Buyer's Guide 2024
Geothermal Heat Pump Tax Credit (Personal)
Solar & Battery Regulation & Incentive Programs
Program Overview
- Category
- Financial Incentive
- Program Type
- Personal Tax Credit
- Implementing Sector
- State
- State
- New Mexico
- Eligible Storage Technologies
- Geothermal Heat Pumps
- Incentive Amount
- 30%
- Maximum Incentive
- $9,000 per system
Annual aggregate cap of $2 million in total personal and corporate tax credits. - 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 - 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 - Carryover Provisions
- Unused credit may be carried forward for 10 years
- Administrator
- New Mexico Energy, Minerals and Natural Resources Department
- Applicable Sectors
- Commercial, Residential, Agricultural
- Budget
- $2 million per year (includes corporate and personal tax credits combined)
- Start Date
- 01/01/2010
- End Date
- 12/31/2020
- Last Updated
- 06/04/2021
- Funding Source
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