NM Sustainable Building Tax Credit (SBTC) by New Mexico EMNRD

Residential Level 2 Tax Credit:

• This applies to dedicated 240V circuits installed in single-family or multi-family residential buildings.
• The $500 maximum credit is per charging station/outlet installed.
• Eligible costs include the EV circuit electrical wiring, installation labor, materials, and the charging outlet or hardwired station.
• The tax credit can be claimed against personal income taxes.

Residential Low-Income Level 2 Tax Credit:

• This higher $1,000 per charger credit tier requires the residential owner/occupant to have a household adjusted gross income ≤ 200% of the federal poverty level.
• Income verification like tax returns or pay stubs may be required.
• Same eligible installation/materials costs covered as the standard residential credit.

Commercial Level 2 Credit:

• Limited to buildings 20,000 sq ft or less in size. This would cover smaller businesses, offices, etc.
• $1,500 maximum credit is per Level 2 charging station installed, up to 50% of total project costs.
• Total project costs can include electrical service upgrades needed to support the EV charging load.

Commercial Affordable Housing Credit:

• $3,000 maximum per Level 2 charger, up to 50% of total costs.
• The property must be an affordable housing unit with residents ≤ 200% of federal poverty level.
• Designed to help defray upfront costs of electrifying affordable multi-family housing.