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New Mexico Tax Credits
PNM – Residential Energy Efficiency Rebate Program
PNM offers incentives for residential customers to improve the efficiency of eligible homes. PNM will provide a $30 rebate for the proper recycling of old refrigerators or freezers. Customers who agree to cycle the operation of residential air conditioning systems are also eligible for a $25 check annually. Additionally, PNM sponsors discounts on standard and specialty compact fluorescent light bulbs (CFLs) at a variety of retailers. The Easy Savings Low-income Kit and CFL and Refrigerator Replacement Programs provide low income customers with access to additional incentives.
Click Here for more information on the PNM Residential Energy Efficiency Rebate Program!
New Mexico Gas Company - Residential Efficiency Programs
The New Mexico Gas Company Residential Energy Efficiency programs provide energy savings for homes, apartments, and new construction projects by offering incentives to homeowners who incorporate energy efficient products in their home. The incentives vary from a $500 rebate for having an ENERGY STAR qualified home to 25% of the cost of energy efficient insulation.
Click Here for more information on New Mexico Gas Company Residential Efficiency Programs!
El Paso Electric (Southern New Mexico) - Energy Efficiency Rebate Programs
El Paso Electric offers a wide variety of Rebate Programs for their customers to take advantage of. Two notable programs are for the installation of High Efficiency Evaporative Cooling or Energy Star Air Conditioning Systems. Other programs can range anywhere from Adding Insulation to Caulking Windows. We highly encourage you to take a look at their Rebate Program List and find where you can save $$ today!
Click Here for more information on El Paso Electric Company Residential Efficiency Programs!
Central New Mexico Electric Cooperative (CNMEC) - Residential Energy Efficiency Rebate Program
The Central New Mexico Electric Cooperative (CNMEC) provides an incentive for its residential members to purchase energy efficient water heaters, clothes washers, dishwashers, refrigerators, and freezers. The rebate applies to both new and replacement installations. The equipment must be installed in the CNMEC service area and in a home on a permanent foundation. Participating members can receive a $70 rebate for installing a water heater which meets the minimum program standards, and a bonus $50 if the unit is controlled by a timer or is equipped with a low-wattage (3kW or less) element, and another bonus $50 if it is covered by a lifetime warranty. Refrigerators and freezers must be Energy Star rated to qualify for the $80 rebate. Rebate must be requested within 180 days of installation to be eligible.
Click Here to learn more about the CNMEC Residential Energy Efficiency Rebate Program!
Solar Market Development Tax Credit
New Mexico provides a 10% personal income tax credit (up to $9,000) for residents and businesses (non-corporate), including agricultural enterprises, who purchase and install certified photovoltaic (PV) and solar thermal systems. Eligible systems include grid-tied commercial PV systems, off-grid and grid-tied residential PV systems, and (active) solar hot water or hot air systems. To be eligible, systems must first be certified by the New Mexico Energy, Minerals, and Natural Resources Department. Note that solar pool or hot tub heaters are not eligible for this tax credit.
Credits may be carried forward for a maximum of ten taxable years until fully expended. Aggregate credit levels are capped annually at $2 million for solar thermal and $3 million for photovoltaic systems.
These tax credits are set to expire December 31, 2016. A taxpayer who installs a PV system and a solar thermal system may be eligible to receive a separate tax credit up to $9,000 for each system.
Click Here for more information on the Solar Market Development Tax Credit!
Property Tax Exemption for Solar Systems
HB 233 of 2010 exempted solar energy systems from property tax assessments. According to state law, for the purposes of determining property taxes, the value of a property cannot increase by the greater of 3% of the previous year's assessment, or 6.1% of the assessment from two years ago. An assessment may exceed these restrictions, however, if physical improvements are made to the property. HB 233 states that solar systems will not be treated as physical improvements, and therefore, will not increase the value of the property for property tax purposes. But future assessments will include the value of the solar energy system if the property is sold.
Click Here for more information on the Property Tax Exemption for Solar Systems!
Geothermal Heat Pump Tax Credit
HB 375, signed in April 2009, created a tax credit in New Mexico for geothermal heat pumps purchased and installed between January 1, 2010 and December 31, 2020 on property owned by the tax payer. The credit is worth 30% of the system's cost up to $9,000 and can be applied to individual or corporate income taxes. Any unused credit may be carried forward for up to 10 years.
