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.