New Mexico Electricity Rates
Rate data for New Mexico is being refreshed. The regulator and market facts below are current; figures return with the next data load.
Can you choose your electricity supplier in New Mexico?
No. New Mexico has not opened its residential electricity market to competition, so the utility that delivers your power also sells it. Its prices are set in rate cases before the New Mexico Public Regulation Commission, and the rate you pay depends on which utility serves your address, your rate schedule, and the season.
Grid operator: No RTO; Western bilateral market (WECC); SPP in the east. Wholesale power costs flow through to retail bills on the regulator's schedule rather than month to month, which is why regulated-state rates move more slowly than the market-based states listed below.
Want to shop for a supplier? Retail choice is open on this site in Massachusetts, New Jersey, Ohio, Pennsylvania, Texas, Washington DC.
New Mexico has no supplier choice, but the PRC's Rule 410 caps any new-customer deposit at one-sixth of a year's bills and counts a credit reference from your old utility toward avoiding it, and if you qualify for LIHEAP and have no past-due balance (or keep up a payment agreement) your power cannot be shut off from November 15 through March 15.
Who will deliver your power in New Mexico
The utility is fixed by your address. These are the largest in the state, with what each says it needs from a new customer.
PNM (Public Service Company of New Mexico)investor-owned
Greater Albuquerque, Rio Rancho, Los Lunas, Belen, Santa Fe, Las Vegas, Alamogordo, Ruidoso, Silver City, Deming, Bayard, Lordsburg and Clayton, plus the Tesuque, Cochiti, Santo Domingo, San Felipe, Santa Ana, Sandia, Isleta and Laguna Pueblos. About 493,000 residential customers in 2024 (EIA-861); PNM says it serves more than 550K residential and business customers.
PNM says to complete the online start-service request at least 3 business days before move-in, and asks for the service address, preferred start date and your Social Security number. A deposit may be charged, typically 1/6 of the electricity billed in the last 12 months at that address, and a connection fee goes on the first bill: $12.00 if power is already on, $23.00 if it is off.
Start service with PNM →Xcel Energy (Southwestern Public Service Company)investor-owned
Eastern and southeastern New Mexico: Artesia, Carlsbad, Clovis, Dexter, Eunice, Hagerman, Hobbs, Jal, Lake Arthur, Loving, Portales, Roswell, Texico and Tucumcari (per the NM PRC company directory). About 100,500 residential customers in New Mexico in 2024 (EIA-861).
Xcel's new-customer page does not state ID, Social Security number or lead-time requirements. SPS's PRC-filed Rule No. 20 says it may require a security deposit as a condition of new service from a residential customer who has not been served by the company before or has not established an acceptable credit rating, which can be shown in any reasonable manner including owning or buying a home or at least one year of regular full-time employment. The PRC lists SPS billing and service inquiries at 1-800-895-4999.
Start service with Xcel Energy →Sources: my.xcelenergy.com, xcelenergy.com, xcelenergy.com, prc.nm.gov, eia.gov
El Paso Electric (New Mexico)investor-owned
Southern New Mexico from Hatch down through Las Cruces to the Texas line; EPE serves about 465,000 customers across a 10,000-square-mile area in both states. About 94,800 residential customers in New Mexico in 2024 (EIA-861).
First-time EPE customers are told to call (915) 543-5970 or 1-800-351-1621 to start service; the New Mexico line is (575) 526-5555. In New Mexico no deposit is required if you provide an adequate credit reference from a prior utility or show satisfactory credit under NMAC 17.5.410.17; any deposit is capped at one-sixth (two months) of the location's estimated annual billing, earns interest, and is refunded after one year with no more than two late bills. LIHEAP-qualified applicants get special consideration on whether and how much deposit is charged.
Start service with El Paso Electric →Sources: epelectric.com, epelectric.com, epelectric.com, epelectric.com, eia.gov
Farmington Electric Utility System (FEUS)municipal
City-owned utility in northwest New Mexico covering 1,718 square miles, much of San Juan County and a small part of Rio Arriba County, about 46,000 metered customers. About 36,000 residential customers in 2024 (EIA-861).
FEUS takes a residential service application online or by PDF through its Customer Service page (505-599-1353). New customers owe a deposit unless they provide a letter of reference from another electric, water or gas utility; the deposit is the greater of $100 per service or twice the highest bill at the location in the last 12 months, held 12 months and then credited back with interest if payment history stays good.
Start service with Farmington Electric Utility System →Sources: farmingtonnm.gov, farmingtonnm.gov, farmingtonnm.gov, eia.gov
Kit Carson Electric Cooperativecooperative
Member-owned co-op based in Taos serving Taos, Colfax and Rio Arriba Counties since 1944; the co-op says it has over 29,000 members and is the second-largest co-op in the state. About 26,100 residential customers in 2024 (EIA-861).
