State profile · NM
New Mexico electricity rates
90 residential tariffs from 29 utilities. Across the 8 filed since 2020 that can be fairly compared, the median costs $0.1309 per kWh at 1,000 kWh a month once fixed charges are included — the cheapest $0.0782, the most expensive $0.2020.
- 8 comparable tariffs: $0.0782 to $0.2020
- New Mexico median $0.1309
- US median $0.1658
Rate structures in New Mexico
Lowest effective rates at 1,000 kWh/month
Ranked across tariffs filed since 2020: 10 here, 12% of those on file. Older filings are excluded because they are systematically below what utilities now charge. Of the recent ones, 2 are left out because they price only part of a bill (delivery without the electricity itself, or a single appliance), are open only to some households (such as low-income or electric-vehicle rates), or carry a suspected data error. See methodology. Effective rate includes fixed charges, and availability restrictions may apply.
| Utility | Tariff | Structure | Filed | $/kWh | Annual |
|---|---|---|---|---|---|
| El Paso Electric Co (New Mexico) | RS - TOD | Time-of-use | 2024 | $0.0782 | $938.56 |
| Southwestern Public Service Co | Residential Heating Service - Rate 39 | Seasonal | 2026 | $0.0998 | $1,197.72 |
| Southwestern Public Service Co | R (Residential Service) - Rate 1 | Seasonal | 2026 | $0.1150 | $1,379.56 |
| Southwestern Public Service Co | Residential Heating Service TOU - Rate 39 | Time-of-use | 2026 | $0.1283 | $1,539.21 |
| El Paso Electric Co | Residential Service - TOU (Alternative) | Time-of-use | 2025 | $0.1336 | $1,603.18 |
| El Paso Electric Co | Residential Service | Seasonal + tiered | 2025 | $0.1346 | $1,615.39 |
| Public Service Co of NM | 1A (Residential Service) | Seasonal + tiered | 2025 | $0.1768 | $2,121.38 |
| Public Service Co of NM | 1B (Residential Service Time-Of-Use) | Time-of-use | 2025 | $0.2020 | $2,424.51 |
Not a 1,000 kWh household?
Price every New Mexico tariff against the usage on your own bill.
Guides to these rates
All guides-
Your utility probably offers more than one rate
At 104 utilities with more than one current residential tariff open to everyone, the cheapest option beat the middle one by a median $71 a year at 1,000 kWh a month — and by more than $250 at 21 of them.
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Heat with electricity? Your utility may have a cheaper rate for it
25 utilities file a rate for electrically heated homes. At 16 of the 22 that also offer a standard one, it costs less in January, typically $27 a month.
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When is electricity most expensive? It depends on your utility
Across 95 utilities with time-of-use rates we found 49 different weekday peak windows. Nearly all include 5 to 6 pm; little else is shared.
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Some utilities charge households for their peak demand
59 household tariffs at 27 utilities charge for peak demand, typically $8.58 per kW a month. From 2027, southern Nevada's homes will pay one by the day.
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Does each extra kWh cost more? It depends where you live
Of 84 utilities with tiered residential rates, 43 charge more per kWh as usage rises, 23 charge less, and 11 do both: rising in summer, falling in winter.