Electricity Rate in New Mexico (2026): 15.06c/kWh Average
The EIA residential electricity price in New Mexico is 15.06 cents per kWh as of June 2026, 3.28c below the US average of 18.34c/kWh. The New Mexico commercial rate is 10.82c/kWh and the industrial rate is 4.62c/kWh (EIA Electric Power Monthly, Table 5.6.A).
New Mexico Electricity Rate: What You Need to Know
New Mexico electricity averages 15.06 cents per kWh for residential customers as of June 2026, according to the EIA Electric Power Monthly. This is 3.28c below the US average of 18.34c/kWh. The average monthly bill for New Mexico households is $98 based on typical usage of 650 kWh.
New Mexico's 15.06c/kWh rate (June 2026) is below the US average of 18.34c, and its grid has transformed faster than almost any other state's. Wind is now the single largest source - roughly 36% of in-state generation - having overtaken natural gas (around 27%) and coal (around 21%), with utility-scale solar near 15% and still growing; renewables together supply more than half the state's electricity. The market is regulated with no residential retail choice. The Public Service Company of New Mexico (PNM), a TXNM Energy subsidiary, is the largest utility, serving the Albuquerque-Santa Fe corridor; El Paso Electric serves the south around Las Cruces, Xcel Energy's Southwestern Public Service unit serves the eastern plains, and rural cooperatives cover much of the rest, all overseen by the New Mexico Public Regulation Commission (PRC). The coal exit drives the current story: PNM closed the San Juan Generating Station in 2022 and is leaving the Four Corners plant, replacing that baseload with wind, solar, and storage under the state's 2019 Energy Transition Act (100% carbon-free electricity by 2045). In a settlement the PRC approved a roughly $105 million revenue increase (down from the $174.5 million PNM requested), phased in two steps - a smaller rise in July 2025 and a larger one effective April 1, 2026 - adding about $6 to $10 a month to the typical residential bill while funding the transition.
Generation mix: Wind 36%, natural gas 27%, coal 21%, solar 15%. The fuel mix is a primary driver of electricity rates - states with abundant hydro or nuclear tend to have lower rates, while states dependent on imported petroleum (Hawaii) or natural gas pay more.
Year-over-year change: New Mexico rates rose 2.6% year-over-year as of June 2026. This compares to the US average increase of 5% over the same period.
Regulated: You Cannot Switch Electricity Suppliers
PNM / Xcel Energy NM operates as the regulated utility in New Mexico. Retail electricity choice is not available for residential customers. Options for reducing your bill include: time-of-use rate optimization, energy efficiency upgrades, and rooftop solar.
Your New Mexico Electricity Bill Components
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Open Bill Calculator ->Electric Utilities in New Mexico: 32 Listed (2024 EIA-861)
EIA's Form 861 census records 32 entities with 2024 retail electricity sales in New Mexico: 21 distribution utilities filing the full form, 11 small utilities filing the short form (EIA-861S). By ownership: 20 cooperative, 7 municipal, 3 investor owned, 1 state, 1 federal. The state-wide average realised residential price in 2024 was 14.20 cents per kWh across 931,552 residential customers and 7,347,620 MWh of sales; EIA's latest monthly figure is 15.06c (June 2026). The largest utility by residential accounts served (bundled plus delivery-only) is Public Service Co of NM with 492,945 (15.57c per kWh, 46.2% of state residential sales by MWh). 20 of the 21 distribution utilities have a detail page; the rest are listed here only.
