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

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place New Mexico

Name Geothermal Heat Pump Tax Credit (Personal)
Incentive Type Personal Tax Credit
Applicable Sector Agricultural, Commercial, Residential
Eligible Technologies Geothermal Heat Pumps
Active Incentive Yes

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs
Amount 30%

Carryover Provisions Unused credit may be carried forward for 10 years




Equipment Requirements Systems must have a minimum coefficient of performance of 3.4, or an efficiency ratio of 16

Must meet other standards described in NMAC 3.4.19

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 personal and corporate tax credits.











Program Administrator New Mexico Energy, Minerals and Natural Resources Department
Website http://www.emnrd.state.nm.us/ECMD/RenewableEnergy/geothermal.html
Date added to DSIRE 2009-12-21
Last DSIRE Review 2012-09-26
Last Substantive Modification
to Summary by DSIRE
2011-09-08


References DSIRE[1]


Summary

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. For an application to be approved by EMNRD, systems must have either a minimum coefficient of performance of 3.4 or an efficiency ratio of 16 or greater, and be installed by an accredited installer certified by the International Ground Source Heat Pump Association. 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 3.3.32) linked above.


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


Email harold.trujillo@state.nm.us

Contact Name Public Information
Department Taxation and Revenue Department
Division Administrative Services Division - Joseph Montoya Bldg.
Address 1100 South St. Frances Dr
Address 2 PO Box 630
Place Santa Fe, New Mexico
Zip/Postal Code 87504-0630
Phone (505) 827-0369
Phone 2 (505) 827-0870


Website http://www.tax.state.nm.us/
     

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

Authority 1: N.M. Stat. § 7-2-18.24
Date Effective 2010-01-01
Date Enacted 2009-04-09
Expiration Date 2020-12-31

Authority 2: NMAC 3.3.32
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]

References

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