The proposed bill establishes the "Local Solar Access Fund" within the New Mexico Finance Authority, aimed at providing grants to eligible entities such as counties, municipalities, school districts, and Indian nations for the planning, design, construction, and installation of solar energy systems. The fund will consist of various sources of income, including appropriations and donations, and will be administered as a separate account by the authority. The bill outlines specific uses for the fund, including grants for solar energy systems, technical assistance for funding applications, and covering administrative costs incurred by the authority.

Additionally, the bill mandates the New Mexico Finance Authority to develop rules by December 31, 2025, in consultation with the energy, minerals, and natural resources department. These rules will establish criteria for evaluating solar energy system proposals, prioritizing projects based on community needs, low-income household percentages, and other factors. The bill also requires grant applications to include cost estimates and expected savings, and it stipulates that contractors for funded projects must post performance and payment bonds, ensuring accountability in project execution.