The proposed 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, such as appropriations and donations, and will be administered as a separate account by the authority. The bill outlines the purposes of the fund, which include providing grants for the planning, design, construction, and installation of solar energy systems, as well as technical assistance for securing additional funding.

Additionally, the bill mandates the New Mexico Finance Authority to create 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 stipulates that contractors for funded projects must post performance and payment bonds, ensuring accountability in project execution.