SOURCE: Metro New Mexico Development Alliance

Metro New Mexico Development Alliance

April 21, 2009 13:48 ET

Incentives Magnify Energy Potential in Central New Mexico

ALBUQUERQUE, NM--(Marketwire - April 21, 2009) - With a raft of newly-enacted incentives, New Mexico is taking the lead in the development and use of solar and other forms of renewable energy. The package of eight incentives positions businesses and governments to take advantage of stimulus funds from the federal government.

"These incentives make it especially attractive for relocating or expanding businesses to save on energy costs or to retrofit their plants with energy-saving alternatives," says Marisa de Aragon, president of the Metro New Mexico Development Alliance, a regional economic development organization.

De Aragon noted that New Mexico already enjoys the advantages of a "green jobs" cabinet, the research assets of Sandia and Los Alamos national laboratories, an educated workforce, other energy tax credits, and abundant sunshine and wind power.

The new incentives benefit industrial energy producers, cities and counties, business users, and residential consumers who actively participate in renewable energy efforts with:

--  Tax credits for the construction costs of utility plants that generate
    electricity from solar, geothermal, or advanced coal technology sources.
--  Up to $1 million/year in worker training subsidies for "green
    industries," broadly defined as businesses that produce biofuels, organic
    foods, solar panels or wind turbines, or those that install or retrofit
    water or energy systems to increase conservation.
--  Special renewable energy districts set up by cities or counties to
    help finance solar, wind or geothermal system installation.
--  Special county property tax assessment districts for solar energy
    improvements.
--  A 10% credit for the purchase and installation of photovoltaic or
    thermal solar systems in addition to federal tax credits.
--  An income tax credit for installing geothermal heat pumps.
--  A fund for higher education institutions to conduct energy-related
    research or train vocational students on alternative energy and energy
    efficiency.
--  Additional funds for green jobs training programs in partnership with
    local governments and Indian tribes.
    

Existing incentives and other programs have already stimulated an active industrial cluster in alternative energy and drawn many new businesses to the region. The new incentives are expected to further accelerate growth.

The Metro New Mexico Development Alliance is a cooperative arrangement of more than half a dozen economic development organizations. For more information about corporate incentives, available commercial real estate, or affordable living in a stunning environment, call 800.226.2935 or email contact@nmsitesearch.com.

Contact Information