The sun is not only a source of life but also a key to making your solar business a massive success. Solar is a booming industry as solar leads are multiplying. If you don’t keep an eye on it, you might miss out a lot. Let’s explore the potential of solar leads in New Mexico and how you can harness their power to thrive in your business!
According to SEIA (Solar Energy Industries Association), solar is projected to be the largest source of generating capacity in the United States grid by 2050. In the third quarter of 2023, the US solar industry installed 6.5 GWdc (gigawatts direct current) capacity. The solar industry saw remarkable growth in 2023, thanks to the federal solar tax credit and other incentives that encouraged and made green switches affordable for homeowners and businesses.
A great demand for solar translates into a huge number of solar leads. When we talk about the potential of solar leads, New Mexico is one of those southwestern states that is ranked top. This state gets 300 days of abundant daylight in a year, unlocking profound possibilities for residential and commercial solar.
In New Mexico, solar-installing homeowners, businesses, and farms are eligible to reduce 10% state tax payments. This has made solar investment highly appealing for NM homeowners. Not only this, New Mexico offers numerous solar benefits for solar-installed properties.
The future of solar energy in New Mexico is remarkable. In this post, we will explore the potential of solar leads in New Mexico and understand how they can brighten up your wallet!
Key Takeaways
- In 2024, the production of electricity in the solar energy market will amount to 0.73 tn kilowatt hours with a compound annual growth rate of 3.57%.
- RPS (Renewable Portfolio Standard) in the state has asked utility companies to provide 100% zero-carbon electricity to their customers by 2045.
- Solar panels generate over 6% of electricity in New Mexico. This state has enough solar energy capacity that has the potential to power more than 371000 households.
- Solar Market Development Tax Credit (SMDTC) provides 10% off the solar project cost up to $6000.
- Net metering, property tax exemptions, federal tax credits, sustainable building tax credits, etc. are popular solar programs for solar-installed homes in New Mexico.
- The state has created a favorable environment for people to consider solar. The potential of solar leads in New Mexico is promising.
- Technological advancements have made solar power reliable, affordable, and more efficient. This has created a booming landscape for solar installers as the potential of solar leads drastically increased.
Understanding the Solar Market and Potential of Solar Leads in New Mexico
The solar industry continues to shine brightly. In 2024, it is projected that the production of electricity in the solar energy market will amount to 0.73 tn kilowatt hours with a compound annual growth rate of 3.57%.
New Mexico gets 300 days of abundant daylight throughout the year. This state ranks 3rd for abundant solar potential due to its favorable climate. RPS (Renewable Portfolio Standard) in the state has asked utility companies to provide 100% zero-carbon electricity to their customers by 2045. All utility companies are heavily relying on solar power to fulfill this target.
This state offers several solar programs including net metering via electricity companies, state solar tax credits, property exemptions, etc. to encourage more panel installations.
The solar market is growing exponentially in New Mexico. People seeking to reduce their energy bills and carbon emissions are reliant on solar providers to attain this objective.
The solar energy capacity across the state is more than 1601 megawatts. Solar panels generate over 6% of electricity in New Mexico. This state has enough solar energy capacity that has the potential to power more than 371000 households.
For installers, natural solar energy and abundant sunlight make New Mexico ideal for gaining numerous leads for solar sales and earning new customers.
Another major factor contributing to rising solar demand in New Mexico is incentives offered to residents and businesses for switching green including:
- Net Metering: It is a state-wide policy applicable to all types of renewable energy systems. All utility companies must provide credit to homeowners who send excess generated energy to the grid. Either they pay for this excess energy produced from solar panels or roll over the credit to the next month.
- Solar Market Development Tax Credit (SMDTC): This incentive provides 10% of the solar project cost up to $6000. SMDTC is available for residential, commercial, agricultural, and industrial solar installations. In 2022, this solar incentive was given to 3785 solar-installed properties with an average incentive of $3055 for each project.
- Property Tax Exemptions: This act was enacted in 2010 for residential solar systems. This means when the house value augments after solar installation, the increased value is exempted from taxation. For instance, if the value of a home value is $300000, and the solar installation augments the overall value by $320000 ($300000 +$20000), the taxable figure is $300000.
- Sustainable Building Tax Credit (SBTC): SBTC is not solely a solar incentive. These are tax credits that are offered to energy-efficient households and sustainable new residential and commercial renovations. This tax credit is available for EV (electric vehicle) chargers and heat pumps (Energy Star) which can utilize solar-generated electricity.
- Federal Solar Tax Credit: Also known as ITC (Investment Tax Credit) is a solar incentive offered by the federal government. This incentive helps homeowners to deduct 30% of the entire solar project for both home and commercial property.
- Renewable Energy Certificate Program: Homeowners and businesses owning solar panels are eligible to earn renewable energy credits or money for every kWh of power generated by the solar panels. Energy companies such as CNMEC (Central New Mexico Electric) and EL Paso Electric offer these incentives to their customers.
The availability of incentives and solar financing options such as loans, PPA (power purchase agreement), leases, etc. has made solar switch affordable for many home and business owners. This has escalated the demand for solar in New Mexico and contributed to the growth of this industry.
The state has created a favorable environment for people to consider solar. The potential of solar leads in New Mexico is promising. Here is the list of reasons why.
Supportive policies and incentives
The state offers several solar incentives and tax credit options to properties going solar. This actively promotes solar adoption and encourages people to install solar panels on their property. Increasing demand for solar translates into a surging pool of potential solar customers in the state.
Thriving Solar Market
The New Mexico solar market is growing exponentially. This state not only encourages solar installations but also has created abundant job opportunities for solar installers. Growing requirements for solar have increased the demand for qualified solar installers. This shows the potential of solar leads is noticeable in this state.
