Geothermal Heat Pump Tax Credit (Corporate) (New Mexico)

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Last modified on February 12, 2015.

Financial Incentive Program

Place New Mexico

Name Geothermal Heat Pump Tax Credit (Corporate)
Incentive Type Corporate Tax Credit
Applicable Sector Agricultural, Commercial, Residential
Eligible Technologies Geothermal Heat Pumps
Active Incentive Yes
Incentive Inactive Date 2020-12-31
Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs
Amount 30%

Carryover Provisions Unused credit may be carried forward for 10 years

Start Date 2010-01-01
Expiration Date 2020-12-31

Installation Requirements Systems must be installed by an accredited installer certified by the International Ground Source Heat Pump Association.

Must meet other standards described in NMAC 3.4.19

Maximum Incentive 9,000 per system

Annual aggregate cap of 2 million in total corporate and personal tax credits

Program Budget $2 million per year (includes corporate and personal tax credits combined)

Program Administrator New Mexico Energy, Minerals and Natural Resources Department
Date added to DSIRE 2009-12-21
Last DSIRE Review 2012-09-26
Last Substantive Modification
to Summary by DSIRE

References DSIRE[1]


HB 375, signed in April 2009, created a tax credit in New Mexico for geothermal heat pumps purchased and installed between January 1, 2010 and December 31, 2020 on property owned by the tax payer. The credit is worth 30% of the system's cost up to $9,000 and can be applied to individual or corporate income taxes. Any unused credit may be carried forward for up to 10 years.

To qualify for the credit, system owners must file an application with the Energy, Minerals and Natural Resources Department (EMNRD). EMNRD will review and approve applications in the order they are received until the annual aggregate cap of $2 million in tax credits has been reached. Additional technical specifications and requirements relating to safety, building code and standards compliance, minimum system sizes, system applications and lists of eligible components can be found in the New Mexico Administrative Code (NMAC 3.4.19) linked above.

Click here for more information.

Incentive Contact

Contact Name Harold Trujillo
Department New Mexico Energy, Minerals and Natural Resources Department
Division Energy Conservation and Management Division
Address 1220 S. St. Francis Drive
Address 2 Wendell Chino Building, First Floor
Place Santa Fe, New Mexico
Zip/Postal Code 87505
Phone (505) 476-3372


Contact Name Information Specialist
Department New Mexico Taxation and Revenue Department

Address 1100 South St. Frances Dr

Place Santa Fe, New Mexico
Zip/Postal Code 87504
Phone (505) 827-0700


Authorities (Please contact the if there are any file problems.)

Authority 1: N.M. Stat. § 7-2A-24
Date Effective 2010-01-01
Date Enacted 2009-04-09
Expiration Date 2020-12-31

Authority 2: NMAC 3.4.19
Date Effective 2010-09-15
Date Enacted 2010-09-15

  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]


  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency (DSIRE)"