Electricity Rates in Farmington, NM

The average residential electricity rate in Farmington is $0.13 per kilowatt-hour (kWh), which is 19% below the national average of $0.16/kWh. The average monthly electric bill for Farmington homeowners is approximately $103.

With solar panels, Farmington 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 of going solar.

The major electric utilities serving the Farmington area include PNM Resources, El Paso Electric, Southwestern Public Service. Rates vary between providers, so your exact cost depends on your utility and usage level.

Yes, electricity rates in Farmington and across New Mexico have been increasing, following national trends of 2-5% annual increases. This makes solar panels an increasingly attractive option since they lock in your energy costs for 25+ years.