The funds were announced by New Mexico's congressional delegation, Gov. Bill Richardson and the White House.
Richardson says of all the stimulus-related activities, nothing gives a greater return on investment than saving energy.
He says that's something that can be done in every corner of the state.
The funding will come in the form of grants from the U.S. Energy Department. The money can be used for energy audits, efficiency retrofits and more efficient street and traffic lights, among other things.
Projects will be solicited through a competitive process issued by the Energy, Minerals and Natural Resources Department.