Here is an example of how three Edgewood, NM families with different incomes can use incentives to purchase heat pumps.  Note that Federal Tax Credits have been revoked.

An Illustrative Example: Three Edgewood, NM Families Install a Heat Pump

Notes on Three Families: Cost of heat pump based on based on SWEEP study. Inflation Reduction Act (IRA) Heat Pump Rebate will be available in early 2024. AARP calculator says Low Income couple has a tax liability of $2,484. 30% of the cost of the Heat Pump after subtracting rebates ($5,000) is $1,500. The taxes for the middle-income family are estimated using this Tax liability calculator assuming standard deduction, 2 children under 17. Taxes owed are  $7,900. Central New Mexico Electric Coop Heat Pump Rebate: Tier 1- Efficient Air Source Heat Pump Required heating factor HSPF2 >= 7.8 and cooling factor SEER2 >=15.2, > 2 tons = $1,800 (not to exceed 50% equipment cost). Rebate for cold climate HP > 2 tons = $2,400. New Mexico State Tax Incentive information here.  IRA tax credits are stackable with other tax credits.