I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
New Mexico’s largest city has made quick work of legislation passed earlier this year to boost consumption of renewable energy — such as the installation of solar energy systems on both residential and commercial rooftops.
The key component allows municipalities to create special districts through which loans for installation of the systems are made to property owners who then pay off the loan through a property tax assessment rather than through making monthly loan payments.
Just a few months later, Albuquerque city officials say they are ready to go with the idea. Mayor Martin Chavez unveiled on Friday a plan to create a “renewable energy financing district.” Here is how the city Web site describes the program:
The Albuquerque Renewable Energy Financing District is basically an alternative loan program for property owners who want to install renewable energy technology, but are stopped by the upfront costs.
If approved by the city council, the city will issue $5 million in bonds to finance the program, which will allow qualified property owners to take out loans from the program.
Albuquerque’s Chief Financial Officer, Mark Valenzuela, told the Independent that the details are still being finalized but he expects installations on about 350 properties to be funded by the program.
The loan program has two parts. The city will section off a short-term portion — so to speak — which will be paid back the following year when the property owner receives tax credits available from both the state and federal government. Then, the remainder of the loan will be paid as an assessment each year included in the property tax bill, for up to 20 years.
Albuquerque would be the fourth city in the nation to create such districts, and in the other three — Boulder, Colorado; and Berkeley and Desert Palms, California — capacity was reached within a matter of days. Valenzuela said city officials suspect there will be similar demand in Albuquerque.
