Committee advances technical fix to let IRB projects use CPACE financing
House Bill 165 clarifies that commercial projects under industrial revenue bonds (IRBs) can use CPACE financing for energy- and water-efficiency improvements; the committee voted 'do pass' after supporters said the change removes a barrier for viable projects.
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Representative (speaker 21) told the committee HB165 is a technical amendment to New Mexico’s CPACE program that clarifies industrial revenue bond (IRB) projects are eligible for CPACE financing. The presenter said CPACE, run by Adelante Consulting under contract with the Economic Development Department, allows long-term loans or special assessments to finance energy and water efficiency and renewable-energy upgrades. The program launched in April 2024 and currently includes seven participating counties and five participating municipalities with five closed transactions.
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