A 5-kilowatt solar photovoltaic system installed on the Baker house in Santa Fe in 2008 powers all the family's electrical needs and an electric vehicle, plus it brings in a check for about $100 a month from Public Service Company of New Mexico.
"Maintenance-free since day one, and a really great investment both financially and environmentally," wrote Dan Baker in an email. "Working the numbers, my return on investment over the first 10 years will be about 4.5 percent, and a lot safer than the stock market."
New Mexico has long been home to solar power aficionados such as Baker. Some of them have been designing and tinkering with solar photovoltaic and thermal systems for years. Solar makes sense in a state that ranks second in the nation behind Arizona for solar power production potential.
Tax incentives, concern about climate change and the steep fluctuations in fuel prices are encouraging a growing number of people to follow in the Baker family's footsteps.
The Solar Fiesta this weekend in Albuquerque will be a gathering of solar experts to demonstrate systems, talk tax credits and educate people about the benefits of solar. A solar cook-off and a talk on converting cars to run on electricity are among dozens of presentations at the fiesta, Saturday through Sunday at Albuquerque Academy.
State and federal tax credits allow people to take 40 percent off the cost of installing solar PV or thermal systems up to a capped amount. More than 1,000 people applied for the state tax credit in 2010. That was an 86 percent growth in applications from the prior year, according to Jane Tabor, clean-energy administrator for the New Mexico Energy Minerals and Natural Resources Department. The state has received a couple of hundred applications already for this year. "Saving money on your utility bills is one of the only ways a homeowner can cut costs," Tabor said.
Investors also seem convinced solar is a good place to put their money. More than $20 million in private investment capital has been invested in solar projects since the tax-credit program was approved in 2007, said Louise Martinez, a bureau chief with the department.
Martinez said a manufacturer's tax credit also has encouraged solar manufacturing companies such as Schott Solar to open up in New Mexico.
Under state law, Public Service Company of New Mexico and other utilities reward customers with home solar and wind energy systems in two ways. The company pays 8 cents a kilowatt for 12 years as a renewable-energy credit, because those systems help the company meet state-mandated renewable-energy requirements. The company also does net metering, only charging a customer for power if they use more than their home power system produces.
Currently, 187 homes and businesses served by PNM have installed a total of 11.9 megawatts of solar photovoltaics, and there are 522 applications in process, according to PNM spokeswoman Susan Sponar. She said there's been a steady increase in applications each year.
The company also has 22 megawatts of utility-scale solar photovoltaic production.
The barrier for many people is the upfront cost to install.
New Mexico, along with two dozen other states, has approved a program that allows people to obtain funding to install solar systems with no upfront investment and pay the loan back through property taxes. The program is known as Property Assessment Clean Energy bond financing. Santa Fe County was selected by the New Mexico Association of Counties to develop a model ordinance to set up the PACE program. Homeowners can opt into the program, which would allow them to apply for special funds through the county, install the solar systems and then repay the lending agency through a special assessment on property taxes.
But the Federal Housing Finance Authority had problems with the PACE program. The authority ordered mortgage-underwriting giants Fannie Mae and Freddie Mac not to give mortgages on properties that had PACE assessments. The mandate effectively has put all PACE programs, such as the one proposed in Santa Fe County, on hold.
A bipartisan bill introduced in Congress on July 20 is the second attempt to address the authority's concerns so the lending programs can move forward.
For more information on the Solar Fiesta, visit www.nmsea.org.
Contact Staci Matlock at 986-3055 or smatlock@sfnewmexican.com.
"Maintenance-free since day one, and a really great investment both financially and environmentally," wrote Dan Baker in an email. "Working the numbers, my return on investment over the first 10 years will be about 4.5 percent, and a lot safer than the stock market."
New Mexico has long been home to solar power aficionados such as Baker. Some of them have been designing and tinkering with solar photovoltaic and thermal systems for years. Solar makes sense in a state that ranks second in the nation behind Arizona for solar power production potential.
Tax incentives, concern about climate change and the steep fluctuations in fuel prices are encouraging a growing number of people to follow in the Baker family's footsteps.
The Solar Fiesta this weekend in Albuquerque will be a gathering of solar experts to demonstrate systems, talk tax credits and educate people about the benefits of solar. A solar cook-off and a talk on converting cars to run on electricity are among dozens of presentations at the fiesta, Saturday through Sunday at Albuquerque Academy.
State and federal tax credits allow people to take 40 percent off the cost of installing solar PV or thermal systems up to a capped amount. More than 1,000 people applied for the state tax credit in 2010. That was an 86 percent growth in applications from the prior year, according to Jane Tabor, clean-energy administrator for the New Mexico Energy Minerals and Natural Resources Department. The state has received a couple of hundred applications already for this year. "Saving money on your utility bills is one of the only ways a homeowner can cut costs," Tabor said.
Investors also seem convinced solar is a good place to put their money. More than $20 million in private investment capital has been invested in solar projects since the tax-credit program was approved in 2007, said Louise Martinez, a bureau chief with the department.
Martinez said a manufacturer's tax credit also has encouraged solar manufacturing companies such as Schott Solar to open up in New Mexico.
Under state law, Public Service Company of New Mexico and other utilities reward customers with home solar and wind energy systems in two ways. The company pays 8 cents a kilowatt for 12 years as a renewable-energy credit, because those systems help the company meet state-mandated renewable-energy requirements. The company also does net metering, only charging a customer for power if they use more than their home power system produces.
Currently, 187 homes and businesses served by PNM have installed a total of 11.9 megawatts of solar photovoltaics, and there are 522 applications in process, according to PNM spokeswoman Susan Sponar. She said there's been a steady increase in applications each year.
The company also has 22 megawatts of utility-scale solar photovoltaic production.
The barrier for many people is the upfront cost to install.
New Mexico, along with two dozen other states, has approved a program that allows people to obtain funding to install solar systems with no upfront investment and pay the loan back through property taxes. The program is known as Property Assessment Clean Energy bond financing. Santa Fe County was selected by the New Mexico Association of Counties to develop a model ordinance to set up the PACE program. Homeowners can opt into the program, which would allow them to apply for special funds through the county, install the solar systems and then repay the lending agency through a special assessment on property taxes.
But the Federal Housing Finance Authority had problems with the PACE program. The authority ordered mortgage-underwriting giants Fannie Mae and Freddie Mac not to give mortgages on properties that had PACE assessments. The mandate effectively has put all PACE programs, such as the one proposed in Santa Fe County, on hold.
A bipartisan bill introduced in Congress on July 20 is the second attempt to address the authority's concerns so the lending programs can move forward.
For more information on the Solar Fiesta, visit www.nmsea.org.
Contact Staci Matlock at 986-3055 or smatlock@sfnewmexican.com.
(Source: http://www.santafenewmexican.com/SantaFeNorthernNM/Solar-power-s-appeal-keeps-heating-up)
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