Financial Incentives For Energy Efficiency In New Mexico.

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The following is a guest post by Nan Fischer, a Certified EcoBroker specializing in green real estate in Taos, NM. Check out her website www.nanfischer.com, and follow her on Twitter for a daily green news feed, www.twitter.com/nan_fischer. Nan writes about green building, solar energy and the environment on her blog, www.desertverde.com. .

You can dramatically lower the cost of energy upgrades with incentives offered by your utility company, and local, state and federal governments. This article is a summary for New Mexico homes from the Database of State Incentives for Renewables & Efficiency, www.dsireusa.org, which is a state-by-state directory. There you can also find incentives for commercial, industrial and agricultural applications as well as rebates on appliance purchases.

Local Incentives

  • Kit Carson Electric Co-op, Taos – KCEC customers who install an Electric Thermal Storage (ETS)/Heat Pump system or a stand-alone ETS system qualify for a discounted, Time-Of-Use electric rate for space and water heating usage. Customers are also eligible to receive rebates ranging from $924 up to $3009 depending on the size of the system.
  • PNM – PNM will purchase RECs (renewable energy credits) from net-metered solar PV customers at $.13/kWh for 12 years for a system up to 10kW. On systems from 10kW to 1W, the REC is $.15/kWh for 20 years. PNM applies these credits towards their obligations to the NM RPS (Renewable Portfolio Standard), which requires 4% of the total generation capacity to come from solar electricity by 2020, and 0.6% from distributed generation in 2020.
  • El Paso Electric Company – EPE purchases REC’s (renewable energy credits) from its New Mexico customers who have a small (up to 10kW), net-metered PV system installed. The rate is $0.13 per kilowatt-hour (kWh) for a period of 12 years, and the credits are applied to the NM RPS (Renewable Portfolio Standard).
  • Farmington Electric Utility System – FEUS credits the retail rate of a kWh to residential customers with systems up to 10kW systems of PV, wind, hydro and other (unspecified) non-carbon-based fuels.

State Incentives – Personal Tax Credits

  • Solar Market Development Tax Credit – solar hot water, solar space heat, solar thermal process heat, PV, solar space cooling. Tax credit of 10% of purchase and installation costs with a $9,000 cap and maximum 10-year carryover. Heating for pools and hot tubs does not qualify. http://www.emnrd.state.nm.us/ECMD/CleanEnergyTaxIncentives/solartaxcredit.htm
  • Sustainable Building Tax Credit – passive solar space heat, solar hot water, solar space heat, PV, wind and daylighting. The credit depends on square footage and certification. The home must be certified as Build Green NM Silver or higher, or LEED-H Silver or higher, or be an Energy Star certified manufactured home. http://www.cleanenergynm.org
  • Renewable Energy Production Tax Credit (Personal) – Tax credit of $.01/kWh for wind and biomass, $.027 (average) for solar thermal electric. The minimum size requirement is 1W. http://www.cleanenergynm.org

Federal Incentives

  • Residential Renewable Energy Tax Credit – 30% for solar hot water, PV, wind, fuel cells, geothermal heat pumps, and other solar electric technologies.
  • – $2000 cap on systems installed before 1.1.09

    – No cap on systems installed after 12.31.2008

    – Expires 12.31.2016

  • Residential Energy Efficiency Tax Credit – 30% with $1500 cap for 2009-2010 installations of water heaters, furnaces, boilers, heat pumps, air conditioners, building insulation, windows, doors, roofs, circulation fans used in a qualifying furnace, biomass, stoves that use qualified biomass fuel. http://www.energystar.gov/index.cfm?c=tax_credits.tx_index#7
  • For more information on federal tax credits, see the Energy Star website, http://www.energystar.gov/index.cfm?c=tax_credits.tx_index#7, and the USDOE’s Energy Efficiency & Renewable Energy website, http://www1.eere.energy.gov/financing/.
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