ECMD is developing a rule document for certifying ground coupled heat pump tax credits. A public hearing will be held soon to hear comments on this document. Please contact Steve Lucero at Stephen.lucero@state.nm.us to have your email address included on a list for further information and notifications on this topic. Also, for more information on the tax credit, please click here to view the statute.

GEOTHERMAL ENERGY PROGRAM MISSION

The Energy Conservation and Management Division (ECMD) serves as the state liaison to the U.S. Department of Energy geothermal program and coordinates the New Mexico Geothermal Energy Working Group. ECMD disseminates information on geothermal resources, development and incentives, and monitors geothermal development activities to promote environmental and economic sustainability for New Mexico and its citizens.

WHAT IS GEOTHERMAL ENERGY?

Geothermal energy is heat that lies beneath the surface of the earth. It is a clean, abundant, continuously available renewable energy resource. New Mexico has vast geothermal energy resources.

High temperature geothermal energy is tapped from reservoirs of hot water, steam, and hot rock. Also, the constant temperature just below the surface of the ground serves as a thermal reservoir that is accessed by conventional trenching or drilling methods.

HOW IS GEOTHERMAL ENERGY USED?

Click here to read about ground source heat pumps, direct use and geothermal electricity production.

WHY USE GEOTHERMAL ENERGY?

Click here to read why geothermal energy is a clean, cost-effective alternative for heating, cooling and electricity generation.

Tax Credit Incentives

The New Mexico Geothermal Tax Credit will be available for the 2010 tax year. Additional information and forms will be available at this website after July 1, 2010.

There are substantial personal and corporate federal tax credit incentives for the installation of ground source heat pump systems and for the production of electricity from geothermal power plants. For example, a residential heat pump system can qualify for a personal income tax credit of 30% of the system cost.

For more information and a comprehensive list of tax credits, see the Database of State Incentives for Renewables and Efficiency (DSIRE): http://www.dsireusa.org/

NEW MEXICO GEOTHERMAL ENERGY LAWS AND REGULATIONS

Click here for information and links.