Our chance to invest in their future
New Mexico has a once-in-a-generation $3.6 billion budget surplus and the potential for millions more in federal funds from the Inflation Reduction Act and Infrastructure Investment and Jobs Act. This is our chance to invest in a livable planet for our families and high-quality jobs for ALL New Mexico communities. Legislators can earmark $50 million already in the budget for “advanced energy technology” to fund the proven climate solutions and community investments below. Point your phone camera at the QR codes to urge your New Mexico legislators to include these critical investments in the 2023 budget and tax packages.
Climate tax credits
HB412/SB22: Credits to purchase or lease electric vehicles. $2,500 credits ($4,000 for lower- and moderate-income New Mexicans), transferable at point of sale and refundable if the buyer doesn’t owe income tax. This complements 2019 infrastructure legislation to install EV charging stations across New Mexico.
SB45: Credits for efficient ground-source heat pumps, which are money-saving ways for New Mexicans to heat and cool their homes without gas, a critical transition if we are to meet science’s target of ending use of fossil fuels by 2050.
HB32: Tax credits for energy storage systems for homes and/or businesses. Home battery storage protects against blackouts, improves grid reliability and lowers utility costs for all customers.
SB173: Credits for geothermal electricity production. Geothermal is reliable 24/7 renewable baseload power. New Mexico is sixth in the nation for geothermal potential. Let’s become a leader. HB67: Energy storage bonds makes energy-storage facilities eligible for industrial revenue bonds and some tax exemptions.
Climate-justice legislation
SB169: The Climate Investment Center, or green bank, would provide New Mexicans with low-interest loans for money-saving and climate-friendly home upgrades like heat pumps; the fund would unlock access to millions in Inflation Reduction Act funds for New Mexico.
SB8/HB365: Geothermal development. Geothermal electricity is reliable, 24/7 baseload power with a small physical footprint. This appropriation would create a revolving loan fund, as well as fund a center of excellence at NMSU to make New Mexico a leader in this emerging clean-energy resource.
HB42/SB5: Establish a Public Health and Climate Resiliency Fund and program to support climate resilience for local and tribal communities and respond to public health emergencies from extreme weather.
HB188: Economic Transition Division at the Economic Development Department would support economic transition for fossil-fuel workers in communities most heavily impacted by oil, gas and coal production.
HB142: Ensuring proper cleanup of San Juan Generating Station and Mine to protect nearby communities’ health, water, soil and livelihoods.
Paid for by Sierra Club Rio Grande Chapter