Federal and State Tax Rebates and Credits
Making major updates to your home or business can come at a high cost. To help make these upgrades more affordable, PNM offers different rebates and discounts for residential and commercial customers to help with energy-efficient upgrades and rebates for electric vehicle charging infrastructure.
Did you know there are also Federal and State Tax Rebates that can help make these upgrades more affordable? The Inflation Reduction Act of 2022 created a number of new tax rebates for energy-efficient upgrades for your home or business. There are also credits available for those interested in making the switch to an electric vehicle (EV)! We've compiled a list of these rebates to make it easier to find information on what is currently available.
Federal IRA Funded Tax Credits and Deductions for Businesses and Other Entities
Advanced Energy Project Credit
State IRA Funded Tax Credits for Individuals and Businesses
New Mexico has officially launched energy efficiency tax credits for your home or business! If you're looking to upgrade insulation, windows, and doors, upgrade to heat pump technology, or if you plan to install solar panels or transition to an electric vehicle, visit clean.energy.nm.gov to see what tax credits are available to you.
Other Tax Credits Available to Individuals and Businesses
Sustainable Building Tax Credit (SBTC) - This is a New Mexico state tax credit intended to incentivize cutting-edge sustainable building practices, the use of energy-efficient products, and electric vehicle charging equipment.
Infrastructure Investment and Jobs Act (IIJA) - This is a federal law that authorizes funding to be spent addressing energy and power infrastructure, access to broadband internet, water infrastructure, and more.
*This webpage is provided as a public service by PNM. PNM does not provide tax, legal, or accounting advice. PNM does not fund, review, approve, or pay out any of the tax incentives described in the links on this page. These links are to government websites, PNM does not maintain or update government websites, nor is it responsible for any of the information contained therein. PNM does not represent that the list on this page contains all tax incentives available to PNM customers, this webpage contains all of the tax incentives related to energy efficiency and electrification available to PNM customers that PNM is aware of at this time.
Updated December 6th, 2023