Sustainable Building Tax Credit an enormous benefit for existing homes in New Mexico

FOR IMMEDIATE RELEASE
November 6, 2023

Contact:
Tammy Fiebelkorn, Southwest Energy Efficiency Project (SWEEP)
tfiebelkorn@swenergy.org

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[ALBUQUERQUE, NM] – New Mexicans should take advantage of a highly beneficial tax credit for energy efficiency and electrification measures they install in their existing homes. The Sustainable Building Tax Credit (SBTC) includes tax credits for improving the energy efficiency of existing homes and businesses. This follows an important and successful tax credit that was introduced eight years ago for new buildings and homes in the state.

Providing tax credits for installation of energy efficient products in existing homes and commercial buildings helps New Mexicans lower their monthly energy burden by lowering their utility bills, helps fight climate change by reducing the emissions, and improves community wellbeing through reduced health impacts from emissions. The SBTC incentivizes only the best building practices and also incentivizes energy efficiency improvements to existing homes and buildings.

Owners of existing homes and buildings in New Mexico are eligible for tax credits worth thousands of dollars 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.

VIEW THE SBTC FACT SHEET

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 will go even further to helping those most in need.

“We hope many New Mexicans will continue to take advantage of these generous tax credits — available since early this year — to improve the health and comfort of their homes, while reducing energy use and helping New Mexico reach its climate goals” said Tammy Fiebelkorn, New Mexico Representative for the Southwest Energy Efficiency Project.

Thanks to the SBTCs, paired with federal incentives from the Inflation Reduction Act and federal building improvement taxes, New Mexico can continue to make its existing homes and buildings cleaner and more efficient for a lot less out-of-pocket.

The New Mexico Energy, Minerals and Natural Resources Department has a web page with information and application instructions for all tax filers in the state:emnrd.nm.gov/ecmd/tax-incentives/sustainable-building-tax-credit-sbtc.

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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