Click Here for more information on the Geothermal Heat Pump Tax Credit!
PNM offers incentives for residential customers to improve the efficiency of eligible homes. PNM will provide a $30 rebate for the proper recycling of old refrigerators or freezers. Customers who agree to cycle the operation of residential air conditioning systems are also eligible for a $25 check annually. Additionally, PNM sponsors discounts on standard and specialty compact fluorescent light bulbs (CFLs) at a variety of retailers. The Easy Savings Low-income Kit and CFL and Refrigerator Replacement Programs provide low income customers with access to additional incentives.
Click Here for more information on the PNM Residential Energy Efficiency Rebate Program!
New Mexico Gas Company - Residential Efficiency Programs
The New Mexico Gas Company Residential Energy Efficiency programs provide energy savings for homes, apartments, and new construction projects by offering incentives to homeowners who incorporate energy efficient products in their home. The incentives vary from a $500 rebate for having an ENERGY STAR qualified home to 25% of the cost of energy efficient insulation.
Click Here for more information on New Mexico Gas Company Residential Efficiency Programs!
El Paso Electric (Southern New Mexico) - Energy Efficiency Rebate Programs
El Paso Electric offers a wide variety of Rebate Programs for their customers to take advantage of. Two notable programs are for the installation of High Efficiency Evaporative Cooling or Energy Star Air Conditioning Systems. Other programs can range anywhere from Adding Insulation to Caulking Windows. We highly encourage you to take a look at their Rebate Program List and find where you can save $$ today!
Click Here for more information on El Paso Electric Company Residential Efficiency Programs!
Central New Mexico Electric Cooperative (CNMEC) - Residential Energy Efficiency Rebate Program
The Central New Mexico Electric Cooperative (CNMEC) provides an incentive for its residential members to purchase energy efficient water heaters, clothes washers, dishwashers, refrigerators, and freezers. The rebate applies to both new and replacement installations. The equipment must be installed in the CNMEC service area and in a home on a permanent foundation. Participating members can receive a $70 rebate for installing a water heater which meets the minimum program standards, and a bonus $50 if the unit is controlled by a timer or is equipped with a low-wattage (3kW or less) element, and another bonus $50 if it is covered by a lifetime warranty. Refrigerators and freezers must be Energy Star rated to qualify for the $80 rebate. Rebate must be requested within 180 days of installation to be eligible.
Click Here to learn more about the CNMEC Residential Energy Efficiency Rebate Program!
Solar Market Development Tax Credit
New Mexico provides a 10% personal income tax credit (up to $9,000) for residents and businesses (non-corporate), including agricultural enterprises, who purchase and install certified photovoltaic (PV) and solar thermal systems. Eligible systems include grid-tied commercial PV systems, off-grid and grid-tied residential PV systems, and (active) solar hot water or hot air systems. To be eligible, systems must first be certified by the New Mexico Energy, Minerals, and Natural Resources Department. Note that solar pool or hot tub heaters are not eligible for this tax credit.
Credits may be carried forward for a maximum of ten taxable years until fully expended. Aggregate credit levels are capped annually at $2 million for solar thermal and $3 million for photovoltaic systems.
These tax credits are set to expire December 31, 2016. A taxpayer who installs a PV system and a solar thermal system may be eligible to receive a separate tax credit up to $9,000 for each system.
Click Here for more information on the Solar Market Development Tax Credit!
Property Tax Exemption for Solar Systems
HB 233 of 2010 exempted solar energy systems from property tax assessments. According to state law, for the purposes of determining property taxes, the value of a property cannot increase by the greater of 3% of the previous year's assessment, or 6.1% of the assessment from two years ago. An assessment may exceed these restrictions, however, if physical improvements are made to the property. HB 233 states that solar systems will not be treated as physical improvements, and therefore, will not increase the value of the property for property tax purposes. But future assessments will include the value of the solar energy system if the property is sold.
Click Here for more information on the Property Tax Exemption for Solar Systems!
Geothermal Heat Pump Tax Credit
HB 375, signed in April 2009, created a tax credit in New Mexico for geothermal heat pumps purchased and installed between January 1, 2010 and December 31, 2020 on property owned by the tax payer. The credit is worth 30% of the system's cost up to $9,000 and can be applied to individual or corporate income taxes. Any unused credit may be carried forward for up to 10 years.
Click Here for more information on the Geothermal Heat Pump Tax Credit!