Gas vs. electric driving costs · adjust vehicle and price period below
Why is it like this in New Mexico?
New Mexico's electricity rate of about 14.8¢/kWh sits near the breakeven for a typical PHEV versus gasoline — and it has been moving in the wrong direction for charging economics. The New Mexico PRC approved two Public Service New Mexico rate hikes in 2025 totaling about $12.46/month for average residential customers, citing grid reliability and wildfire mitigation costs. At the January 2026 baseline, electricity is still modestly cheaper per mile for a typical New Mexico PHEV driver — though the two recent PNM rate hikes have substantially narrowed the gap.
In the news · New Mexico
The New Mexico PRC approved two PNM rate hikes totaling $12.46/month for average residential customers — higher home charging costs from these approved increases make electricity-mode driving more expensive for New Mexico PHEV owners already facing one of the higher electricity rates in the Southwest.
PNM argued at a public PRC hearing that ongoing rate increases are necessary for grid reliability, infrastructure upgrades, and wildfire mitigation — setting the context for why New Mexico electricity rates are on an upward trajectory for PHEV drivers in PNM territory.
After Congress voted to overturn California's EV mandates (which New Mexico had adopted), state officials said they intend to maintain New Mexico's clean car and PHEV adoption push — relevant context for whether PHEV incentives in New Mexico will continue even as electricity costs rise.
Curated coverage of New Mexico's EV/PHEV cost, policy, and infrastructure story. External links open in a new tab.
