Electricity Rates in New Mexico
Average residential electricity cost, utility comparison, and solar savings potential for New Mexico homeowners.
New Mexico Electricity Cost Overview
The average residential electricity rate in New Mexico is $0.13 per kWh, which is 19% below the national average of $0.16/kWh.New Mexico homeowners pay an average of $103 per month for electricity, based on typical usage of 789 kWh per month.
Electricity rates in this state have been trending upward over the past decade, following national patterns of rising energy costs. As rates continue to increase, solar panels become an increasingly attractive way for homeowners to lock in their energy costs and achieve long-term savings.
Major Electric Utilities in New Mexico
| Utility Company | Avg Rate ($/kWh) | Customers | Est. Monthly Bill |
|---|---|---|---|
| PNM Resources | $0.13 | 550K | $103 |
| El Paso Electric | $0.12 | 100K | $95 |
| Southwestern Public Service | $0.11 | 110K | $87 |
How Solar Compares to New Mexico Electricity Rates
Without Solar
- Monthly bill: $103
- Annual cost: $1,236
- 25-year cost: $30,900
- Rate trend: Rising 2-5% annually
With Solar
- Monthly savings: $93
- Annual savings: $1,116
- 25-year savings: $38,000
- Rate: Locked in for 25+ years
Electricity Rates FAQ - New Mexico
The average residential electricity rate in New Mexico is $0.13 per kilowatt-hour (kWh), which is 19% below the national average of $0.16/kWh. The average monthly electric bill is approximately $103.
With solar panels, New Mexico homeowners can reduce their electricity costs by approximately 90%, saving around $93 per month or $38,000 over 25 years. The 30% federal tax credit further reduces the upfront cost.
The largest electric utilities in New Mexico include PNM Resources, El Paso Electric, Southwestern Public Service. Rates vary between utilities, so your exact cost depends on your provider and usage.
Yes, electricity rates in New Mexico have been increasing over time, following national trends of 2-5% annual increases. This upward trend makes solar panels an increasingly attractive investment since they lock in your energy costs for 25+ years.
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