New Mexico Offers $5.3M In Low-Interest Loans For Energy-Saving Building Upgrades - CleanTechnica

New Mexico has launched a $5.3 million Energy Efficiency Revolving Loan Fund (EERLF) to provide low-interest loans for energy-saving upgrades in nonprofit, community-serving buildings such as clinics, schools, museums, and recreation centers. Managed by the New Mexico Energy, Minerals and Natural Resources Department (EMNRD), the fund offers loans ranging from $250,000 to $1 million at a fixed 2% interest rate, with terms up to 15 years. Eligible projects include HVAC improvements, insulation, lighting upgrades, energy audits, and related efficiency measures; standalone solar panel installations are excluded unless part of a broader energy overhaul. Applicants must complete a thorough commercial energy audit meeting specific criteria to identify peak energy demand and recommend cost-saving controls. After audit approval, organizations submit loan applications to the New Mexico Finance Authority (NMFA) for underwriting and approval. Borrowers are required to contribute at least 5% of project costs. This initiative supports Governor Lujan Grisham’s