New Mexico State Tax Incentives for Purchasing a Used EV
New Mexico provides a few incentives and rebates for electric vehicle (EV) owners. Although state-level tax incentives for purchasing used EVs may be limited, utility rebates and local programs can offer significant savings. Below is a list of the available incentives and helpful links.
1. Sustainable Building Tax Credit
While New Mexico does not currently offer a specific state tax incentive for purchasing used EVs, EV buyers can benefit from the Sustainable Building Tax Credit if they install an EV charging station in an eligible sustainable building. This credit helps offset the cost of home EV charging infrastructure, which is an advantage for EV owners.
Helpful link: Sustainable Building Tax Credit
2. EV Charging Station Rebates
New Mexico offers rebates and incentives through various programs to encourage the installation of EV charging stations. These incentives are available to residents who purchase and install Level 2 charging stations at home or work, which can be beneficial for used EV owners.
Helpful link: EV Charging Station Incentives in New Mexico
3. Utility Company Rebates
Utility companies in New Mexico offer rebates and incentives to promote EV adoption. Here are some examples:
- Public Service Company of New Mexico (PNM): Provides incentives for EV charging equipment installation and time-of-use rate plans for EV owners.
- El Paso Electric: Offers rebates on EV chargers and encourages off-peak EV charging with special rate plans.
4. Local and Regional Incentives
In addition to state programs, some New Mexico municipalities and local governments may offer rebates or incentives for EV purchases and charging infrastructure installation. Be sure to check with your local government for additional savings.
Helpful link: New Mexico Local Government Resources
