New Mexico CFS Program
Rebates for owners of EV charging stations through New Mexico’s Clean Fuel Standard
Earning Rebates through New Mexico’s Clean Fuel Standard
New Mexico recently announced the Clean Fuel Standard (CFS), which will go into effect by 2026. The CFS aims to reduce air pollution and greenhouse gas (GHG) emissions from transportation and material handling fuels by incentivizing clean energy. The CFS will allow providers of clean energy – like owners of electric forklifts and electric vehicle (EV) charging stations – to earn credits for their offset emissions.
By opting into the Clean Fuel Standard, owners of electric forklifts and EV charging stations will be able to earn energy rebate credits for each metric ton of CO2 equivalent (MTCO2e) emissions avoided through the use of electricity-powered vehicles. Learn how you can take advantage of financial incentives.
Eligibility
New Mexico EV charging station owners will be eligible to participate in the Clean Fuels Standard and earn additional revenue by aggregating energy rebate credits.
Entities eligible for earning CFS credits for reduced GHG emissions include providers and importers of transportation fuels with carbon intensities lower than the annual benchmark, including:
- Owners of EV charging stations
- Owners of biodiesel and natural gas charging stations
- Owners of electric forklifts and material handling equipment (MHE)
What types of vehicles are eligible to earn CFS credits?
The following types of clean fuels are currently slated to be eligible to earn credits in New Mexico. If you’re unsure whether your vehicle fuels qualify, contact us today.
- Electric vehicle charging stations
- Electric forklifts
- Biodiesel
- Compressed natural gas
Will I be required to opt into the program?
New Mexico-based fuel suppliers with carbon intensities above the annual standards are the only entities required to opt-in to the program. Fuel suppliers of electricity and other clean fuels are voluntary participants.
What happens if I don’t opt in?
Voluntary participants, such as owners of electric forklifts and EV charging stations, are not required to opt into New Mexico’s CFS. However, the rebates you would otherwise earn will go unclaimed.
If I only have one electric vehicle, am I still eligible?
Yes – businesses based in New Mexico of all sizes are encouraged to enroll with Smart Rebates™. You’ll earn monetary rebates regardless of your fleet size.
Reselling
EV charging station owners in New Mexico will receive CFS credits for every metric ton of CO2 equivalent (CO2e) offset through their electric vehicles and MHE. CFS credits are sold on the credit market to other fuel providers whose fuels exceed the allowable emissions limit. The credit market is based on supply and demand, meaning that the values of credits may vary.
Smart Rebatesâ„¢ will manage the credit trading process and ensure you receive the highest value for your credits. As one of the largest credit aggregators in the country with long-standing experience with other energy rebate programs across North America, SCT can sell credits in bulk to fuel providers in a credit deficit. This ensures you earn the best prices for your credits, every time.
What kind of rebates can I expect to earn on a quarterly basis?
The CFS credit market will be based on the supply and demand of fuel suppliers, which can vary with the type and quantity of clean fuels provided. When you enroll with SCT, we’ll conduct an on-site audit to get you an estimate of your quarterly earnings. Contact us to initiate the audit process.
How long can I expect to receive rebates?
The LCFS is currently planned to remain active until 2030; however, the program is expected to be extended to continue reducing California’s carbon emissions.
Rebates
Rebates will be earned on a regular basis based on the quantity and type of clean fuels provided, as well as on the supply-and-demand market of CFS credit trading.
You’ll receive checks that reflect the value of your sold CFS credits, which you can apply to any business expenses, including offsetting the cost of your EVs or buying additional vehicles to earn more credits.
What’s the catch?
There is no catch! New Mexico’s CFS program is specifically designed to incentivize New Mexico fuel providers to reduce their carbon emissions and award investments in cleaner technologies.
When can I expect my first rebate check?
You’ll receive your first check 45 days after the end of the first reporting quarter.
Reporting
Owners of EV charging stations and electric forklifts that opt in to the New Mexico CFS will be required to maintain reporting and record-keeping on a regular basis. Smart Charging Technologies will keep you up-to-date with the reporting schedule once the New Mexico Environment Department finalizes the program’s requirements.
What type of data is being collected and reported to the New Mexico Environment Department?
Smart Rebatesâ„¢ only requires you to provide SCT with access to your site and equipment usage data for accurate reporting.
What happens if my site changes or if I install new EV charging stations?
SCT will perform a no-cost in-person audit to accurately capture relevant site and equipment usage. This alleviates the burden and compliance risks associated with self-reporting.
What happens if I report inaccurate data?
Inaccurate reporting may result in fines from the New Mexico Environment Department. Our in-person audit relieves the burden of liability and risks associated with self-reporting.
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What to Expect
When you enroll in Smart Rebates™, we’ll perform an in-person audit to give you an estimate of your earnings and ensure accurate reporting. We’ll handle the application, reselling, and reporting processes at no cost to you.
As a charging station owner, you’ll be able to earn additional revenue from your EVs, at no cost and with no risk of fines or inaccurate data readings. Learn more about Smart Rebates™.
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