March 4, 2025
Your Guide to the New Mexico EV Tax Credit, Rebates & Charging Incentives
11 Min. Read
While electric vehicles (EVs) are still a small part of New Mexico’s roads, they are steadily gaining traction in New Mexico thanks to new state policies aimed at expanding EV adoption.
Soon, dealerships will be required to make nearly half their inventory electric, encouraging more drivers to drive electric.
With dealerships set to offer a larger selection of EVs and generous incentives available, including the New Mexico EV rebate, there has never been a better time to make the switch.
Whether you’re considering your first EV or looking to enhance your charging setup, understanding available tax credits, rebates, and charging programs available to you in New Mexico can help maximize your savings and convenience.
Read on to learn how to take advantage of these incentives as a New Mexico resident.
New Mexico EV Tax Credit
New Mexico’s Clean Car Tax Credit makes EV ownership more accessible by offering state tax refunds of up to $3,000 for new and used EVs, plug-in hybrid electric vehicles (PHEVs), and home or business charging equipment.
As an EV driver, you may qualify for the New Mexico Clean Car Tax Credit, and individuals and businesses can claim this New Mexico EV tax credit for EVs, PHEVs, and chargers.
Here’s a breakdown of the available savings:
- New EVs: $3,000 tax credit (MSRP cap: $55,000)
- New PHEVs: $2,500 tax credit
- Used EVs: $2,500 tax credit (vehicle must be at least two years old; MSRP cap: $25,000)
- Used PHEVs: $2,000 tax credit
- EV Chargers: Up to $400 for Level 1 chargers, $400 for Level 2 chargers, and $25,000 for DC Fast chargers and Fuel cell charging units
The vehicle portion of the credit is available if you’re buying a new vehicle, a used model that is at least two years old, or signing a lease of at least three years. For vehicles to qualify, the sales price cap for new cars is $55,000 MSPR, and $25,000 for used vehicles.
By purchasing a new EV that meets these requirements, you can be eligible for a $3,000 tax credit, whereas you’ll receive up to $2,500 for a new PHEV, $2,500 for a used EV, and $2,000 for a used PHEV.
You can further boost your state tax refund by claiming the available credit for your EV charger, whether for personal or business use.
Depending on the size and scale of your project, you can receive up to $400 for Level 1 EV chargers, $400 for Level 2 EV chargers, and up to $25,000 for DC Fast charging projects and Fuel cell charging units. As long as it doesn’t exceed the credit limit, you can claim up to the full cost of the charger through this program.
These tax credits are in effect until 2026 and will be gradually reduced in the following years, so now is the perfect time to take advantage of these incentives!
Sustainable Building Tax Credit
Homes and commercial buildings are also eligible for savings through the Sustainable Building Tax Credit, which is intended to help offset the cost of making the property EV-ready.
This tax credit can also be used to support the installation of an Energy Star heat pump or heat pump water heater, improvements in insulation levels, or installing Energy Star windows or doors.
The base amount for this credit is $500, which increases to $1,000 for low-income households.
While the state’s Clean Car Tax Credit is meant to cover the actual cost of purchasing the EV charger, this credit helps offset the cost of electrical upgrades necessary for EV charging.
New Mexico EV Charger Rebates
In addition to claiming a state tax credit, New Mexico residents can take advantage of rebates offered by their local utility provider to help make at-home or EV charging for their business more affordable.
Central New Mexico Electric
Central New Mexico Electric offers rebates on EV charging equipment. Contact the utility directly to find out the exact amount and conditions for which you are eligible.
Continental Divide Electric
Continental Divide Electric customers can qualify for a $250 rebate on a Level 2 EV charger, which covers up to 50% of the total cost.
Businesses can claim additional rebates, including a rebate of up to $1,000 for Level 2 charging and up to $7,500 for DC Fast charging.
Jemez Mountains Electric
Jemez Mountains Electric residential customers can claim a $250 rebate for a non-managed Level 2 EV charger and up to $1,000 for a managed charger.
Businesses can receive up to $1,000 for Level 2 charging projects and as much as $7,500 for DC Fast charging initiatives.
