The New Mexico Mortgage Finance Authority (MFA) has declared that its Board of Directors has approved $3.5 million in funding from the New Mexico Housing Trust Fund. The funds are set to enhance solar systems for homes participating in the NM Energy$mart Weatherization Program, ensuring affordable electric bills for low-income households after electrification.
According to a press release by MFA, the staff requested $3.5 million from the 2024 New Mexico Housing Trust Fund allocation to establish solar-powered systems in residences undergoing weatherization services across New Mexico. The Department of Energy (DOE) provides partial funding for solar system installations as an approved weatherization measure, with some grants requiring matching funds.
Isidoro Hernandez, MFA Executive Director/CEO, expressed optimism about the initiative. "This is our first venture into solar, and we hope to impact many New Mexico households with this funding," said Hernandez. "Along with funding from the DOE, we are confident this program will positively impact peoples' lives with additional resources from the New Mexico Housing Trust Fund."
Managed by MFA, the NM Energy$mart Weatherization Program offers energy-saving retrofits and home modifications at no cost to eligible homeowners and renters. As part of the nationwide Weatherization Assistance Program (WAP), which has been administered by DOE since 1976, MFA has overseen the New Mexico Energy$mart program since 2010. Notable achievements include fully weatherizing 10,388 homes, achieving 27 percent average energy savings in each home, and providing annual average savings of $210-$250 on utility expenses per home. The program is funded by various entities including DOE, LIHEAP, New Mexico Gas, PNM among others and includes measures for health and safety reasons at no cost to occupants. Applications are processed through designated service providers based on the applicant's geographical area of residence according to information provided by MFA on the NM Energy$mart Weatherization Program webpage.