PNM EV Program Updates

NMPRC Approves the PNM Transportation Electrification Program

On November 10, 2021, the New Mexico Public Regulation Commission approved the PNM Transportation Electrification Program (TEP). The TEP is designed to help PNM customers adopt EVs by providing incentives for charging infrastructure, offering EV-specific electricity rates, customer outreach on the benefits of EVs, and administration of the program. Later this year, PNM expects to enroll the first customers in the program. The program will continue through the end of 2023. Over 25% of the program's total budget will be targeted at low- and moderate-income customers. Here are some important key features of the program:

Charging Infrastructure Incentives

  • $500 incentive for a networked Level II residential charger for up to 3,900 customers. Low- to moderate-income customers will be eligible to receive additional funding to cover installation costs up to $2,000.
  • Incentives of up to $25,000 per station for the installation of approximately 70 public DC Fast Chargers.
  • Incentives for the installation of 180 public, 180 workplace/fleet, and 80 multifamily housing Level 2 charging ports. The incentive amounts are up to $2,500 per port for most stations, and up to $5,000 per port for low- to moderate-income multifamily housing.
  • Incentives for installing mass transit charging infrastructure to serve low- and moderate-income customers and communities.

EV Specific Rates - Whole-Home EV Rate

  • A pilot Whole-Home EV Rate for up to 3,900 customers who receive the residential charger rebates as well as up to 1,000 customers who qualify without taking the charger incentive. Enrolled Rate 1A residential customers will receive a super low electricity rate for their entire home between 10:00 PM - 5:00 AM. During this period, electricity will cost approximately $0.03 per kWh
  • A pilot non-residential rate specifically for charging stations. This non-residential rate will not have demand charges and will be based solely on energy sales. This is a Time of Use rate that has on-peak and off-peak periods to incentivize charging during off-peak periods.

Customer Education, Marketing, and Outreach

PNM will begin a comprehensive education and outreach program to inform more New Mexicans about the benefits of EVs, ways to participate in the EV program offerings, and partner with stakeholders to engage interested customers.

Program Administration

PNM has hired a Program Manager and Program Specialist dedicated to assisting in the administration of the program.

PNM is also working with a third party to assist in administering and reporting program metrics.

Future Plans for Electric Cars

The 2024-2026 Transportation Electrification Program has been approved. For more information, the program overview can be found here.