New Mexico has Tax-Rebates for Energy Star Products that are purchased from New Mexico vendors. There are also numerous credits at the state and local level that will help you save on your income taxes while you become more ecofriendly and eco efficient for the generations to come. Always look for the energy star appliances, even if there Is no rebate or credit for the purchase, to help lessen the impact on the earth.
New Mexico ENERGY STAR Appliance Rebate:
Beginning April 22, 2010, New Mexico has implemented a mail-in rebate program to help residents replace their appliances with new ENERGY STAR qualified appliances. This included refrigerators, clothes washers and gas furnaces. The appliances must be purchased from a New Mexico Retailer to qualify. The program will end when funding is depleted.
New Mexico ENERGY STAR Tax Credits
Improve home energy efficiency with insulation, roofing, or biomass stoves and you can receive a tax credit for your New Mexico income taxes of up to 30% of the cost. You can also improve your HVAC system, replace your water heater or improve your windows, doors and skylights. The credit is available on items purchased through 2010 and the credit can be used over the 2009/2010 tax years. The combined credit for both years cannot exceed $1,500.
New Mexico Tax Credits through 2016:
With no upper limit on the tax credits, homeowners will want to take advantage of the 30% tax credit available on geothermal heat pump, solar or wind energy systems or fuel cells. The products must be placed in service before December 31, 2016. Consider adding any of these green and/or sustainable energy sources to receive a tax credit.
Vehicle Tax Credits Available to New Mexico Residents
The IRS is providing a credit of 2,500 to $7,500 for plug-in electric vehicles. This is for the first 200,000 vehicles sold only. There is also a national alternative fuel vehicle refueling property and there may still be a credit for purchasing a hybrid, battery-powered or other type of green vehicle.
Be sure to keep abreast with all on-going and new ENERGY STAR rebates and tax credit programs. The Federal government has a great website that contains information on both new programs as well as programs that may be expiring soon.
Always consider purchasing ecofriendly energy star appliances when you are replacing something in your home. Whether there is a rebate or credit involved or not, these eco efficient systems will help you to leave a smaller footprint on the world and help us to preserve the earth for future generations.
