New fund and loan program would help the expansion of geothermal energy in New Mexico

Santa Fe, N.M. - Today, the House of Representatives passed House Bill 91 with a strong bipartisan vote of 60-5, which would provide funding and resources to private, public, non-profit, or tribal entities for the expansion of geothermal energy. 

HB 91 would create the Geothermal Projects Development Fund and the Geothermal Projects Revolving Loan Fund to provide grants and loans for geothermal projects. Both funds would be administered by the Energy, Minerals, and Natural Resources Department (EMNRD). 

“Geothermal is now a reliable renewable energy option for many homes and businesses in New Mexico,” said sponsor Rep. Patricia Roybal Caballero (D-Albuquerque). “This bill would allow us to take advantage of our unique geology to help make geothermal energy more available statewide, while supporting our clean energy and climate goals.”

Grants and low-interest loans could be used for geothermal development projects approved by EMNRD. Grants of up to $250,000 would also be available for studying the costs and benefits of proposed projects. 

Additional sponsors of House Bill 91 include Representative Tara Lujan (D-Santa Fe) and Senator Jerry Ortiz y Pino (D-Albuquerque). It now heads to the Senate.

The Roundhouse is open to the public for the 2024 session. Members of the public can also view floor sessions and committee meetings on the New Mexico Legislature’s Webcasts tab, and provide comment via phone or Zoom as directed on the daily schedule.