[ALBUQUERQUE, NM] -The Southwest Energy Efficiency Project (SWEEP) today lauded Governor Lujan-Grisham for prioritizing legislation that would make electric vehicles and plug-in hybrid electric vehicles more affordable for all New Mexicans, especially low-income households. A bill pre-filed last Thursday would accomplish that goal by creating a state income tax credit for purchase of new electric vehicles (EVs). The bill is on the Governor’s call.
State Senator Pat Woods (R-7) and Representative Jim Trujillo pre-filed SB 2, The Electric Vehicle Income Tax Credit, last week. The bill would give buyers of new EVs a $2,500 income tax credit, qualifying low-income households would receive a $5,000 credit – accelerating EV deployment.
“We applaud lawmakers for working to ensure that all New Mexicans benefit from a transportation system fully powered by clean, renewable energy,” said Tammy Fiebelkorn, State Representative for the Southwest Energy Efficiency Project (SWEEP). “EVs are good for our state, our economy, and for individual consumers. By accelerating use of EVs, this bill would help New Mexicans reap the benefits that much sooner.”
Benefits of electric vehicles include:
Big financial savings for consumers
Improved air quality, which improves public health and reduces healthcare costs
Reductions in carbon pollution, which helps fend off catastrophic climate change
Of more than 650,000 registered private and commercial automobiles in New Mexico, about 1,750 are EVs or plug-in hybrids, according to SWEEP. SB-2 would increase that number significantly by reducing the up-front cost of EVs and accelerating parity with standard gas-powered cars – increasing access to savings on fuel and maintenance. Some 14 states already offer incentives to encourage more consumers to buy plug-in electric vehicles.
SB 2 will build on progress the state made last year by adopting HB 521, which requires regulated electricity providers, like PNM, to deploy electric vehicle charging infrastructure and help advance the EV market. It will also help lay the groundwork for successful adoption of the Clean Cars Program in New Mexico, which would require auto manufacturers to make more EVs available for purchase at dealerships in the state. Governor Lujan-Grisham has stated her intention to adopt this important policy by the end of this year.
While savings over the life of an electric vehicle make it well worth the purchase price, buying an EV is still out of reach for many families. If approved by the legislature, SB 2 will be a significant step towards making EVs more accessible and affordable, with benefits for all New Mexicans.
About Us: The Southwest Energy Efficiency Project’s mission is to save money and protect the environment by advancing energy efficiency and clean transportation in Arizona, Colorado, Nevada, New Mexico, Utah, and Wyoming.