New Mexico
Incentives/Policies for Renewables & Efficiency
|
 |
Last DSIRE Review: 07/16/2009
| Incentive Type: |
Property Tax Financing Authorization |
| State: |
New Mexico |
| Eligible Renewable/Other Technologies: |
Solar Thermal Electric,
Photovoltaics,
Wind,
Geothermal Electric,
Geothermal Heat Pumps,
Others locally determined
|
| Applicable Sectors: |
Commercial,
Residential
|
| Financing Terms: | Financing may not exceed 40% of assessed property value; administrative fees may not exceed 10% of total financing
|
| Eligible Local Governments: | Counties (including "H class" counties), municipalities in unincorporated areas
|
| Possible Revenue Sources: | Certified "Renewable Energy Improvement Financing Institutions" |
|
Authority 1:
|
S.B. 647
|
| Date Enacted: | 04/10/2009 |
| Date Effective: | 7/1/2009 |
|
|
Summary:
"Property tax financing" allows property owners to borrow money to pay for energy improvements. The amount borrowed is repaid through an increased property tax assessment over a period of years. New Mexico has enacted legislation (Senate Bill 647 and House Bill 572) that authorizes local governments to offer property tax financing. Contact your local government to find out if financing is available for renewable energy and/or energy efficiency through special property tax assessments.
Renewable-energy technologies eligible for financing include photovoltaics (PV), solar-thermal, geothermal and wind. Systems must comply with guidelines established by the New Mexico Energy, Minerals and Natural Resources Department. A county may not require any energy efficiency standards, such as energy audits, as a condition for receiving financing.
Participating local governments establish a Renewable Energy Improvement Special Assessment District Board to administer the program. To qualify for financing, a residential or commercial property owner must submit an application that has been approved by the county treasurer. Financing (including principal, interest and administrative fees) may not exceed 40% of the assessed value of the property. The special assessment on the property equals the amount necessary to finance approved renewable energy improvements (including principal, interest and administrative fees). The maximum annual loan, loan terms and pre-payment options must be specified.
A financing provider must be certified as a "renewable energy improvement financing institution" by the Financial Institutions Division of the New Mexico Regulation and Licensing Department. The county treasurer must enter into an agreement with the financing institution specifying the procedures with which the treasurer transfers money from the assessment to the institution. Funds received from the collection of this special assessment are kept separate from other county funds and will be disbursed by the county treasurer only for the purpose of financing energy improvements and paying applicable administrative fees to the county. The county is not liable in any way for the debt of the property owner.
|
|
Contact:
| |
Craig O'Hare
New Mexico Energy, Minerals and Natural Resources Department
Energy Conservation and Management Division
1220 S. St. Francis Drive
Santa Fe, NM 87505
Phone: (505) 476-3207
Fax: (505) 476-3322
E-Mail: craig.ohare@state.nm.us
Web Site: http://www.emnrd.state.nm.us/ecmd
|
|
|
|
 |
Please note: The information on the DSIRE web site provides an overview of incentives and other policies, but it should not be used as the only source of information when making purchasing decisions, investment decisions, tax decisions or other binding agreements. Please refer to the individual contact provided in each record to verify that a specific incentive or other policy is applicable to your specific project.
|
