PNM EV Program Updates

NMPRC Approves the PNM Transportation Electrification Program

The 2024-2026 Transportation Electrification Program has been approved by the New Mexico Public Regulation Commission.  This new three year program was designed to continue offering customers incentives 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.  includes installation rebates for all  For more information, the program overview can be found here.



Charging Infrastructure Incentives

  • Market Rate participants can receive up to $500 and income-qualified participants can receive up to $750 toward the purchase of a qualified Level II residential charger for up to 4,500 customers. Market rate participants will also be eligible to receive up to $1,500 and low- to moderate-income customers will be eligible to receive up to $3,500 toward installation costs.
  • EV purchase rebates in the form of a $4,000 point-of-sale discount are available for income-qualified to provide equitable access to affordable EV options.  
  • Point-of-sale incentives toward the purchase of an eBike of up to $250 for market rate and $1,000 for income-qualified customers have also been made available for up to 300 participants. 
  • A Managed Charging Pilot program will begin enrolling up to 1,000 customers in Q3 2025.  This program will allow PNM to control the speed and time of residential EV charging, with customers being able to opt out up to 15% of the time, to help balance load on the grid.  Participants will receive an enrollment incentive of $75 and $75 annual incentive for the second year of participation.
  • Incentives of up to $50,000 per station for the installation of approximately 125 public DC Fast Chargers.
  • Incentives of up to $5,000 per port for the installation of 125 public, 125workplace/fleet, and 40 multifamily housing Level 2 charging ports. Income-qualified multifamily properties will qualify for incentives up to $10,000 per port for Level 2 charging ports.
  • Incentives for installing mass transit charging infrastructure to serve low- and moderate-income customers and communities.
  • A Fleet Advisory Services pilot program with up to 10 participants was launched to provide customer specific fleet electrification plans, charging infrastructure analysis, and a total cost of ownership analysis for electrification of commercial customer fleet vehicles



EV Specific Rates - Whole-Home EV Rate & Non-Residential EV Charging Station Pilot 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 (10:00 PM - 5:00 AM) at a rate of approximately $0.065 per kWh.

     

    Customer Education, Marketing, and Outreach

    PNM is working with the National Energy Foundation (NEF) to present the rEV program to high school students educating then on the benefits of EVs.  We have also partnered with dealerships to promote the program,  the 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

    The Transportation Electrification Program team consists of a Manager, Specialist, Outreach Coordinator, and an Analyst.  We are currently hiring for the Analyst position.  The job posting can be found here.

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