By Jens Gould email@example.com Mar 3, 2020 Updated 12 hrs ago.
Gov. Michelle Lujan Grisham signed into law three pieces of energy-related legislation Tuesday, saying the initiatives will help reduce greenhouse gas emissions and boost the renewables industry.
The governor signed Senate Bill 29, which aims to encourage more homeowners and businesses to install solar power. The bill, sponsored by Sen. Mimi Stewart, D-Albuquerque, and Rep. Matthew McQueen, D-Galisteo, offers a 10 percent income tax break on the cost of solar equipment and installation, with a cap of $6,000 a year per taxpayer.
The initiative renews a similar deal for solar projects in New Mexico that expired in 2016.
The governor also signed House Bill 50, sponsored by Rep. Nathan Small, D-Las Cruces, which aims to encourage renewable energy development by allowing transmission line projects to be eligible for industrial revenue bonds.
“Climate change is a monumental challenge that requires innovative solutions,” Lujan Grisham said in a statement. “Thanks to the leadership of these bill sponsors and the support of the Legislature, we have additional tools to meet this crisis head-on.”
Additionally, Lujan Grisham put pen to paper on House Bill 233, which creates a road map to modernize New Mexico’s electric grid and help it integrate better with regional energy markets.
The legislation also creates a grant program to help communities implement grid projects, which will be supported by a new “grid modernization grant fund” that could help the state obtain federal funding opportunities.