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 as well as 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.


IRA Funded Tax Credits for Individuals

Clean Vehicle Tax Credits

Home Energy Tax Credits


IRA Funded Tax Credits and Deductions for Businesses and Other Entities


Advanced Energy Project Credit

Credit for Builders of New Energy-Efficient Homes

Credits for New Clean Vehicles Purchased in 2023 or After

Credits for New Electric Vehicles Purchased in 2022 and Before

Commercial Clean Vehicle Credit

Energy-Efficient Commercial Building Deduction

Energy-Efficient Home Credit


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. 

Energy Efficiency and Conservation Block Grant (EECBG) Program - This was designed to assist states, local governments, and Tribes in implementing strategies to reduce energy use, reduce fossil fuel emissions, and improve energy efficiency.


Information for Income-Qualified Customers

The Justice40 Initiative was created with the goal of ensuring that 40 percent of the overall benefits of certain Federal investments flow to disadvantaged communities that are marginalized, underserved, and overburdened by pollution.  The categories of investment are climate change, clean energy and energy efficiency, and clean transit, among others.  Covered federal investments include any grant or procurement spending, financing, staffing costs, direct spending, or benefits to individuals for a covered program in a Justice40 program.   


*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