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PNM electric rates and bills in New Mexico

PNM's 496,914 residential customers in New Mexico paid an average of 16.35¢ per kWh in 2025, for an average bill of $90.82 a month on 555 kWh.1 Over the last 12 months (Sep 2025–Aug 2026) the average was 17.02¢, and 18.83¢ in August 2026.2

EIA-861 2025 final (released October 7, 2026) and EIA's monthly utility survey through August 2026 (preliminary); next monthly update expected November 24, 2026. Averages are revenue divided by kWh, all charges included: not the rate printed in a tariff.

19 of 33 New Mexico counties served (EIA-861 2025)

PNM homes paid more per kWh than the New Mexico average in 2025, yet their average bill was below the state's ($94.656), because a PNM home used only 555 kWh a month. The price kept climbing into 2026: 17.02¢ per kWh2 over the last 12 months, against 16.35¢ per kWh1 in 2025.

PNM's price per kWh in three periods

PNM (Public Service Company of New Mexico) is New Mexico's largest electric utility by residential customers: 496,914 residential customers in 2025, 55.6%1 of all New Mexico homes on a utility's wires. EIA publishes three figures for what those homes paid per kWh, each for a different period:

  • 2025, final annual data (EIA-861): 16.35¢ per kWh1.
  • Last 12 months, September 2025 to August 2026 (EIA-861M): 17.02¢ per kWh, with 2026 months preliminary.
  • One month, August 20263 (preliminary): 18.83¢ per kWh2. A single month moves with the season, so it is the least reliable guide to a year's cost.

Each is average revenue per kWh: what residential customers paid in total, including the fixed monthly charge, fuel recovery and riders, divided by the kWh they used. It is not a line from PNM's tariff, and a household using little electricity pays more per kWh than one using a lot.

On the 2025 figure, PNM was the 4th highest of the 10 New Mexico utilities with 10,000 or more residential customers and 10.1% above the New Mexico average (14.85¢ per kWh4, all providers). Nationally it ranked 68th highest of 177 large utilities, a little above the median of 15.07¢ per kWh for that group, and 8.0% below the national average for investor-owned utilities1.

The 2025 and 2026 rate steps

PNM's residential average rose 5.0%, from 15.57¢ per kWh5 in 2024 to 16.35¢ per kWh1 in 2025. The New Mexico Public Regulation Commission's customer notice describes the adjustment approved in this period: the commission approved a phased rate adjustment for PNM in May 2025 (case 24-00089-UT), with the first phase taking effect in July 2025 and the second on April 1, 2026. The commission states that the adjustment pays for wildfire prevention, grid upgrades and battery storage.

EIA's monthly data now include months after both phases. The last 12 months averaged 17.02¢ per kWh, above the 2025 figure, and August 20263 came in at 18.83¢ per kWh, +4.0%2 on the same month of August 2025. Compare months with the same month a year earlier only: PNM's summer months carry a higher average price than its spring months.

PNM: residential price each month, Jan 2025 to Aug 2026
PNM: residential price each month, Jan 2025 to Aug 202612¢14¢16¢18¢20252026

Source: EIA-861M monthly sales and revenue by utility; EIA, Electric Power Monthly / EIA-861M sales and revenue by state. Residential revenue divided by kWh in each month, as reported to EIA's monthly survey (EIA-861M; months since January 2026 preliminary).

Show the numbers
MonthPNM (¢/kWh)kWh per customerBill per customer
January 202515.47¢622$96.19
February 202516.12¢470$75.72
March 202515.45¢467$72.15
April 202514.93¢431$64.32
May 202515.03¢439$66.04
June 202515.25¢684$104.37
July 202517.97¢776$139.50
August 202518.10¢737$133.44
September 202517.94¢540$96.85
October 202515.96¢485$77.41
November 202516.70¢467$77.91
December 202515.72¢546$85.90
January 202616.26¢564$91.66
February 202616.66¢456$76.04
March 202615.94¢431$68.64
April 202616.09¢396$63.76
May 202615.95¢471$75.06
June 202616.38¢701$114.83
July 202619.16¢798$152.97
August 202618.83¢843$158.80

Current and pending cases are listed on the commission's PRCe360 docket portal; the guide to rate cases explains how an approved increase reaches a bill.

A higher price, a smaller bill

PNM and Xcel Energy, the two New Mexico utilities with 100,000 or more residential customers, tell opposite stories. In 2025, PNM homes paid 16.35¢ per kWh on average, against 12.86¢ per kWh at Xcel Energy, which serves the eastern counties, and 10.34¢ per kWh1 at El Paso Electric Co, the lowest among the state's utilities with 10,000 or more residential customers.

