Bill > HB281

This bill, titled the "Solar and Wind Financial Assurance Act," requires owners or operators of solar and wind energy generation facilities to provide financial assurance to the state to cover the costs of "decommissioning," which means removing, disposing of, or recycling equipment and remediating the site after the facility is no longer in use. The energy, minerals and natural resources department, specifically its energy conservation and management division, will oversee these financial assurance requirements and create rules for decommissioning. This financial assurance can be in the form of an irrevocable letter of credit, a cash or surety bond, or a facility-specific decommissioning insurance policy, with a minimum of $250,000 per facility, and must remain in effect until the division confirms decommissioning is complete. If an owner or operator fails to meet these requirements, the division can order decommissioning or forfeit the financial assurance, with any forfeited funds going into a newly created "solar and wind decommissioning fund" to help cover decommissioning costs. This fund will be administered by the division and can be used to facilitate the decommissioning of these facilities. Facilities operating before July 1, 2026, will have until January 1, 2028, to comply with these new financial assurance requirements.

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=281&year=26