in Albuquerque and established a second location in Alamogordo. Initially, working in both Alamogordo and Albuquerque proved to be much more difficult than I could’ve imagined. However, thanks to the great people in Alamogordo, and their acceptance of us, the expansion paid off. We were able to bring our solar services to an entire community; they took care of us and we took care of them. Still, having so much growth and only having one me made it somewhat scary to be the sole owner of an LLC.

 NM Solar Group quickly became the largest residential solar installer in the state of New Mexico. Our success is primarily attributed to our fair pricing, honest dealings and customer focused values. With all of this evolution and activity, I wanted the culture to continue. I wanted the company to succeed. I wanted the employees who built the company to be rewarded for the hard work. But wanting it wasn’t enough and I knew I needed guidance in getting us to where we wanted to go.

 During my research, I explored many different options: business brokers, venture capitalists, partners or even franchising but still, nothing felt quite right. As a company, we had built such an amazing culture of honesty, hard work and trust. I had to protect it! And as I learned more about ESOP programs, I knew it was the right fit.

 By choosing the Employee Stock Option Plan (ESOP), the employees that have worked tirelessly to build this company become it's true owners. That’s right, I’ve sold NM Solar Group! But to the best buyers around: my employees. As an authentically employee-owned company, NM Solar Group will continue to service our clients and provide the best experience possible. Prior to organizing the ESOP, I worked hard to build the best executive team, the best project management teams and the best install crews possible. It was no easy feat and it was certainly not without hardships, but we did it. 

 So what changes? Giving each employee a vested individual interest in the company’s success guarantees that we will reach new heights in our achievements as a team. It means that every screw on every system will be fastened by an owner of the company. Every service call placed to an NM Solar Group employee will be placed to an owner of the company. The person sweeping the floor in the warehouse? You guessed it. An owner. The successes and challenges of the business will be shared by every employee at NM Solar Group which means our team really, truly cares.

 NM Solar Group’s mission is to do as much solar as possible, the right way. I fully believe in our mission, more so every day. Over the past few years, the solar coaster has been more intense than I could’ve imagined but I am looking forward to continuing to lead the company, now as an employee. In doing so, NM Solar Group will continue to lead the industry and personally, I hope to continue to bring solar to home and business owners throughout New Mexico.

 NM Solar Group, a local and employee-owned company, would love to bring solar to your home and into your community. We are, without a doubt, the best solar provider for New Mexicans. We’re helping homeowners, we’re growing and we sure aren’t done yet. 

--- Ryan Wallace, Founder of NM Solar Group

Make your Solar Work Harder for you

Creating an Energy Efficient Home will Make Solar Work Harder for You

Now is the season for spring cleaning. Allowing your doors to open up and let the fresh air in while saying goodbye to the winter clutter and grime. Something to also consider when pursuing all of your spring todo lists is to ensure your home is as energy efficient as possible. Whether you have a solar PV system or not, we all want to be sure we aren't wasting energy, when we could easily adjust a few things to save energy, and money.

Below is a list of simple projects you can do around your home to make your solar work harder for you. This is also something you want to do before getting solar, to ensure you are getting the most out of your future investment.

Energy Efficient Lighting

We're fortunate to have long summer days, and don't seem to have to turn the lights on as often as we do in the winter months. This doesn't mean we shouldn't evaluate where our lighting is coming from. When was the last time you changed out the lightbulbs in your home? If the answer to that question is more than five years, that means you could be wasting a lot of money every time you turn on the lights. According to energy.gov "By replacing your home's five most frequently used light fixtures or bulbs with models that have earned the ENERGY STAR, you can save $75 each year." If you have a solar PV system, this means you could be putting more credits away with net metering for the winter months.

Daily Life

Running the AC all day can be costing you an absorbent amount of money, as well as wasting energy. Installing a programmable thermostat like the ecobee will allow you to program when you will be home, adjust the temperature depending on the hours of the day you need it cooler, or maybe don't mind an extra degree or two. They are also room sensors available, that can monitor when you enter and leave a room, and adjust the temperature accordingly.

