Clean & Renewable Energy
Sierra County’s commitment to renewable energy extends back to the founding of our County Seat at the site of an important natural resource: geothermal heating. Our reliance on this renewable resource extends far beyond its ability to provide an agreeable experience in one of Truth or Consequence’s many hot baths. We use it to heat several of the City’s most important buildings – including municipal offices and prominent hotels -- not only warming the rooms but also heating water through sophisticated exchangers. Looking forward, our County is aggressively laying the groundwork for widespread deployment of solar and wind energy to meet the area’s electricity needs. Western New Mexico University at Truth or Consequences has a growing solar program with classes in photovoltaics and array management. The campus is also developing a simulated control room for training solar operators. T or C has also made a commitment to solar energy by engaging top national firms in a process that will ultimately result in the construction of a two megawatt solar generating station that will meet up to one third of the City’s total electricity demand. Just as Sierra County is leading the way in commercial space travel, so is it breaking trail in the development and deployment of renewable energy as a resource to power New Mexico.
Advanced Energy Tax Credits
Advanced energy facilities, such as solar thermal electric generating, advanced technology coal generating or recycled energy, may qualify for up to $60 million in credits. The credit is equal to 6 percent of facility development and construction expenditures.
Alternative Energy Product Manufacturers Tax Credit
Manufacturers of electric or hybrid vehicles, fuel cell systems, renewable energy systems, IGCC systems, and carbon sequestration equipment may receive for a tax credit of up to 5 percent of the their capital expenses. The credit may be applied against gross receipts, compensating, or withholding tax and may be carried forward for up to 5 years.
Biodiesel Blending Facility Tax Credit
A business which installs biodiesel blending equipment owned by the rack operator for the purpose of establishing or expanding a facility to produce blended biodiesel fuel is eligible to claim a credit against gross receipts tax and compensating tax.. The credit is equal to 30% of the purchase cost of the equipment and the cost of installing that equipment. The credit cannot exceed $50,000 with respect to equipment installed at any one facility nor can the claims exceed $1,000,000 per calendar year.
Blended Biodiesel Fuel Tax Credit
Provides a tax credit on blended biodiesel fuels (minimum of 2 percent biodiesel). Gross receipts and compensating tax may be deducted for installing biodiesel blending infrastructure up to $50,000 per facility or $1 million per year.
Hybrid Vehicle Tax Exemption
Purchasers of hybrid gasoline-electric vehicles with an EPA fuel economy rating of 27.5 miles per gallon or better can save between $600 and $1,000 in-state tax savings in addition to the federal tax deduction.
Renewable Energy Production Tax Credit
Each renewable energy generator of one megawatt or more may earn an income tax credit (personal or corporate) of 2.7 cents (on average) per kilowatt-hour for the first four hundred thousand megawatt-hours (=400,000,000 kilowatts) of electricity produced for ten consecutive years, beginning with the first year of production. New Mexico’s is fully refundable.
Solar Energy Systems Gross Receipts Tax Exemption
Power produced from solar electric and solar thermal energy systems is exempt from gross receipts tax when the generated power is used on-site.
Solar Market Development Income Tax Credit
Augments the federal solar tax credit by reimbursing up to 30 percent of the cost of a solar photovoltaic or solar thermal system. Solar system owners can receive up to $2,000 federal solar tax credits and up to $9,000 in state solar tax credits.
Sustainable Building Tax Credit
This credit provides income tax credits for building
energy-efficient, sustainable commercial, institutional and
residential buildings. Homes must be 40 percent more energy
efficient than the standard building code. Commercial and
institutional buildings must be 50 percent more energy efficient.
Contact Us
John Mulcahy, Executive Director
400 West 4th St.
Truth or Consequences, NM 87901
Phone: 575.894.9061 Fax: 575.894.3194
Email: john.mulcahy@scedo.org
