Summary: As a result of SB 257 Solar Market Tax Development Credit, sponsored by Senator Keller, the Solar Tax Credit works in conjunction with the Federal Solar Tax Credit to now offset up to 40% of the costs of your solar photovoltaic or solar thermal system. All together, you can receive up to $2,000 in federal and up to $9,000 or more in state tax credits for your solar system.

Requirements: For a list of the eligible solar energy system components

How to Apply: For detailed information on the state and federal application process

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Summary: A comprehensive renewable energy tax credit incentive that works in conjunction with the New Mexico Solar Market Development Tax Credit for solar thermal systems, and solar photovoltaic. Also applies to Wind, Fuel Cells, and Geothermal Heat Pump technologies to pay up to 30% of the costs of these technologies.

Requirements: Fuel cells that produce a minimum of 0.5 kW, Geothermal Heat Pumps must meet federal energy star requirements, and fuel cells must have electricity-only generation efficiency of at least 30%.

How to Apply: Complete the IRS Form 5695, Residential Energy Tax Credits, and attach it to your 1040 tax form.

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Summary: An income tax credit that encourages energy efficient, sustainable residential housing. Eligibility is based on a third-party validation of the building’s level of sustainability. The amount of the credit is based on efficiency standards and size of the house.

Requirements: A home must meet a Home Energy Rating System (HERS) index of 60, and be certified as having achieved either the Silver rating or higher (for LEED-Homes or the Build Green NM Gold rating).

How to Apply

For More Information:
For tax credit range or detailed summary

For LEED Certification Guidelines

For Build Green NM Guidelines

Summary: By buying a hybrid gasoline-electric vehicle with an EPA fuel economy of 27.5 miles per gallon or better, you can save between $600 to $1,000 through the State Hybrid Tax Exemption. Moreover, if you lease or buy a hybrid vehicle, you can receive a federal income tax credit of $250 to $3,400 in addition to the State Hybrid Tax Exemption depending on the fuel economy and weight of the vehicle. Hybrid vehicles also have free metered parking in some municipalities, including Albuquerque.

Requirements: The purchase of a new Hybrid vehicle with a fuel economy of 27.5 miles per gallon or better, and be purchased before June 30th, 2009 to qualify for the state tax credit. Qualifications vary for the federal tax credit. For more information on federal eligibility.

How to Apply: The state tax exemption is received upon issuance of the original certificate of title, which occurs the first time the hybrid is registered with the New Mexico Motor Vehicle Division. To claim the federal tax credit, use IRS Form 8910.

For More Information: On Hybrid tax credits.
For Hybrid Free Metered Parking in Albuquerque, call the city’s parking office at (505) 924-3950.

Performance-Based Customer Solar Photovoltaic Program (PNM):
Under this program, PNM customers who own or purchase a solar photovoltaic system rated 10 kW or less can enroll to earn 13 cents per kW hour of energy produced by the program.
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Energy Efficient Homebuilder Rebate Program (PNM):
PNM is offering homebuilders a maximum rebate of $500 for every Energy Star-qualified home that is built in a service area of PNM. To apply, register with the Energy Star homebuilder program administered by the EPA to receive an Energy Star Partner Number. Then, register with PNM as a participating homebuilder.
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Residential Energy Efficiency Rebate Program (PNM):
This program offers multiple incentives to make your home more energy efficient: $30 for recycling an old refrigerator or freezer, up to $400 rebate for installing an Advanced Evaporative Cooling system, and $50 for participating in the Power Saver Program for air conditioners.
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Xcel Energy Solar Rewards Program
Xcel customers that have a solar photovoltaic system between 0.5 kW and 100.0 kW can earn $0.20 per kWh produced in addition to the energy that is used.

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Summary: Just enacted this past legislative session, HB 572 and SB 647, sponsored by Rep. Egolf and Senator Wirth, encourage home renewable energy improvements by establishing low or no-interest financing mechanisms to pay for the installation of renewable energy improvements on property. The costs are defrayed over the long-term, and are repaid through special assessments, like property taxes.

To be eligible for this incentive, your county or municipality must first opt into the program and establish the improvement districts.

What You Can Do: Contact City Councilors and County Commissioners and urge them to take full advantage of this incentive, and set up improvement districts for your community.

For More Information:
On HB 572 Solar Energy Improvement Special Districts

On SB 647 Renewable Energy Financing District Act.