New Mexico to Help Finance Energy Efficiency Programs
SANTA FE, N.M. — Select businesses in New Mexico now have an opportunity to reduce utility bills while lessening their building’s emissions and operating expenses, all while helping their community become more resilient.
The New Mexico Energy Minerals and Natural Resources Division has received $5.3 million from the U.S. Department of Energy to create an Energy Efficiency Revolving Loan Fund, which offers low-interest loans ranging from $250,000 to $1 million to eligible organizations across the state.
The DOE’s Revolving Loan Fund was created to finance energy efficient projects for small businesses and low income individuals who otherwise would not have the means to afford them.
New Mexico’s 2019 Energy Transition Act outlines statewide renewable energy standards of 50% for investor-owned utilities and rural electric cooperatives by 2030, along with zero carbon resources standards by 2050.
The new loan program will contribute to these goals, as it gives businesses the resources to make energy efficient upgrades that reduce emissions.
Loans will be available to private nonprofit and for-profit entities with buildings that are used for a public or community benefit, for example health care, educational, recreational or cultural facilities benefiting the local community.
The EERLF offers loans at a fixed rate of 2% to cover energy efficiency upgrades such as smart thermostats, new HVAC systems, insulation, air sealing, lighting, and building envelope improvements. Solar and electric panel upgrades are eligible as part of a comprehensive energy efficiency project plan.
Applicants must demonstrate that more than 50% of their revenue is earned in New Mexico or that more than 50% of their services are provided in the state.
“This loan fund is one more way we are supporting Gov. Lujan Grisham’s goal of boosting New Mexico’s economy while also protecting its environment,” said EMNRD Secretary Melanie Kenderdine. “These loans will ensure the recipients’ economic viability by lowering the costs for building upgrades while simultaneously reducing their carbon footprints.”
Grisham recently met with key federal officials including Energy Secretary Chris Wright, EPA Administrator Lee Zeldin, and Interior Secretary Doug Burgum, while in Anchorage, Alaska, to discuss opportunities for federal partnership in New Mexico’s advanced energy initiatives.
“New Mexico’s thriving economy is powered by our leadership in advanced energy and manufacturing,” said Lujan Grisham in a written statement. “We’re focused on expanding our economic growth through LNG exports, carbon management, hydrogen, and geothermal development. This conference is an opportunity to spotlight what we’ve built and explore new partnerships.”
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