Green-Focussed Approach
The state of Mexico aims for zero-carbon electricity by the year 2045. This focus indicates that the demand for solar power and related services is going to strengthen even further in the future.
Plentiful Customers
As people can save a lot of money on utility bills after panel installation, more and more homeowners and businesses are making this green switch. New Mexico is one of the states that has shown remarkable growth in solar. This indicates businesses can reach plentiful customers in the ever-growing solar market.
Abundant Sunlight
New Mexico gets abundant sunlight throughout the year, making this place great for generating solar leads and energy. This has made many residents install solar panels and enjoy green energy, making this state the best for acquiring leads for solar.
Rising Electricity Costs and Its Impact on Solar Lead Potential
The electricity cost in New Mexico is rising. For businesses, the average cost of electricity in NM is 10.3 cents per kilowatt hour, and for residents, it is 13.3 cents for every kilowatt hour. Although this rate is comparatively lower than the national average which is 16.1 cents for each kilowatt hour, installing solar panels is more cost-effective as the electricity has increased recently and is estimated to go up further.
While the rising cost of electricity is jiggling the budget of every individual, it is positively impacting the potential of solar leads. Here is how:
Increased Savings
Solar panels reduce owners’ reliance on the grid which provides expensive electricity. This makes solar panels an attractive option to save money on electricity and increase savings on monthly bills.
Long-term Financial Benefits
Rising electricity costs can be used as a solar sales pitch and showcase the long-term monetary benefits that come with the installation of solar panels. Solar providers can hint at the potential hike in electricity costs in the future and the amount of money that can be saved in the long run after installation.
Sense of Urgency
Increasing electricity costs also creates a sense of urgency among residents and business owners. This prompts them to consider solar panel installation sooner or later. This works in favor of a solar provider who is looking for leads for solar.
The average cost per watt for residential solar installation in New Mexico ranges from $2.79 to $3.77 prior to factoring in any solar incentives or rebates. Furthermore, the average payback period of a residential solar system is 10 years. This indicates that solar owners can enjoy free solar power for a further 2 decades as the lifespan of solar panels is 25 to 30 years.
Although rising electricity prices are worrisome for homeowners and businesses, this phenomenon creates a favorable landscape for solar lead generation.
Effect of Technological Advancement on Solar Lead Potential
Technological advancements has brought a lot of positive impacts on the potential of solar leads in New Mexico. It has made solar power reliable, affordable, and more efficient. These advancements has created a booming landscape for solar installers as the potential for solar leads drastically increases. The following pointers show how:
Cost-effectiveness
With advancements in technology, the manufacturing process and solar cell materials have improved and decreased the solar panel’s price as well. The decrease in cost has made solar power an appealing option for both residents and businesses. As a result, this has increased the potential of solar leads in New Mexico.
Enhanced Efficiency
New emerging technologies are helping to increase the efficiency of solar panels. New enhanced solar panels have a high potential to generate electricity from daylight and efficiently power major appliances in a home throughout the day. This contributes to greater ROI (return on investments) which encourages people to go solar, creating more leads for solar sales.
Smart Grid Integration
The smart grid technology simplifies the process of integrating solar energy into the power grid. This makes the entire management of fluctuating production and distribution of solar energy better. The smart grid integration technology makes solar a reliable and appealing option for utility companies as well as homeowners which generates more solar leads.
Solar System Design
Tech advancements have introduced new features in solar systems. For instance, a solar tracking system adjusts the panels’ angles automatically during the day to capture maximum sunlight. Plus, microinverters optimize each panel to increase power production. These advanced features appeal to prospective customers which can boost overall solar lead generation for installers.
Improved Monitoring and Upkeep
Nowadays, solar panel systems come with apps and monitoring features that allow homeowners to track their performance. This monitoring helps them identify the issues and resolve them quickly before they become big. This augments customer satisfaction which leads to referrals and earns repeated clients for the business.
Data-driven Marketing and Sales
Technological advancements in the solar industry have enabled installers and companies to leverage data analytics and improve SEO for solar companies. It helps them to run targeted marketing campaigns and improves the effectiveness of solar lead generation efforts.
Frequently Asked Questions About the Potential of Solar Leads in New Mexico
Is New Mexico a good market for solar leads?
Yes, New Mexico gets abundant sunlight. Plus, the state is experiencing hikes in the rate of electricity. This has increased the interest of residents and businesses in solar power to save money and decrease their reliance on the grid, resulting in more solar leads.
How much do solar leads cost in New Mexico?
Depending on the lead source, location, and quality, the average solar per lead is $557 in New Mexico.
How can I qualify solar leads in New Mexico?
Solar installers can prepare a list of homeowners and businesses who have a history of high energy bills, own the property, and have an interest in renewable energy. They can reach out to them, qualify solar leads, and gain new customers.
What are the benefits of solar power in New Mexico?
Solar-installed properties experience drastic drops in electricity bills. Plus, after the installation value of the home is augmented, owners can enjoy green energy, and protect themselves from future electricity cost hikes.
Who are good solar leads in New Mexico?
People interested in solar with a history of high electricity bills, and south-facing roofs are good targets for selling solar.
The electricity portfolio of New Mexico is dominated by natural gas and coal. However, there is a significant decline in coal usage to generate electricity as climate concerns and electricity costs are rising.
New Mexico is rich in renewable energy resources including wind energy and solar energy. Demand for solar is surging as the state actively encourages solar adoption through various monetary incentives and policies. This phenomenon has unlocked the doors of opportunities for solar businesses.
With the growing solar industry and people seeking cost-efficient energy solutions, the potential of solar leads in New Mexico is very bright. So, don’t miss your chance to connect with potential customers and expand your base in the state.
