SOLAR MARKET TAX CREDIT CHANGES

HB 211 increases tax credits for solar energy systems in New Mexico, primarily benefiting homeowners, businesses, and agricultural entities that install qualifying solar photovoltaic systems. It raises the credit rate to 20% (from 10%) for systems with at least 15 kilowatt-hours of storage capacity, allowing a maximum $12,000 credit per property annually - double the standard limit. The bill also creates a new corporate income tax credit for businesses installing solar systems, while maintaining an annual $30 million cap on total credits. These changes aim to incentivize larger-scale solar adoption by offering higher financial rewards for systems with storage capabilities.