Commentary: Santa Fe, NM –Senator Mimi Stewart (D-17-Bernalillo) pre-filed a bill for introduction in the upcoming 2016 Session to extend the residential, commercial, and agricultural tax credit for solar installations. The ten percent tax credit for a solar installation is set to expire at the end of 2016. This bill extends the tax credit through 2024.
“This is a jobs bill. There are more than 90 solar businesses in New Mexico employing thousands of people across the state. These jobs are homegrown and cannot be outsourced,” said Sen. Mimi Stewart. “Subsequently, improving air quality reduces the number of children’s asthma attacks. We need to continue supporting the solar industry that provides jobs, protects our environment, and improves public health.”
From 2012 to 2014, the number of jobs in the solar industry in New Mexico grew 45 percent, employing 1,600 people by the end of last year.
This tax credit helps more New Mexicans take advantage of a pollution-free energy source that lowers their energy bill and also creates jobs. New Mexico was ranked in the top ten states for renewable energy job growth by Environmental Entrepreneurs in March.
“New Mexicans across the state agree on the need for sustainable, long-term employment. I look forward to working with Senator Stewart in the upcoming session to ensure we maintain and grow the 98 companies and 1,600 jobs that are presently supported by New Mexico’s solar industry,” said Representative Sarah Maestas Barnes (R-15-Bernalillo), cosponsor of the bill.
Solar energy has increased an average of 81 percent over the past three years in New Mexico, putting the state in the top ten producers of solar energy.
The bill will begin to decrease the tax credit from ten percent starting in 2019 until it reaches five percent in 2024.