Bill > HB289

This bill amends the existing law regarding the Geothermal Projects Development Fund by expanding the eligibility for grants and making a significant appropriation. The bill allows grants to be made not just to political subdivisions or state universities, but also to other entities that participate in a competitive bidding process, broadening the potential recipients of geothermal development funding. The fund can provide up to $250,000 for studying the costs and benefits of proposed geothermal projects, and additional grants for financing geothermal development projects, with approval required from the secretary of energy, minerals and natural resources. The bill also maintains existing provisions for grants to Indian nations, tribes, and pueblos, and requires an annual report detailing the grants approved, project statuses, and fund usage. Importantly, the bill includes a $20 million appropriation from the general fund to the Geothermal Projects Development Fund for fiscal year 2026 and subsequent years, with any unspent funds allowed to carry over rather than reverting to the general fund. The goal appears to be supporting and expanding geothermal energy development in New Mexico by providing financial resources and a flexible grant mechanism.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=289&year=25