SANTA FE, New Mexico - Today, Representative Sarah Maestas Barnes pre-filed legislation to extend the Solar Market Development Tax Credit through December 31st 2024. The tax credit is available to residences, businesses and agricultural enterprises. The tax credit helps offset the cost associated with the purchase and installation of solar thermal and photovoltaic systems which use solar energy for conversion into electricity, space heating, and water heating.

"There is one thing that New Mexicans across the state agree on and it is the need for sustainable, long-term employment. New Mexico's solar industry touts 98 companies and 1,600 jobs, which are, supported in no small part by New Mexico's smart, targeted, tax policy," said Representative Maestas Barnes. "In 2014, New Mexico's economy saw $172 million invested in solar projects, which in my view, receives an impressive return on a relatively modest investment."

A companion bill was also pre-filed today in the New Mexico Senate by Senator Mimi Stewart. "With our beautiful state providing 340 sunny days, let's make it easier to install solar heat and electric systems on our homes. I look forward to working with Representative Maestas Barnes to extend our solar tax credits to New Mexico families," said Senator Stewart.

"The tax credit has always been an indispensable, yet modest, component that has made thousands of projects feasible that might otherwise not have been built. We appreciate Representative Maestas Barnes and Senator Stewart for their bipartisan leadership in this area," said Patrick Griebel, industry veteran and solar advocate.

The bill also combines the total tax credit, capped at $5 million, for the solar thermal and photovoltaic systems, rather than limiting each to a specific dollar amount. The credit will range from 5% to 10% depending on when the business or resident applies.

The existing tax credit is set to expire on December 31, 2016.