New Mexico Commercial Property Assessed Clean Energy Program (C-PACE)

The Commercial Property Assessed Clean Energy (C-PACE) Program is a financing structure enabled by state statute and local ordinance that provides eligible property owners with access to long-term fixed-rate financing for a range of energy efficiency, renewable energy, water efficiency, and resiliency improvements. The program allows local governments to secure the financing via a special improvement assessment on the improved property.

New Mexico first enacted C-PACE legislation in 2009, later followed by the Improvement Special Assessment Act enacted in 2023 via House Bill 228, which authorized counties to impose, administer and disburse special assessments to encourage the development of certain property improvements (also called C-PACE financing). This approach to financing has been used by programs like this one on thousands of properties in more than 24 states and the District of Columbia. Eligible properties are any privately-owned commercial, agricultural, industrial, or multi-family real property of five or more dwelling units located within the boundaries of the region (including properties owned by a nonprofit organization).

County governments must pass an ordinance opting into the statewide program in order for properties within the county to be eligible for program financing. C-PACE Program materials are now available for local governments, including sample county ordinance language.

EDD will be contracting with a statewide program administrator to oversee the New Mexico C-PACE Program and is in the process of issuing a Request for Proposals for a contract administrator.

Improvement Special Assessment Program documents for New Mexico counties: