New Mexico Energy Rebates & Tax Credits

10 state-level programs plus 15 federal programs available to New Mexico residents.

Key Takeaways

New Mexico offers 10 energy rebate and tax credit programs, close to the national average of 12 (rank #35 of 51).
Residential electricity costs 14.33¢/kWh, near the national average of 15.9¢/kWh. Energy efficiency upgrades provide moderate but steady savings here.
New Mexico was allocated $63M in IRA (Inflation Reduction Act) funding — below the state average of $194M. Programs cover HOMES rebates ($32M) and HEEHR electrification ($31M).
IRA HOMES rebate status: Launched (launch: 2025-07). HEEHR status: Launched (launch: 2025-10).

State Programs

Tax Credits

Rebates

Utility Programs

New Mexico Electricity Rates

14.33 ¢/kWh

Residential

11.46 ¢/kWh

Commercial

7.88 ¢/kWh

Industrial

National rank: #20 | Compare all states

IRA Rebate Status in New Mexico

HOMES Program

Status: Launched

Launch: 2025-07

Funding: $32M

Through EMNRD

HEEHR Program

Status: Launched

Launch: 2025-10

Funding: $31M

Tribal set-aside included

Administered by: NM Energy, Minerals & Natural Resources | Total IRA allocation: $63M

View all states →

Electric Vehicles(2 programs)

New Mexico EV Charging Infrastructure Grant

$8,953Grant

New Mexico EV Rebate

$5,277Rebate

HVAC / Heat Pumps(5 programs)

El Paso Electric Heat Pump Rebate

$500-$3,000Rebate

El Paso Electric Smart Thermostat Rebate

$50-$100Rebate

New Mexico Heat Pump Rebate

$1,266Rebate

PNM Heat Pump Rebate

$500-$3,000Rebate

PNM Smart Thermostat Rebate

$50-$100Rebate

Solar(2 programs)

New Mexico Net Metering

VariesPolicy

PNM Solar Panel Rebate

$500-$2,500Rebate

Weatherization(1 programs)

New Mexico Home Weatherization Rebate

$1,560Rebate

Federal Programs Available in New Mexico

All 15 federal programs apply to New Mexico residents and stack with state incentives.

Battery Storage Tax Credit30%ENERGY STAR Appliance Tax Credit30% up to $1,200 EV Charger Installation Credit (EVSE)30% up to $1,000 EV Tax Credit (New Clean Vehicle)Up to $7,500 Electric Panel Upgrade Credit30% up to $600 Energy-Efficient Commercial Building Deduction (179D)Up to $5.00/sq ft Energy-Efficient New Homes Credit (45L)Up to $5,000 Geothermal Heat Pump Tax Credit30%

View all federal programs →

Frequently Asked Questions

How many energy rebate programs are available in New Mexico?

New Mexico currently has 10 state-level energy incentive programs, plus all 15 federal programs that apply nationwide. These include tax credits, rebates, utility incentives, and financing programs.

Can New Mexico residents claim federal energy tax credits?

Yes. All New Mexico residents can claim federal energy tax credits including the 30% solar credit, up to $2,000 heat pump credit, and up to $7,500 EV credit, in addition to any New Mexico-specific programs.

What are the IRA rebate programs in New Mexico?

The IRA established two rebate programs: HOMES (for whole-home energy savings) and HEEHR (for electrification like heat pumps and appliances). Each state administers these programs independently. Check our New Mexico state page for current launch status and funding details.

How do I apply for New Mexico energy rebates?

Application processes vary by program. State tax credits are claimed on your state tax return. Utility rebates typically require submitting a form to your utility company. IRA rebates are applied at the point of sale through participating contractors.

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