Top 3 Benefits of Solar Panels for New Mexico Residents
The solar industry is growing at a rapid rate. It is projected to grow to 48% of the total U.S. renewable generation by 2050¹!
Our customers see the many benefits of solar, but the top 3 reasons our customers go solar are to save money, help the environment, and increase their property value. Let’s take a deeper look at why these are the top reasons to go solar.
#1 Reason: Solar Saves Money by Eliminating Their Power Bill
We hear our customers say over and over again that they want to control their energy costs. Your electricity bill is one of the few bills that don’t control, with monthly costs varying throughout the year and subject to rate increases year after year.
When you go solar, you basically trade your power bill for a solar loan payment. The loan is set at a fixed interest rate and doesn’t fluctuate every month-plus the bill is typically the same or lower than your normal bill. Once you pay off the loan, you OWN the system and eliminate your power bill.
No more renting electricity! For the life of your home, you won’t have a power bill anymore, except for a small fee to stay on the grid.
#2 Reason: Solar Helps the Environment
As we see more and more natural disasters and plastics polluting the oceans, it’s natural to want to do something to help the environment. One great way to decrease greenhouse gases is to convert to clean, green energy.
By harnessing the power of the sun, you eliminate the use of finite resources such as coal, and draw from the consistency of the sun to “Power Your Lifestyle”.
Here is an example of what a 16kW system is doing for the environment in 1 year:
#3 Reason: Solar Increase Their Property Value
Not only will you SAVE money by eliminating your power bill, but you’ll also MAKE money by increasing your property’s value without paying extra on your property taxes. Isn’t that nice?
On average, a home with solar will sell for 4.1% more than a similar home without solar. This translates to about $8,200 added to a home valued at $200,000².
To go more in-depth about increasing your property value with solar, click here.
Bonus #1- Current Tax Incentives are AMAZING right now
One of the many reasons our customers are going solar right now is because of the current tax benefits being provided by the federal and state:
- 26% Federal Tax Credit on solar systems installed by 12/31/21
- In 2022 the Federal Tax Credit will lower to 22% and be gone after 12/31/22 for residential systems
- 10% State Tax Credit on solar systems installed through 12/31/27
- $0 State Sales Tax added to solar systems purchased in New Mexico
- $0 State Property Taxes added to solar systems, even though they increase your property’s value.
To maximize your savings, consider going solar before 2021 is over. Just remember, your solar system will need to be installed before the end of the year to qualify for tax credits of the year you’re applying it towards.
Bonus #2- Industry Warranties Are Top-Notch
The warranties for solar are the best the industry has ever seen. The LG panels that we recommend will give customers a triple 25-year warranty:
- 25-Year Product Warranty: this protects the actual solar panel and any defects that may be present. However, LG tests every panel to ensure it will perform well in real-world circumstances.
- 25-Year Performance Warranty: this protects the rate of degradation of the module, which is about .3% each year. So after 25 years, your LG panels will work at minimum of 90.8% efficiency! Compare that to a study done on the lifespan of solar panels, that says after 15-20 years solar will work at 80% efficiency³.
- 25-Year Labor Warranty: If you have panels that repair or replace, LG will cover the cost of labor for up to $450.
#3 Reason: Protection Against Rising Rates
Now that solar is installed for your home, you’re able to enjoy NO rate increases, which would have cost you hundreds of thousands of dollars over the course of your home’s lifespan. Check out how rates have increased over time, and are still on the rise.
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Are you considering going solar? What reason to go solar stands out to you?
If you would like to talk with one of our Solar Advisors, click below to get started.