The New Mexico Energy Minerals and Natural Resources Division has received $5.3 million from the U.S. Department of Energy to create an Energy Efficiency Revolving Loan Fund, which offers low-interest loans ranging from $250,000 to $1 million to eligible organizations across the state.
Loans will be available to private nonprofit and for-profit entities with buildings that are used for a public or community benefit, for example health care, educational, recreational or cultural facilities benefiting the local community.
The EERLF offers loans at a fixed rate of 2% to cover energy efficiency upgrades such as smart thermostats, new HVAC systems, insulation, air sealing, lighting, and building envelope improvements. Solar and electric panel upgrades are eligible as part of a comprehensive energy efficiency project plan.
Applicants must demonstrate that more than 50% of their revenue is earned in New Mexico or that more than 50% of their services are provided in the state.
“This loan fund is one more way we are supporting Gov. Lujan Grisham’s goal of boosting New Mexico’s economy while also protecting its environment,” said EMNRD Secretary Melanie Kenderdine. “These loans will ensure the recipients’ economic viability by lowering the costs for building upgrades while simultaneously reducing their carbon footprints.”
Grisham recently met with key federal officials while in Anchorage, Alaska, including Energy Secretary Chris Wright, EPA Administrator Lee Zeldin, and Interior Secretary Doug Burgum, to discuss opportunities for federal partnership in New Mexico’s advanced energy initiatives.
