New Mexico PACE Financing

posted by Dave Llorens on July 23rd, 2009

new-mexCongratulations, New Mexico property owners! You live in a state that supports property tax solar financing.

How does solar financing in New Mexico work?

The State of New Mexico allows counties and municipalities to establish improvement districts for home renewable energy improvements. In each established district, low or no-interest financing mechanisms are created to pay for the installation of renewable energy improvements on property. The loans are repaid through property taxes over a long period of time and stay with the house–so if you move, the next tenant continues to pay for the loan through property taxes. That means you don’t have to worry about paying for panels on a house that you don’t live in anymore.

That sounds great! How is New Mexico able to do this?

Thanks to New Mexico’s HB 572 and SB 647 laws, property owners statewide can opt into special assessment districts, which enables them to finance solar system installations trough their property tax payments.

Is solar financing available now?

Not yet, but Albuquerque is currently working on setting one up. For more information about Albuquerque’s up-and-coming renewable energy financing program, check out their page or fill out their interest survey.

Do you have more info on the status of this municipal solar and energy efficiency financing program? Let us know and we will update this page with your tips.

 

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New Mexico PACE Financing

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