Bernalillo County and Albuquerque approve green finance program

(The Center Square) - Bernalillo County and Albuquerque are the first local governments in New Mexico to pass legislation opting into the New Mexico C-PACE program, according to a press release from the state's Economic Development Department.

New Mexico adopted the C-PACE (Commercial Property Assessed Clean Energy) program in 2023 to help eligible property owners receive long-term financing for many energy-efficient and climate-resilient improvements.

"The financing is then secured via a special improvement assessment on the improved property," the release said.

EDD contracted New Mexico-based Adelante Consulting Inc. to be the program administrator to certify program applications and work alongside New Mexico counties to increase program participation.

“C-PACE can make all the difference in supporting renewable energy installations, reducing pollutants, and boosting property values,” Nora Meyers Sackett, Director of EDD’s Office of Strategy, Science & Technology, said. “We are pleased that the program will now be available to property owners in New Mexico’s most populous county as we work to expand C-PACE throughout the state.”

Bernalillo County passed its ordinance 5-0 on May 28, 2024, while Albuquerque passed its resolution 9-0 on June 3, 2024.

“We all know how difficult it can be to make improvements to our properties when we are hit with large expenses upfront," District 4 County Commissioner Walt Benson said. "This program incentive helps with that barrier and is an excellent way to motivate business owners to improve their properties with more sustainable and energy-efficient measures."

Albuquerque City Council President Dan Lewis added that he thinks the program will especially help the city because the Improvement Special Assessment Act also lets eligible commercial property owners get long-term financing from private capital providers for qualifying projects.