$9,000 per system
Annual aggregate cap of $2 million in total corporate and personal tax credits
To qualify for the credit, system owners must file an application with the Energy, Minerals and Natural Resources Department (EMNRD). EMNRD will review and approve applications in the order they are received until the annual aggregate cap of $2,000,000 in tax credits has been reached. For an application to be approved by EMNRD, systems must have either a minimum coefficient of performance of 3.4 or an efficiency ratio of 16 or greater and be installed by an accredited installer certified by the International Ground Source Heat Pump Association. Additional technical specifications and requirements relating to safety, building code and standards compliance, minimum system sizes, system applications, and lists of eligible components can be found in the New Mexico Administrative Code linked above.