Electricity rates — New Mexico

What a typical bill costs

At 1,000 kWh a month the 3 generally available plans here run from $899.54 on RS - TOD to $2,355.95 on 1B (Residential Service Time-Of-Use), with a median of $2,121.42.

Effective rates, bill divided by kilowatt-hours, span 7.5¢ to 19.6¢ per kWh at that usage.

What households in New Mexico pay, by EIA's count

Over the 12 months to June 2026, residential electricity in New Mexico averaged 15.3¢ per kWh, the 21st-lowest of the 50 states and DC and 15% below the US average of 17.9¢. It sits between Georgia (15.0¢) and Arizona (15.4¢).

EIA lists 20 utilities serving homes in New Mexico. By homes served, the largest 5 are Public Service Co of NM (492,945), Southwestern Public Service Co (100,540), El Paso Electric Co (94,760), City of Farmington - (NM) (35,990), and Jemez Mountains Elec Coop, Inc (28,093). Member-owned cooperatives supply about 15% of its households.

Over five years they rose 15.8%, well behind the US's 34.7%.

New Mexico homes used the most electricity in July and the least in April (2021–2025): a summer peak, 1.8 times the lightest month. September was the dearest month per kWh, 16% above January.

The utilities with a ranked plan on this page serve about 63% of New Mexico's households: Public Service Co of NM (492,945), El Paso Electric Co (New Mexico) (94,760). Their median plan at 1,000 kWh a month works out to 17.7¢ per kWh, 16% above EIA's average, which is why this page compares that median with other states'.

How New Mexico compares

At 1,000 kWh a month the median plan in New Mexico costs $2,121.42 a year: the 13th-highest of the 29 states whose indexed plans stand for them, and 7% more than their median of $1,989.30. It sits between Washington ($1,989.35) and Wisconsin ($2,146.17).

Its cheapest open plan, RS - TOD from El Paso Electric Co (New Mexico) at $899.54, is the lowest of the 29 states' cheapest plans.

3 of its 4 priceable plans price by the hour, the 2nd-largest share of any state here.

In the guides: What published electricity plans cost, state by state · What a plan charges by the hour, and what moving a kilowatt-hour is worth

What each provider costs

2 utilities serve customers across New Mexico in this data. At 1,000 kWh a month the cheapest of them is El Paso Electric Co (New Mexico) at $899.54 a year on RS - TOD; the dearest is Public Service Co of NM at $2,121.42.

That is $1,221.88 a year between the best each provider offers.

Cheapest available plan by provider: El Paso Electric Co (New Mexico) $899.54; Public Service Co of NM $2,121.42.

How the answer changes with usage

RS - TOD is cheapest at every level tested — $491.77 a year at 500 kWh a month, $1,714.99 at 2,000 kWh.

The penalty for a poor choice grows with usage: $872.13 a year at 500 kWh against $3,049.49 at 2,000 kWh.

How these plans are structured

Of 4 priceable plans: 2 tiered, 3 time-of-use, 1 priced by season.

Fixed monthly charges run from $7.00 to $30.99.

Who provides these plans

These plans come from 2 utilities: El Paso Electric Co (New Mexico), Public Service Co of NM.

The largest saving available here

Moving from 1B (Residential Service Time-Of-Use) to RS - TOD saves $1,456.41 a year at 1,000 kWh a month, with no change in consumption.

What this does not cover

3 of these plans price by the hour, so their figures are marked lower confidence.