The bill establishes the "Local Solar Access Fund" within the New Mexico Finance Authority, aimed at providing grants for solar energy systems to eligible entities, which include counties, municipalities, school districts, and Indian nations or tribes in New Mexico. The fund will consist of various sources of income, including appropriations and donations, and will be administered as a separate account. The bill outlines the purposes of the fund, which include funding the planning, design, construction, and installation of solar energy systems, as well as providing technical assistance for securing additional funding. The authority is also tasked with creating rules by December 31, 2025, to evaluate grant applications and prioritize projects based on specific criteria, such as community needs and the percentage of low-income households served.

Additionally, the bill appropriates $60 million from the general fund for the energy, minerals, and natural resources department to support the Local Solar Access Fund in fiscal year 2026 and beyond. It specifies that any unspent funds at the end of a fiscal year will not revert to the general fund. The provisions of the act will take effect only after an appropriation for the administrative costs of the New Mexico Finance Authority is enacted in the General Appropriation Act of 2025.