Otero County Electric
Otero County Electric has a program designed to make EV chargers more affordable, but you’ll have to contact the utility directly for the details
Public Service Company of New Mexico
The Public Service Company of New Mexico offers a mix of EV charger rebates for homes, businesses, and multifamily properties.
As a residential customer, you can claim an income-based rebate of $500-$2,000 toward a Level 2 charger.
Businesses can get up to $2,500 for a Level 2 charger and up to $25,000 to install a DC Fast charging station. Additional rebates are available for income-qualified properties.
For multifamily EV charging projects, the Public Service Company of New Mexico offers rebates that start at $2,500 for a Level 2 charger and go up to $5,000 per charging port for income-qualified properties.
Roosevelt County Electric
For Roosevelt County Electric customers interested in electrification, the utility offers a $250 rebate toward a Level 2 EV charger.
Xcel Energy
While Xcel Energy’s EV charger rebate no longer accepts applicants, you can still save thanks to the utility’s home wiring rebate. Through this rebate, you could get up to $500 to upgrade your electrical infrastructure or up to $2,400 if you meet income requirements.
New Mexico EV Charging Rates and Time-of-Use (TOU) Programs
Not only can you save on EV charging equipment, but you can also unlock long-term savings by enrolling in an optional time-of-use (TOU) program with your utility.
These plans come with a varying electric rate that allows you to charge during off-peak times when demand for electricity is low.
It’s important to ensure your EV charger installation meets all program requirements, as some utilities require a separate meter for your EV charger before you can enroll. Working with a certified EV installer can help you confirm your EV charger installation will qualify.
Central New Mexico Electric
Central New Mexico Electric’s TOU plan offers off-peak rates of $0.04 per kWh and on-peak pricing of $0.15 per kWh.
The on-peak rate applies from 9 a.m. to 12 p.m. and 5 p.m. to 8 p.m. in the winter and from 3 p.m. to 8 p.m. in the summer.
Continental Divide Electric
With this utility’s TOU billing program, you could pay just $0.07 per kWh for EV charging from 9 a.m. to 6 p.m. and again from 9 p.m. to 6 a.m. Outside of these hours, your rate will be $0.15 per kWh.
Duncan Valley Electric
If you enroll in Duncan Valley Electric’s optional TOU plan, your rate will drop to $0.05 per kWh from 7 p.m. to 1 p.m. the next day in the summer.
This rate will also apply in the winter from 9 p.m. to 6 a.m. and again from 9 a.m. to 6 p.m. The rest of the time, you’ll pay the on-peak rate of $0.14 per kWh.
El Paso Electric
El Paso Electric offers an Experimental EV charging rate to its New Mexico customers, with super-off-peak rates as low as $0.007.
The regular off-peak rate is $0.05 per kWh and spikes to $0.38 during summertime on-peak periods.
You can contact the utility directly for a breakdown of seasonal on-peak and off-peak hours.
Jemez Mountains Electric
If you join Jemez Mountains Electric’s TOU plan, you can charge your EV for $0.08 per kWh from 1 p.m. to 4 p.m. and again from 9 p.m. to 6 a.m.
In the mornings and evenings, the on-peak rate of $0.15 per kWh will be in effect.
Navopache Electric
EV owners who get their power from Navopache Electric can choose between two TOU rate programs.
The first one helps you save money all year round, while the other gives you more flexibility in the summer.
The first-rate is known as the year-round TOU plan and comes with an off-peak price of $0.05 per kWh and an on-peak rate of $0.15 per kWh. The off-peak rate is in effect most of the time, except from 6 a.m. to 11 p.m. and 5 p.m. to 10 p.m. in the summer and from 3 p.m. to 10 p.m. in the summer.
If you opt for the utility’s winter TOU plan, the on-peak/off-peak schedule described above will apply in the winter. However, in the summer, you’ll pay $0.07 per kWh for the first 400 kWh you use and $0.11 per kWh for any additional usage.
