Electric Vehicle (EV) Charger Make-Ready Building Renovation Tax Credit

The Sustainable Building Tax Credit (SBTC) provides a renovation tax credit for the purchase and installation of EV make-ready infrastructure at existing buildings. Residential properties are eligible for a $500 tax credit, increasing to $1,000 if the infrastructure is for an income-eligible resident. Commercial properties are eligible for a tax credit of 50% of the cost, up to $1,500, increasing to 100% of the cost, up to $3,000, if the infrastructure is for affordable housing. To be eligible, commercial buildings may not be larger than 20,000 square feet and must install wiring capable of supporting Level 2 EV chargers at 10% of parking spaces. Residential buildings must install wiring capable of supporting a Level 2 EV charger for at least one parking space. This tax credit is available for renovations completed between January 1, 2022, and December 31, 2027. Annual funding limits apply, and funding is available on a first-come, first-served basis.

For more information and additional eligibility requirements, see the New Mexico Energy, Minerals and Natural Resources Department SBTC website.

(Reference New Mexico Statutes 7-2-18.32)