PNM “23% of customers will have rooftop solar by 2040” of course via massive subsidies

New Mexico’s largest utility, PNM, recently announced that it expects 25% of its customers to have rooftop solar by 2040.  That may be the case and we’ll all find out together in 16 years. It is interesting to note as the article does that about 8% of the utility’s customers currently have solar panels.

So, in 16 years PNM plans to go from 8% to 23% of homes having solar panels. That seems reasonable at least when compared with Gov. Lujan Grisham’s plan to force New Mexicans to go from 3% of new vehicles being EV’s to 43% in less than three years!

Of course, PNM’s plans (which are ultimately driven by the Energy Transition Act and Biden policies) rely heavily on subsidies. Here’s what those installing solar panels receive thanks to federal and state taxpayers:

1. 30% federal tax credit meaning that federal taxpayers pick up 30% of the cost of the panels;
2.  10% New Mexico credit (which works the same way except for New Mexicans only) up to $6,000;
3. No gross receipts tax is charged on solar panels or their installation;
4. The value of the solar panels is not added to the home’s value.

These are just a few of the biggest solar subsidies. 40% of your system cost being paid by the taxpayers and no taxes. What a country!