SANTA FE — Legislators are sending the governor legislation that would reinstate a tax credit intended to encourage the installation of solar panels on homes and small businesses.
The proposal, Senate Bill 29, would re-establish a tax credit for up to 10% of the cost of installing the system, with a limit of $6,000 per household. A similar credit expired in 2016.
It would cost New Mexico somewhere between $3.4 million to $7.5 million a year in tax revenue, legislative analysts said.
Rep. Matthew McQueen, D-Galisteo, said he hopes the bill will promote the use of renewable energy and reduce the reliance on coal and fossil fuels.
“I believe there is ample evidence,” he told his colleagues, “that the burning of fossil fuels is changing our climate to the our great detriment.”