Northern Rio Arriba Electric
Under this utility’s TOU plan, your energy rate will fluctuate from $0.08 per kWh during off-peak times to $0.16 per kWh during on-peak periods. You can contact the utility directly for more details on the TOU schedule.
Otero County Electric
Otero County Electric will charge you $0.09 per kWh from 9 p.m. to 3 p.m. the next day and $0.13 per kWh outside of these hours under its TOU program.
Public Service Company of New Mexico
This utility offers a TOU plan that combines discounted overnight EV charging with daytime rates based on energy usage.
From 5 a.m. to 10 p.m., your rate will range from $0.07 per kWh to $0.16 per kWh based on how much electricity you consume. From 10 p.m. to 5 a.m., you’ll pay just $0.03 per kWh.
Sierra Electric
Sierra Electric’s TOU plan is a great way to save on EV charging at night.
If you shift your usage to the off-peak periods between 10 p.m. and 4 p.m. the next day in the winter and from 11 p.m. to 5 p.m. the next day in the summer, your rate will drop from the on-peak rate of $0.18 per kWh to $0.11 per kWh.
Springer Electric
If you enroll in Springer Electric’s TOU billing plan, you’ll pay $0.14 per kWh from 7 a.m. to 8 p.m. and $0.07 per kWh outside of these hours.
Xcel Energy
Xcel Energy offers a bill credit of $50 annually if you enroll in the utility’s Optimize Your Charge plan.
You can qualify if at least 80% of your EV charging happens within your preferred time window from either 9 p.m. to 6 a.m., 12:30 a.m. to 9:30 a.m., or 6 a.m. to 3 p.m.
Public EV Charging in New Mexico
In addition to taking advantage of these New Mexico EV rebates to save on at-home charging, you can also use the fast-growing public EV charging network.
As the state issues NEVI-funded grants, a total of 84 new chargers are currently being built across the state.
How Many Public EV Charging Stations Are in New Mexico?
For drivers on the go, New Mexico is rapidly expanding its public EV charging infrastructure.
New Mexico already has over 330 EV charging stations, including 225 Level 2 locations with 465 ports and 115 DC Fast charging spots with over 340 ports.
15 of these locations are a part of the Tesla Supercharger network.
As previously mentioned, New Mexico is also investing in additional public chargers, with 84 new NEVI-funded chargers currently under construction, ensuring greater accessibility for long-distance EV travel.
How Much Is Public EV Charging in New Mexico?
The cost of charging your EV at a public station can vary based on location, network, and time of day, but is typically still more expensive than charging at home.
For example, the Level 2 charging stations at the El Paso International Airport cost $0.49 per kWh while the chargers located at New Mexico state parks, such as the Caballo Lake State Park, are free to use. Generally, charging at home is cheaper than using public charging, with low residential rates and even greater savings with TOU programs.
Is There Free EV Charging in New Mexico?
Although paid charging is more common in New Mexico, you can also find free EV charging locations throughout the state.
For instance, if you’re in Lovington, Lea County Electric offers free EV charging at its main office.
Where Are EV Charging Stations Located in New Mexico?
Most charging options are in major cities such as Santa Fe, Albuquerque, or Las Cruces.
Stations are also rapidly appearing along highways to make longer trips more convenient.
This map gives you a better idea of where you can charge your EV.
Your New Mexico Electrification Journey Starts Here
With the savings available from the New Mexico Clean Car Tax Credit combined with rebates from utilities, alongside the rapidly growing rate of EV adoption, there’s never been a better time to make the switch to electrification.
The cost savings created by adopting clean, sustainable energy are just the start of the benefits you’ll see, and by partnering with a qualified electrician who can tailor an EV charger installation to your specific needs, you can maximize these benefits even more.
As North America’s most trusted and largest network of certified EV charger installers, Qmerit is recommended by automakers, EV charger manufacturers, utilities, businesses, and homeowners alike. Rated #1 in customer satisfaction, our expert network has installed over 450,000 EV charging stations across the U.S. and Canada.
Discover how Qmerit is paving the way forward for residential EV charger installation and whole-home electrification solutions. Contact us today to find out how easy home electrification can be!
