Albuquerque, NM goes solar with SunPower®
Duke City is a great place for solar
The state of solar power in Albuquerque, NM
The future for solar power in New Mexico is bright. Between 2018 and 2019, the state saw a 1,300 percent increase in revenue for solar energy lease payments and $1 billion in potential revenue. The City of Albuquerque has been a state leader, redoubling its efforts to have 100 percent renewable energy by 2023.
Interest in solar energy has only grown with time, thanks to robust returns on investment. For instance, solar panels in Albuquerque take five and a half years to pay back on average. Additionally, homeowners in Albuquerque can save $8,000 over the 20-year life span of their solar panels, according to Project Sunroof.
How much solar power does Albuquerque, NM produce?
The demand for solar energy has steadily increased along with production. As of 2018, New Mexico can produce 792 MW. That figure represents a seismic leap forward considering that the state produced 256.6 MW in 2015 and only one MW a decade ago.
State-wide the number of jobs in solar power has gone up more than 50 percent. Currently, there are 137 manufacturers, developers, and installers in New Mexico. Albuquerque is at the front of the push with a local company, Affordable Solar, building three solar farms worth $45 million. Additionally, SolAero Technologies announced a $10 million expansion, which will add 100 jobs.
Today, 4.56 percent of the state’s electricity comes via solar generation and powers more than 200,000 homes. New Mexico has consistently shown an interest in renewable energies and has invested $1.8 billion in solar to date. As a result, prices are a third of what they were five years ago, and the industry projects to produce 1,761 MW from 2020 to 2024.
Is solar power generation feasible in Albuquerque, NM?
The short answer is yes. Albuquerque has an exceptional climate for solar. Residents and businesses receive an average of 280 sunny days a year compared to the national average of 205. It also has a UV Index, which measures a city's exposure to ultraviolet sunlight, of 6.3 compared to 4.3 for the rest of the United States.
Almost 80 percent of the day features unblocked skies. As a result, rooftops often see up to 14.5 hours of sunshine during exceptionally sunny months, like June and July. That number dips during the winter when the city is not as close to the sun.
What legal considerations affect solar power in Albuquerque, NM?
For most of the last decade, there was a 30 percent federal solar investment tax credit (ITC) for customers who purchase solar. While that offer expired on December 31, 2019, qualified customers can still get 26 percent credit in 2020 and 22 percent credit in 2021.*
New Mexico may add an additional tax credit, too, thanks to Senator Mimi Stewart. The New Mexico Solar Tax Credit would provide an income tax credit for a percent of residential and commercial solar installation costs until January 2029.
Residents in Albuquerque can also opt into net metering, which sends excess energy from the solar panels to the larger grid. The utility company then pays for that energy or credits the homeowner's account. Net metering is practically advantageous in the spring and fall when solar panels generate more power than the residents use.
- *. Tax credits subject to change. SunPower does not warrant, guarantee or otherwise advise its partners or customers about specific tax outcomes. Consult your tax advisor regarding the solar tax credit and how it applies to your specific circumstances. Please visit the dsireusa.org website for detailed solar policy information.
How can I start using solar in Albuquerque, NM?
Discover why countless people have helped make New Mexico a top 20 state for solar energy. Whether you are a homeowner, business or homebuilder, SunPower has services and products to suit your needs. Request a free savings estimate to get started and find out how much you can save with SunPower® solar.
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