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Solar Market Development Tax Credit (SMDTC)
New Solar Market Development Tax Credit Incentive
Welcome to the electronic application portal for the New Solar Market Development Tax Credit (NSMDTC).
Quick overview of tax credit process:
Step 1- Purchase and install an operating solar energy system.
Step 2- Obtain required documents from installation contractor.
Step 3- Apply for a tax credit with Energy Minerals and Natural Resources Department (EMNRD).
Step 4- Received a certificate of eligibility from EMNRD.
Step 5- Claim your tax credit with the New Mexico Taxation and Revenue Department.
The Department is no longer accepting paper applications. You will find a link to the online application portal at the bottom of this page.
The NSMDTC is available for up to 10% of the equipment, materials, and labor costs of a solar energy system, which may not exceed $6,000. The Department shall certify the net cost of acquiring the system and shall not include disallowed costs, pursuant to 3.3.14.15 C. NMAC.
The fund year of the solar energy system is determined by the date the building code authority certifies a successful inspection of the solar system.
The Department shall disapprove an application that is not complete or does not meet the approval criteria. If the tax credit fund cap has been reached, the applicant will be notified that their application is not certified and will not be issued a tax credit.
Before you start an application, review your documentation for completeness. A completed application package shall be electronically submitted with the following required documents.
Required Documents:
- A current property tax bill or other equivalent proof of ownership in the applicant’s name for the residence, business, or agricultural enterprise where the solar energy system is installed.
- The equipment, materials, and labor costs of a solar energy system the department certifies shall be documented by an itemized invoice.
- The Building Code Inspection Report that includes the building code authority’s permit number and date of successful inspection of the solar system. Applicants may submit a physical form, a photo of the inspection sticker, or a web-based report. If an electrical permit is issued, please include it.
- The design schematic and technical specification sheet for the installed solar system.
- A completed Contractors Statement of Understanding signed by the contractor who installed the solar energy system or the authorized representative.
Please allow 3 to 4 weeks to process the completed application. The Department will send certificates of eligibility electronically to the e-mail address provided on the application.
Links:
Application website: https://wwwapps.emnrd.nm.gov/ECMD/NSMDSubmissions
Required Document: Contractor Statement of Understanding
Online Application Instructions for New Solar Market Development Tax Credit: Application Instructions
Statute – New Solar Market Development Tax Credit: 3.3.14 NMAC