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New Mexico lawmakers consider reviving solar tax credit

SANTA FE, N.M. — A panel of New Mexico state lawmakers is endorsing the reinstatement of state tax credits toward the purchase of rooftop solar energy systems.

A Senate committee on Thursday recommended approval of a 10 percent tax credit against the cost of solar energy systems for homeowners, small businesses and farms. Credits would be capped at $9,000 per business and $4,000 per residence.

Democratic state Sen. Mimi Stewart is sponsoring the bill. New Mexico’s previous solar tax credit system expired in 2016. The new credit would gradually decline from 10 percent of costs to 6 percent over a 15-year period.

A separate proposal to provide a tax credit for energy storage systems at homes or businesses has been put on hold and is unlikely to advance this year.