Sustainable Building Tax Credits are now effective in New Mexico
FOR IMMEDIATE RELEASE
Tammy Fiebelkorn, Southwest Energy Efficiency Project (SWEEP)
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[ALBUQUERQUE, NM] – New Mexicans are now eligible for a tax credit for energy efficiency and electrification measures they install in their existing homes. Last year, the New Mexico Senate passed House Bill 15 (HB15), which replaces the Sustainable Buildings Tax Credit (SBTC) from 2015. That 2015 tax credit has been instrumental in transforming the market for new buildings in New Mexico, and now the 2021 SBTC adds tax credits for improving the efficiency of existing homes and businesses too.
Providing tax credits for installation of efficient products in existing homes and commercial buildings will help New Mexicans lower their monthly energy burden by lowering their utility bills, help fight climate change by reducing the emissions from operating the building or home, and improve community health through reduced health impacts from emissions.
Buildings are a leading source of carbon emissions, and reducing their energy use helps fight climate change, reduces negative community health impacts, and reduces operating expenses for homes and businesses. The 2021 SBTC goes further to incentivize only the best building practices and also incentivizes energy efficiency improvements to existing homes and buildings.
Under HB15, homeowners and businesses are eligible for tax credits for the following actions:
Energy Star heat pump installation.
Energy Star heat pump water heater installation.
Energy Star windows or doors installation.
Improvements in insulation levels.
Making the home or building electric vehicle ready.
“These refundable and transferable tax credits are doubled for low-income New Mexicans or affordable housing, in most cases paying 100% of the incremental costs for each measure. This is climate justice in action”, said clean energy leader, Ona Porter, of Prosperity Works.
Representative Kristina Ortez (D-42), who championed this important climate bill, says “I’m pleased that all New Mexicans will now have the opportunity to improve the efficiency of their homes and businesses, while reducing climate change impacts and improving their comfort and safety, because of this tax credit. Low-income New Mexicans and affordable housing projects will receive double credits, which will go even further to helping those most in need.”
“We hope many New Mexicans will take advantage of these generous tax credits to improve the health and comfort of their homes, while reducing energy use and helping New Mexico reach our climate goals” said Tammy Fiebelkorn, New Mexico Representative for the Southwest Energy Efficiency Project.
“Our changing climate is impacting us in our homes, with hotter summers and more extreme weather. The Sustainable Buildings Tax Credits can very literally make us more comfortable by helping pay for things like better doors, windows, and insulation, for both hot and cold months. These materials won’t just save energy; they’ll save us money on our electric bills,” said Camilla Feibelman, Sierra Club Rio Grande Chapter Director.
“It is getting cheaper to make homes and businesses more comfortable, safer, and healthier in New Mexico! Thanks to the sustainable building tax credits, paired with federal incentives from the Inflation Reduction Act and federal building improvement taxes, we can make our buildings cleaner and more efficient for a whole lot less out of pocket. These incentives should create a bunch of jobs in the building sector, while spurring a significant reduction in New Mexico’s climate pollution,” said Noah Long, Western Energy Director at NRDC (Natural Resources Defense Council).
The New Mexico Energy, Minerals and Natural Resources Department has posted the application form for tax credits. As long as a purchase was made from January 1, 2021 or later, New Mexicians will qualify.
The Southwest Energy Efficiency Project (SWEEP) is a public interest organization promoting greater energy efficiency and clean transportation in Arizona, Colorado, Nevada, New Mexico, Utah, and Wyoming. swenergy.org