There are fewer incentives for renters than homeowners, unfortunately. What is available:
Renters can play a part in the energy transition. When you are looking for a rental ask questions about the energy efficiency of the appliances and building. Tell landlords, property managers and neighbors about incentives and programs that increase energy efficiency, lower indoor air pollution, and allow access to lower cost solar energy and to EV chargers. These improvements benefit everyone. They can be selling points for landlords; several New Mexico apartment complexes advertise EV chargers to attract tenants.
Consider buying portable appliances that you can take with you. For example, consider a portable induction cooktop or a window-unit heat pump, which is expected to become eligible for some kind of incentive in 2025, according to Rewiring America. New Mexico is also considering incentives for these. Electrify Now’s fact sheet on Portable Heat Pumps. Feb 2024 Canary article on portable heat pumps.
If you pay your utility bill directly, check with your electricity provider, including rural electric coops, for additional rebates. Renters are eligible for the PNM Home Energy Checkup program, which gives out LEDs and other free energy-efficient materials if they live in a building with 4 or fewer apartments, pay the PNM bill and meet certain income limits. Housing NM’s Energy$mart Program provides energy-saving retrofits and home modifications at no charge to eligible homeowners and renters.
Unfortunately, for the IRA rebates in New Mexico (heat pump clothes dryer and electric or a non-portable induction stove available now) you must own and live in a single-family home, duplex, triplex, quadplex, or townhome. Sometime after April 2025 however EMNRD plans on opening IRA rebates to renters.
See more incentives for renters and The Switch is On‘s Kitchens Electrification for Renters.
Renters can save on new, used and leased electric & hybrid vehicles with federal and state tax credits. They can lower the price of select new EVs by up to $10,500 and used ones up to $6,500. Federal tax credits are transferable to EV dealers to immediately lower the price at the time you buy, but not all dealers are participating in this option. PNM offers additional $4,000 rebates to about 225 of its income-limited customers, and El Paso Electric has funds for 50 people. (Check out suggestions for renters in Electric Vehicles and EV Chargers and in Resources for Low-Income Residents about driving electric and rebates for chargers).
Renters, and not landlords, may obtain the following nonrefundable federal tax credits from 2023-2032 for energy efficiency upgrades and appliances, according to this IRA page. This includes energy audits, heat pumps, heat pump water heaters, solar water heaters, solar electric, small wind, geothermal heat pumps, battery storage, air conditioners, and electric panel upgrades. The credits are 30% of the costs minus any rebates (excluding state incentives). If your income is high enough (you usually pay federal taxes greater than the amount of the credit), it might be worth talking to your landlord about splitting the cost or lowering the rent in return for improvements to the property. Click on the links below for the fine print.
Even as a renter with no solar panels on your roof, your power can come from clean energy. Sign up for a green power plan with your electricity provider such as PNM’s Sky Blue program (this costs more). Or subscribe to a Community Solar project when they come on line (this should cost less).
Please consult your tax adviser for complete information on rebates, tax credits and tax deductions you may qualify for. 350NM is not responsible for the accuracy of the tax information presented on our website.
Watch landlord Lincoln Eccles and BlocPower CEO Donnel Baird discuss why and how they install heat pumps in apartment buildings. Baird wants to turn buildings into Teslas.