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

March 23, 2024

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.

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

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.
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