State electricity profile · 2024
New Mexico Electricity
New Mexico residential power costs 14.20¢/kWh, 13.8% below the US average. Scroll down for commercial, industrial, and generation-mix figures, sourced from EIA filings.
- 14.20¢/kWh
- Residential rate
- -13.8%
- vs US average
- 50%
- Renewable
- 936.1K
- Customers
Verify with EIA → · Methodology
The verdict · 2024
New Mexico's residential electricity runs 14.20¢/kWh - 13.8% below the 16.48¢/kWh national average, cheaper than 59% of states, with 50% of its power from renewables.
Rate is the EIA state average across all 936.1K residential customers, a benchmark for comparing states, not the rate on any single bill. Source: EIA Form-861.
What New Mexico's Electricity Data Tells Us
New Mexico's residential rate stands at 14.20¢/kWh for 2024, serving 936.1K metered households, 13.8% below where the national residential average sits, 16.48¢/kWh. Commercial power runs 10.54¢/kWh while industrial buyers pay 5.43¢/kWh, reflecting the cost differentials that come from voltage level, load factor, and contract length across EIA Form-861 survey respondents. Residential sales for the year came to 7.3M MWh, generating about $1.0B in utility revenue, a useful yardstick for sizing local demand against the grid mix that serves it.
37.4% of New Mexico's in-state generation traces back to wind, the leading source; the runner-up is natural gas, at 28.8% and coal in third at 20.8%. Add up every renewable category, solar, wind, hydro, geothermal, and biomass, and you get 50.4% of New Mexico's generation, a figure that matters because each renewable megawatt-hour displaces fuel costs that otherwise flow through to retail bills. A portfolio this clean typically carries lower marginal generation costs once capacity is built, though transmission upgrades can offset part of the saving.
Looking back across EIA records, residential prices in New Mexico moved from 12.03¢/kWh in 2016 to 14.20¢/kWh in 2024, a 18.0% shift over that window. States charging a similar rate include South Carolina, Kansas, Florida, a useful peer set for a sanity check. For anyone negotiating a supplier contract, weighing an energy-efficiency upgrade, or modeling a household budget, the combination of current rate, multi-year trend, and generation mix offers a sturdier footing than any single data point on its own.
-13.8%
vs the US residential average
59%
of states have higher residential rates
50%
renewable share, above the US mix
936.1K
residential customers served
How New Mexico compares
Cents per kWh, EIA Form 861. Pick a benchmark above to compare New Mexico against the US average or a peer state.
Residential Price History
| Year | Price | Change |
|---|---|---|
| 2024 | 14.20¢/kWh | +2.5% |
| 2023 | 13.85¢/kWh | +0.1% |
| 2022 | 13.84¢/kWh | +2.4% |
| 2021 | 13.52¢/kWh | +4.5% |
| 2020 | 12.94¢/kWh | +3.4% |
| 2019 | 12.51¢/kWh | -1.3% |
| 2018 | 12.68¢/kWh | -1.6% |
| 2017 | 12.88¢/kWh | +7.1% |
| 2016 | 12.03¢/kWh | - |
Energy Generation Mix
How New Mexico generates its electricity. Renewable sources account for 50.4% of generation.
- Windrenewable37.4%
- Natural Gas28.8%
- Coal20.8%
- Solarrenewable12.6%
- Hydrorenewable0.4%
- Geothermalrenewable0.1%
Market Overview
Residential Revenue
$1.0B
Commercial Revenue
$1.0B
Residential Sales
7.3M MWh
Residential Customers
936.1K
Frequently Asked Questions
How much does electricity cost in New Mexico? ▼
How much of New Mexico's electricity is renewable? ▼
Are electricity prices going up in New Mexico? ▼
What are commercial and industrial electricity rates in New Mexico? ▼
What is the cheapest energy source in New Mexico? ▼
Where does RateWatt's New Mexico electricity data come from? ▼
States with Similar Electricity Prices
Using New Mexico's numbers
This is the state average, use it as a benchmark, not a quote for your address.
- New Mexico sits 13.8% below the national average, see exactly where it lands among all 50 states. See the rankings
- Check the multi-year trend before you judge the rate, a low price rising fast can cost more over a decade than a steady one. New Mexico price trend
- Compare New Mexico side by side with the US average and peer states using the tool above, then estimate your own bill from your monthly kWh. Cost calculator
Figures are EIA state averages by sector. Your actual rate depends on your utility, plan, and usage, see our disclaimer.
Energy Guides
Understanding Electricity Rates
What ¢/kWh means and how your bill is calculated
Why Prices Vary by State
Generation mix, regulation, and geography
US Energy Sources Explained
How each fuel source powers the grid
Renewable vs Fossil Fuel Costs
LCOE comparison and the cost crossover
Cheapest States for Electricity
Which states pay the least and why
Primary source data for New Mexico
Every figure on this page traces to these official federal datasets.
- 📊 EIA State Energy Profile, New Mexico State energy database
- ⚡ EIA Electric Power Monthly Generation and price statistics
- 🌿 EPA eGRID Power-grid emissions database
- ☀️ NREL solar resource maps Solar potential by location
- 💨 NREL wind resource maps Wind potential by location
- ⚛️ NRC reactor data Nuclear operating status
- ⚡ FERC market data Transmission and market prices
- 🏛️ NARUC commissions State public utility commissions
- 📖 EIA energy mapping system Interactive federal energy map
Related
Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the U.S. Energy Information Administration (EIA). Consult a qualified professional before making decisions based on this data.
Every figure on RateWatt is rendered directly from official U.S. Energy Information Administration (EIA) data, no number is typed in by an editor. State prices and generation mix are pulled directly from the EIA's published tables for this state. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error. Data current as of 2026-05-15.