Alternative Fuel Vehicle (AFV) Loans
Archived: 03/14/2022
The New Mexico Energy, Minerals and Natural Resources Department’s Alternative Fuel Acquisition Revolving Loan Program provides loans to state agencies, political subdivisions, and educational institutions for AFV acquisitions. Funds must be used for the purchase of vehicles that operate on natural gas, propane, electricity, or hydrogen. The maximum amount of a loan per vehicle must not exceed the incremental cost of acquiring the vehicle or the following amounts:
| Gross Vehicle Weight Rating (GVWR) | Incentive Amount |
|---|---|
| Up to 14,000 pounds (lbs.) | $5,000 |
| 14,000 lbs.-26,000 lbs. | $10,000 |
| Over 26,000 lbs. | $20,000 |
Projected fuel cost savings from using the AFV is considered when the loan repayment schedule is developed. For more information, see the New Mexico Energy Roadmap website.
(Reference New Mexico Statutes 13-1B-1 through 13-1B-7)
Jurisdiction: New Mexico
Type: State Incentives
Enacted: Mar 2, 2018
Technologies: EVs, Hydrogen Fuel Cells, Natural Gas, Propane (LPG)
See all New Mexico Laws and Incentives.