New Mexico Enacts Trio of Bills Supporting Renewable Energy Expansion

Democratic Governor Michelle Grisham signed a suite of bills on March 3 including legislation that reinstates the solar tax incentive that expired in 2016, helping the state move toward its goal achieving 50 percent renewable energy 2030. A second bill provides that transmission line projects qualify for industrial revenue bonds available through cities and municipalities, and supports power lines that promote renewable energy development. The third piece of legislation calls for a strategic plan to modernize the grid and establishes a competitive grant program to support grid upgrade projects.

The 10 percent solar tax credit toward the purchase of a solar system is available to residents and business owners with a $6,000 cap per taxpayer per year. The expiration of the incentive in 2016 resulted in a 25 percent drop in solar jobs fell across New Mexico.

The legislation requiring an energy grid modernization roadmap also encourages utilities to put forth proposals for a reliable and modern power grid to meet the growing renewable energy needs.

The three bills — SB 29, HB 50 and HB 233 — passed both houses with bipartisan support.