| # | Utility | Ownership | Res. accounts | Residential | Commercial | Counties |
|---|---|---|---|---|---|---|
| 1 | Public Service Co of NM | Investor Owned | 492,945 | 15.57c | 12.24c | 19 |
| 2 | Southwestern Public Service Coalso TX | Investor Owned | 100,540 | 11.98c | 7.88c | 6 |
| 3 | El Paso Electric Coalso TX | Investor Owned | 94,760 | 10.16c | 8.40c | 4 |
| 4 | City of Farmington (NM) | Municipal | 35,990 | 12.69c | 11.03c | 2 |
| 5 | Jemez Mountains Elec Coop, Inc | Cooperative | 28,093 | 15.36c | 14.10c | 5 |
| 6 | Kit Carson Electric Coop, Inc | Cooperative | 26,097 | 18.18c | 15.70c | 3 |
| 7 | Continental Divide El Coop Inc | Cooperative | 20,415 | 16.02c | 13.29c | 5 |
| 8 | Central New Mexico El Coop, Inc | Cooperative | 19,126 | 17.16c | 22.47c | 11 |
| 9 | Otero County Electric Coop Inc | Cooperative | 16,448 | 17.65c | 15.75c | 4 |
| 10 | Farmers Electric Coop, Inc (NM) | Cooperative | 10,258 | 12.87c | 12.08c | 7 |
| 11 | Navajo Tribal Utility Authorityalso AZ, UT | State | 9,834 | 16.53c | 17.25c | 2 |
| 12 | Los Alamos County | Municipal | 7,742 | 14.15c | 13.45c | 1 |
| 13 | Lea County Electric Coop, Inc (NM)also TX | Cooperative | 7,217 | 10.07c | 8.16c | 3 |
| 14 | Central Valley Elec Coop, Inc | Cooperative | 6,150 | 8.91c | 13.35c | 4 |
| 15 | Roosevelt County Elec Coop Inc | Cooperative | 3,918 | 12.07c | 16.27c | 4 |
| 16 | Springer Electric Coop, Inc | Cooperative | 2,453 | 19.01c | 15.03c | 5 |
| 17 | Navopache Electric Coop, Incalso AZ | Cooperative | 1,493 | 14.94c | 9.82c | 1 |
| 18 | Southwestern Electric Coop Inc (NM)also TX, CO, OK | Cooperative | 1,434 | 24.09c | 16.66c | 4 |
| 19 | Rio Grande Electric Coop, Incalso TX | Cooperative | 232 | 18.30c | 18.81c | 2 |
| 20 | Tri-County Electric Coop, Inc (OK)also OK, KS, TX, CO | Cooperative | 3 | 38.00c | 26.25c | 1 |
| 21 | WAPA-- Western Area Power Administrationalso CA, AZ, CO, KS, MN, MT, ND, NE, NV, SD, UT, WY | Federal | 0 | n/a | 3.43c | 1 |
Small utilities filing the EIA-861S short form (11): totals across all sectors, no residential split+
| Utility | Ownership | Customers (all) | Avg price (all) | Counties |
|---|---|---|---|---|
| Socorro Electric Coop, Inc | Cooperative | 13,185 | 14.12c | 7 |
| Mora-San Miguel Elec Coop | Cooperative | 11,389 | 15.40c | 4 |
| City of Gallup (NM) | Municipal | 10,461 | 14.23c | 1 |
| Columbus Electric Coop, Inc | Cooperative | 5,038 | 14.84c | 4 |
| Sierra Electric Coop, Inc | Cooperative | 4,420 | 16.85c | 4 |
| Raton Public Service Company | Municipal | 4,248 | 15.57c | 1 |
| City of Truth or Consequences (NM) | Municipal | 4,070 | 16.54c | 1 |
| Northern Rio Arriba E Coop Inc | Cooperative | 3,255 | 18.87c | 1 |
| City of Aztec (NM) | Municipal | 3,187 | 14.44c | 1 |
| Town of Springer (NM) | Municipal | 692 | 12.70c | 1 |
| Duncan Valley Elec Coop, Inc | Cooperative | 339 | 14.38c | 2 |
Source: U.S. Energy Information Administration, Form EIA-861 Annual, 2024 final data (public domain), retrieved 28 August 2026; prices are average realised revenue per kWh, not tariffs. Final 2024 file f8612024.zip (released 3 December 2025) from the EIA-861 detailed data files. Preliminary 2025 figures come from the early-release file f8612025er.zip (4 August 2026), which EIA has not yet validated; they are labelled as such wherever shown and never mixed into a final figure.