New consumers submit a Request for Electric Service form and pay a $15.00 residential service charge plus a refundable deposit that varies by account; the deposit earns 0.36% interest and is credited back after one year. A letter of credit from your previous utility showing 12 months of good payment history replaces the deposit, or a member in good standing can co-sign a 12-month guaranty. Locations without existing service can wait four to six weeks for a line extension.
Start service with Kit Carson Electric Cooperative →Sources: kitcarson.com, kitcarson.com, eia.gov
Central New Mexico Electric Cooperative (CNMEC)cooperative
Member-owned co-op with offices in Moriarty and Mountainair serving rural central New Mexico. About 19,100 residential customers in 2024 (EIA-861).
To connect an existing service you need a completed membership application, a valid photo ID, documents in your name for the property (lease, deed or purchase papers) and a letter of credit from a previous utility; deposits are waived for excellent letters of credit or a satisfactory soft credit check, otherwise calculated from the property's past usage. A $50.00 transfer/connect fee goes on the first bill, and connects are completed the next business day after all documents are received.
Start service with Central New Mexico Electric Cooperative →Deposits, ID, and supplier choice in New Mexico
Deposits. Under PRC Rule 17.5.410 NMAC, a regulated gas, electric or co-op utility may not require a residential deposit except from a new customer with no acceptable credit rating, a customer with three or more final notices in 12 months, a reconnection after disconnection, or service tampering. Credit can be shown by owning or buying the home, adequate income, a credit reference from a prior utility, a commercial credit report or other reasonable documentation; a deposit is capped at one-sixth of estimated annual billing, earns simple interest (the PRC's 2026 deposit interest rate is 3.74%), and must be refunded after 12 months without chronic delinquency. (srca.nm.gov)
Choosing a supplier. No residential supplier choice: EIA's 2024 New Mexico profile shows all 30.3 million MWh of retail sales came from full-service providers and zero from energy-only (competitive) providers, so you buy electricity from whichever utility or co-op serves your address. https://www.eia.gov/electricity/state/newmexico/
Rule 410 also gives residential customers at least 20 calendar days to pay a bill and 15 more days after it is delinquent before disconnection, requires every utility to offer a budget (levelized) payment plan, and tells LIHEAP-qualified customers they will not be shut off from November 15 through March 15 if they have no past-due amounts or stay current on a payment agreement. Rule 410 applies to electric, co-op and gas utilities under PRC jurisdiction; the city-owned Farmington Electric Utility System publishes its own deposit terms (greater of $100 or twice the highest bill in the last 12 months).
Sources: srca.nm.gov, prc.nm.gov, prc.nm.gov, eia.gov, farmingtonnm.gov
Help paying an electric bill in New Mexico
New Mexico Health Care Authority, Income Support Division
Eligible lower-income households with heating or cooling costs; apply online through the YesNM portal, by paper application to an ISD office, or by calling (800) 283-4465. Applicants need proof of identity for one adult and proof of heating/cooling costs (a disconnect notice, disconnected service or near-empty bulk fuel gets faster Crisis LIHEAP handling), are interviewed about ten days after applying and get a decision letter within 45 days. HCA received $18.6 million in LIHEAP funds for the 2024-25 winter and said the program was serving 30,219 households.
Sources: hca.nm.gov, hca.nm.gov, prc.nm.gov
NM Energy$mart Weatherization Assistance Program
Housing New Mexico / New Mexico Mortgage Finance Authority (MFA), delivered by regional service providers
Income-qualified homeowners and renters receive energy-saving retrofits and health-and-safety repairs at no charge; applicants apply through one of three regional service providers. MFA says it has weatherized 10,388 homes since 2010 with a 27 percent average energy savings; funders include DOE, LIHEAP, New Mexico Gas, PNM and El Paso Electric. PNM's page lists Central New Mexico Housing Corporation (505-345-4949) for the northern region and Southwestern Regional Housing (575-523-1639) for the southern region.
Sources: housingnm.org, pnm.com, hca.nm.gov
PNM, administered by the Rio Grande Food Project with community partner agencies
PNM customers with proof of current-year LIHEAP or SNAP participation and a past-due balance or disconnect notice; seniors 60+ qualify without a past-due balance and are approved for the maximum grant. Apply in person at a partner agency or a monthly PNM bill-assistance event with a valid photo ID matching the account holder.
Sources: pnm.com, prc.nm.gov
Winter heating-season disconnection moratorium
New Mexico Public Regulation Commission (Rule 17.5.410 NMAC) with eligibility through HCA's LIHEAP
Residential customers of PRC-regulated gas and electric utilities who meet LIHEAP qualifications and have no past-due amounts, or who stay current on a settlement or installment agreement, cannot be disconnected from November 15 through March 15; starting with the August billing cycle, utilities must send this notice to all residential customers at least twice (on the bill, in a bill insert or by mail) and direct them to 800-283-4465.
Source: srca.nm.gov
Programs that change what you pay
- Rooftop solar (net metering)available
- PRC Rule 17.9.570.14 NMAC sets net metering for customer-sited systems up to 10 kW at every PRC-jurisdictional utility, using a single meter on non-TOU rates and billing only the net energy drawn; PNM runs its Customer Solar Energy Program with a Net Metering Service rider (Rider 24) and limits systems to 10 MW AC.
