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New Mexico’s renewable tax credit a big hit

The state’s Renewable Energy Production Tax Credit is so popular that credits for solar projects have been claimed until 2022.

In 2014, total renewable energy generation topped 1 million kWh.  Since the program’s inception, 21 projects have added 232 MW of solar capacity and 10 projects have added 794 MW of wind capacity.  State officials have capped the credit at 2,000,000 MWh annually for wind production and are expecting projects to reach that cap in 2016.  The cap of 500,000 MWh for solar was reached in 2014.

To qualify for a tax credit, a commercial energy generator must produce at least 1 MW.  The tax credit is not just a giveaway to renewables as it is offset by revenues to New Mexico because many renewable projects are sited on state lands, resulting in lease payments to the state.  

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