Another way we use energy every day is by running our household appliances. We understand that replacing appliances is not always an immediate cost saving, and is sometimes more of a long-term investment. However, if your family needs new appliances, its best to chose energy star appliances. This will ensure energy savings, which will save money over time.  (Click here for the Energy Star website)


Seal Up Cracks

Taking the time to walk through your home checking each window and door for air leaks, is a fast and cost effective way to save energy. Take a tissue to each window and door, if the tissue is drawn towards the crack, seal it up with some foam or rubber weatherstrip tape. You can find this tape at your local hardware store, and is a low cost way to save energy, and money, by avoiding "cooling" the outdoors.



Here at NM Solar Group, we care about each family we come in contact with. We want to be sure every system we install works the best it can. If you have questions about how you can be more energy efficient, don't hesitate to reach out to us.



Click the link below to find the available rebates for New Mexico residents for switching to renewable products:

Available Rebates in New Mexico



NM Solar Group Supports AVER

NM Solar Group for American Veterans for Equal Rights (AVER)

This past weekend we had the pleasure to be invited to a local Albuquerque AVER meeting. AVER stands for American Veterans for Equal Rights. We were greeted with a potluck and some very generous hosts. The group has members who have served in Valley Forge to Baghdad, not to mention the very well behaved dogs who seem to be very comfortable supporting their owners through life as a veteran. Getting support as a GLBT vet has not always been something they have had access to, but the creation of AVER has changed the lives of many, by creating a community.

Military Discount for Solar

We were honored to present our company to them, and speak about why solar is something everyone who owns a home should be considering. NM Solar Group always offers a veterans discount, but during the months of April and May if a member of AVER signs up for solar with us we will donate to the New Mexico AVER branch. Penn Baker, the president of the board found us by doing some extensive research on solar companies in the area. Penn was happy to show us the chart that was made with all the information from each company. We were happy to win Penn's business, mainly due to our low costs, high reviews, 25-year guarantee, and Penn was most excited that we offer American made solar panels.

If you are a member of AVER and are interested in solar click here. For the referrer mention Penn Baker or AVER

Advantages and Disadvantages of Solar Energy

NM Solar Group is a homegrown Albuquerque solar company passionate about solar energy and we believe it is the answer to many of today's environmental problems. There is increasing awareness of solar power as an alternative to the dirty and expensive power from PNM. New Mexico is ideal for solar so many folks are seeing their friends and neighbors embrace it for themselves. Many clients we speak to ask us what exactly are the advantages of solar energy?

Solar Power Advantages

I previously wrote about my perspective on why solar is the right choice for my family in terms of solar environmentalism, solar economics, and solar energy independence.

Solar power is a clean and sustainable alternative to traditional fossil fuels like coal and natural gas. 

Prices have come down over the years significantly to the point that most people see lower electric bills almost immediately. Once a solar system is paid off (typically within 15 years) the only cost a homeowner generally pays for the remainder of the 25-40 year life of their solar system is their connection fee (currently around $7). The amount saved can be enormous!

Solar also provides energy independence by freeing you from the grasp of greedy corporate power companies like PNM who prioritizes profits over people.

Long story short, solar power will give you and your family a cleaner, cheaper alternative to PNM and provide energy independence. 

Solar Power Disadvantages

Folks often like the benefits of going solar, but they want to know if there is a catch. Is it too good to be true? Short answer- there is no catch.

The only caveat with solar is the requirement for the sun to be out for the solar panels to produce electricity. A great aspect of solar power in Albuquerque and New Mexico is Net Metering. Net Metering allows you to send excess power produced during the day back to the grid and you get credited by PNM. At night, you pull power back from the grid and use those built up credits. In essence, PNM acts like a battery for your solar system. The transition from solar to grid power is seamless with no interruptions in service when the sun goes down.

Solar power offers homeowners many benefits with no real downsides. If you would like to learn more, please call us at 505-415-6172 or Click Here to schedule a free consultation. NM Solar Group is here to help!