Sources: srca.nm.gov, pnm.com, pnm.com
- Community solaravailable
- The Community Solar Act (SB 84, 2021) and PRC Rule 17.9.573 NMAC let PNM, SPS and EPE customers subscribe to a shared solar project and receive a per-kWh bill credit; on March 6, 2025 the PRC authorized subscriber organizations to use the filed solar bill credit rates when soliciting subscribers, and the program administrator lists residential credits of about 9.6 cents/kWh (PNM), 7.2 cents (SPS) and 6.8 cents (EPE) as of fall 2026. Every project must reserve at least 30 percent of capacity for low-income subscribers (at or below 80 percent of area median income, or pre-qualified through Medicaid, SNAP or LIHEAP).
Sources: prc.nm.gov, csnewmexico.com, csnewmexico.com, csnewmexico.com, csnewmexico.com
- Time-of-use ratesavailable
- PNM offers an opt-in Time-of-Day pilot with a free advanced meter, off-peak pricing on weekends and holidays, and a 12-month bill guarantee that credits any difference if you do not save. El Paso Electric's New Mexico TOD tariff charges $0.22108/kWh on summer weekdays 3-7 p.m. (June-September) versus $0.05527 off-peak, requires a 12-month enrollment, and if you did not save versus the standard rate after 12 months you can opt out and EPE credits the difference.
Sources: pnm.com, epelectric.com
- energyTransitionActin effect
- The Energy Transition Act (SB 489, 2019) requires investor-owned utilities to supply 50 percent renewable energy by 2030, 80 percent by 2040 and 100 percent zero-carbon electricity by 2045, with co-ops at 50 percent renewable by 2030 and a zero-carbon target by 2050; it also lets utilities recover coal-plant abandonment costs through a non-bypassable energy transition charge paid by all of the utility's customers, which PNM files as Rider 51 (Energy Transition Charges).
Sources: nmlegis.gov, pnm.com
Questions people ask before moving to New Mexico
How far ahead should I set up electricity before moving to New Mexico?
PNM asks for at least 3 business days' notice before move-in, while Central New Mexico Electric Cooperative connects the next business day after it has your membership application, photo ID, property documents and letter of credit. A brand-new location without existing service is different: Kit Carson Electric warns a line extension can take four to six weeks.
Sources: pnm.com, cnmec.org, kitcarson.com
Can I pick my electricity supplier in New Mexico?
No. EIA's 2024 state profile shows every megawatt-hour of New Mexico retail electricity sold by full-service providers and none by competitive energy-only suppliers, so your supplier is whichever utility or co-op serves your address (PNM, Xcel/SPS, El Paso Electric, Farmington or one of the co-ops). Community solar subscriptions let PNM, SPS and El Paso Electric customers buy a share of a shared solar project and get a per-kWh credit on that bill.
Sources: eia.gov, prc.nm.gov
Will I have to pay a deposit, and how do I avoid it?
Under PRC Rule 410 a regulated utility can require a deposit from a new customer only if you cannot show acceptable credit, and the deposit cannot exceed one-sixth of a year's estimated bills. A letter of credit from your previous utility is the standard way around it: El Paso Electric, Kit Carson, CNMEC and Farmington all say a good-payment reference waives or reduces the deposit, and when you leave PNM it will email a letter of credit to your new utility on request.
Sources: srca.nm.gov, pnm.com, epelectric.com, kitcarson.com, cnmec.org, farmingtonnm.gov
What help is there if I cannot pay my electric bill in New Mexico?
Apply for LIHEAP through the Health Care Authority at YesNM or (800) 283-4465; qualifying also protects you from shut-off between November 15 and March 15 under PRC rules if you have no past-due balance or stay current on a payment agreement, and gives you special consideration on deposits. PNM customers on LIHEAP or SNAP with a past-due balance can also get a grant from the PNM Good Neighbor Fund, and MFA's NM Energy$mart program weatherizes income-qualified homes at no cost.
Sources: hca.nm.gov, srca.nm.gov, pnm.com, housingnm.org
What is community solar and can a renter use it?
New Mexico's Community Solar Act lets PNM, Xcel/SPS and El Paso Electric customers, including renters and apartment dwellers, subscribe to a shared solar project through a provider and receive a per-kWh credit on their utility bill; in March 2025 the PRC cleared providers to quote the filed bill-credit rates when signing up subscribers. Each project must set aside at least 30 percent of its capacity for low-income households, and LIHEAP, SNAP or Medicaid participation pre-qualifies you.
Sources: prc.nm.gov, csnewmexico.com, csnewmexico.com, csnewmexico.com
Researched 2026-10-16 from utility, regulator, and agency pages; every statement links to where it was read. Rules change: confirm deposits and program dates with the utility or agency before you rely on them.
Every state ranked by residential rate, updated weekly: Electricity Rates by State →