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NM agency tallies renewable energy tax credits

Published on NewsOK Modified: January 1, 2013 at 11:31 am •  Published: January 1, 2013

The tax credit has been maxed out, but those credits issued to older generators will start to be retired in 2013. That means those funds will be available again for newer projects.

The agency also processed more than 2,200 tax credit applications aimed at making residential solar systems more affordable and for encouraging sustainable building practices.

Those figures marked increases for both the solar market development tax credit and the sustainable building tax credit.

A total of 28 applications — 10 more than in 2011 — also were submitted and processed for geothermal credits. State officials said most of that activity took place in Dona Ana County.

The energy and minerals agency also managed more than 150 clean energy projects stemming from federal stimulus spending. State officials said ongoing assessments show the resulting upgrades at schools and other state, tribal and municipal buildings have saved an estimated $2 million in annual utility spending.