Get state and federal solar energy tax credits

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By Special to the Monitor

As this year draws to a close, those who want to take advantage of federal and state tax credits for the installation of a solar energy system on their 2009 tax returns need to act soon.

Homeowners and businesses can get a 40 percent tax credit on the cost of installing a solar photovoltaic (PV) or solar thermal system. The federal government provides a tax credit for 30 percent of the cost, and the state of New Mexico adds another 10 percent tax credit on state taxes. To be eligible for the state tax credit, solar systems must be certified through an application process administered by the Energy Conservation and Management Division (ECMD).

Individuals need to install their solar energy systems using a professional installer by the end of this year to

apply the tax credit to their 2009 tax returns. Both the federal and state tax credit will continue to be available through 2016.

The state has eliminated the annual deadline for applying for the 10 percent New Mexico tax credit. Those who install a solar system by the end of December 2009 and apply for system certification to ECMD soon after will have adequate time to get their tax filing paperwork done before Tax Day on April 15, 2010.

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