46.3 F
New York
Thursday, April 18, 2024

Energy Facts: Impact of the Investing in America Agenda on New Mexico

U.S. Secretary of Energy Jennifer M. Granholm visits New Mexico

  • On August 11, 2023, U.S. Secretary of Energy Jennifer M. Granholm will travel to New Mexico to tour the Los Alamos National Laboratory and meet with the workforce continuing to help strengthen America’s strategic national security priorities.

Strengthening New Mexico’s Economy

Energy Jobs

  • In 2022, there were already 66,058 New Mexico workers employed in the energy sector. The Inflation Reduction Act will expand these opportunities, bringing an estimated $15 billion of investment in large-scale clean power generation and storage to New Mexico between now and 2030.

Small Businesses

  • New Mexico is home to 161,921 small businesses, representing 99% of all businesses and employing 53.7% of all workers in the state, and the Inflation Reduction Act will help them save money. Commercial building owners can receive a tax credit up to $5 per square foot to support energy efficiency improvements that deliver lower utility bills. Other programs that will benefit small businesses include tax credits covering 30% of the costs of installing low-cost solar power and of purchasing clean trucks and vans for commercial fleets.

Clean Energy Investment

  • New Mexico has a statewide goal of 100% carbon-free electricity by 2045. Currently, New Mexico has over 5.2 GW of solar, wind, and storage capacity, making it the eleventh largest generator of renewable electricity in the nation. There is 1.1 GW of additional planned clean energy capacity in the works in the state, enough to power more than 157,000 additional homes.
  • The Inflation Reduction Act tax credits that encourage investment in wind and solar will help reduce energy costs, as the costs of solar and wind power are projected to drop by 22% and 35%, respectively, over the next 30 years in New Mexico.

Clean Transportation

  • New Mexico had over 10,000 Electric Vehicles (EV) already registered in the state in 2022, a 44% increase over the 7,000 registered in 2021. Drivers switching to an electric pickup truck could save over $1700 per year in fueling and maintenance costs compared to a gasoline-powered truck. Drivers of smaller cars could save over $1200 per year. The Inflation Reduction Act will make it easier and cheaper to purchase an electric vehicle, with upfront discounts up to $7,500 for new EVs and $4,000 for used EVs, helping many Americans skip the gas pump and save on fuel costs.
  • New Mexico has over 3,135 electric vehicle charging ports already. The state will also receive $8.2 million in federal funding from the Bipartisan Infrastructure Law to help build out more EV charging stations.

Investing In New Mexico

  • Thanks to funding from President Biden’s Investing in America Agenda, the U.S. Department of Energy has made available more than $53 million in the past year to New Mexico’s state and local governments to invest in energy efficiency and grid resilience. This includes administrative funding to build a robust rebate program to help low-income households access more efficiency appliances, and over $7 million to help strengthen grid resilience. 

Saving New Mexicans Money on Home Energy Bills

  • The U.S. Department of Energy’s Weatherization Assistance Program and State Energy Program have invested more than $21.6 million in New Mexico since 2015, leading to 362 jobs and over 2,000 homes with reduced energy costs and improved health and safety.
  • Upgrading appliances and improving home energy efficiency could save a total of 1,800 GWh of energy in New Mexico, enough to power almost 80,000 New Mexico homes.
  • New Mexico will receive over $87 million to implement a Home Energy Rebate program in the state. Low-income households in New Mexico could save an average of 33% on their home energy bills when they upgrade their appliances and improve energy efficiency through this program.
  • The Inflation Reduction Act also includes grants to help state and local governments adopt the latest building energy codes, which would save the average new homeowner in New Mexico 12% on their utility bills. That amounts to $266 per year.

Prioritizing New Mexico’s Rural and Underserved Communities

  • The Biden Administration is committed to advancing equity for all communities, including through the Justice40 Initiative, which aims to ensure Federal agencies deliver at least 40% of the overall benefits of climate, clean energy, affordable and sustainable housing, clean water, and other investments to disadvantaged communities. The U.S. Department of Energy (DOE) has more than 140 programs covered by this initiative.
  • Questa, New Mexico, has partnered with DOE’s Communities LEAP program to explore new ways to reuse the resources of a nearby mine that closed in 2014 to further their clean energy goals of generating low-emission electricity, storing energy, and powering vehicles.
  • Los Alamos County is participating in a DOE-sponsored peer learning cohort focused on incorporating local community voices in clean energy planning and deployment.
  • Kit Carson Electric cooperative is partnering with other local companies and organizations to deploy small solar arrays across their service area. DOE, through the Solar Energy Innovation Network, is providing technical and planning support for these efforts. 
  • The Interagency Working Group on Coal and Power Plant Communities has identified Farmington, New Mexico, as a priority energy community. This means that the federal government, including the DOE and 11 other partner agencies, are prioritizing this area for near-term investment and engagement to support community revitalization.
  • New Mexico has three Community Networks part of the Rural Partners Network, encompassing 9 counties in northern and southwest NM. Supported by USDA, DOE, and other federal agencies, the network focuses on projects prioritized by local communities that unlock the full potential of the region.

For current DOE funding opportunities, visit: www.energy.gov/infrastructure

Official news published at https://www.energy.gov/articles/energy-facts-impact-investing-america-agenda-new-mexico

- Part of VUGA Media Group -digital marketing best company

Latest article