PNM and other New Mexico utilities: average residential price, 2025
El Paso Electric Co (NM)10.34¢
Xcel Energy (NM)12.86¢
PNM (NM)16.35¢
Otero County Electric Cooperative (NM)19.56¢

Source: EIA-861 annual electric power industry report, 2025 final. EIA-861 2025 final. Average revenue per kWh is all charges divided by kWh; it is not a tariff rate.

Show the numbers
Utilityaverage residential price (bundled customers)
El Paso Electric Co (NM)10.34¢
Xcel Energy (NM)12.86¢
PNM (NM)16.35¢
Otero County Electric Cooperative (NM)19.56¢

The bill ranks the other way. A PNM home used 555 kWh a month in 2025, an Xcel Energy home in New Mexico 973 kWh, and the state as a whole averaged 638 kWh. PNM's average bill was $90.82; Xcel Energy's was $125.111, and New Mexico's $94.65, which was the lowest6 of any state in 2025.

Average monthly use per home, 2025
PNM (NM)555
Otero County Electric Cooperative (NM)560
El Paso Electric Co (NM)718
Xcel Energy (NM)973

Source: EIA-861 annual electric power industry report, 2025 final. EIA-861 2025 final. Average revenue per kWh is all charges divided by kWh; it is not a tariff rate.

Show the numbers
Utilityaverage monthly residential use
PNM (NM)555
Otero County Electric Cooperative (NM)560
El Paso Electric Co (NM)718
Xcel Energy (NM)973

PNM's bill rose less than its price. From 2024 to 2025 the average bill went from $89.42 to $90.82 (+1.6%), because use per home fell from 574 kWh5 to 555 kWh1 a month.

Summer: more kWh and a higher price per kWh

In EIA's monthly sample for the last 12 months (September 2025 to August 2026), use per PNM home was lowest in April 2026, at 396 kWh and an average bill of $63.76, and highest in August 2026, at 843 kWh and $158.80. The summer bill grows faster than the kWh because the average price per kWh is also higher in the summer months than in spring; the table under the chart gives each month's price, against a 12-month average of 17.02¢ per kWh2.

PNM: average residential use and bill by month

Source: EIA-861M monthly sales and revenue by utility. kWh per residential customer in each month (EIA-861M; months since January 2026 preliminary). The table adds the average bill and price for the month.

Show the numbers
MonthkWh per customerBill per customer¢/kWh
September 2025540$96.8517.94¢
October 2025485$77.4115.96¢
November 2025467$77.9116.70¢
December 2025546$85.9015.72¢
January 2026564$91.6616.26¢
February 2026456$76.0416.66¢
March 2026431$68.6415.94¢
April 2026396$63.7616.09¢
May 2026471$75.0615.95¢
June 2026701$114.8316.38¢
July 2026798$152.9719.16¢
August 2026843$158.8018.83¢

Over the same 12 months the average PNM bill was $95.02 for 558 kWh2 a month. Months since January 2026 are preliminary and can be revised.

Rooftop solar is common, smart meters are not

PNM reported 47,762 net-metered residential solar installations in 2025, 96.1 per 1,000 residential customers, with 297.3 megawatts of capacity. Xcel Energy's New Mexico territory had 22.17 per 1,000.

Meters are the reverse. PNM reported advanced (AMI) meters at 0.0% of its residential meters for 2025, against 83.1% at Xcel Energy in New Mexico. Time-of-use pricing is offered all the same: 4,970 residential customers, 1.0%7 of the total, were enrolled in it. PNM's tariff sets the peak hours and seasonal prices; the time-of-use guide explains how such plans change a bill.

Outage minutes

Under the IEEE 1366 standard, PNM customers averaged 125 minutes without power in 2025 including major events, fewer than the New Mexico average of 172 minutes, and 117 minutes excluding them, with 0.94 interruptions per customer. Xcel Energy's New Mexico customers averaged 235 minutes8.

Counties served, businesses and help paying

EIA's service-territory records place PNM in 19 New Mexico counties: Bernalillo County, Catron County, Cibola County, Curry County, Doña Ana County, Grant County, Hidalgo County, Lincoln County, Luna County, McKinley County, Otero County, San Juan County and 7 others. In all 199, at least one other utility also reports customers, so the county does not settle which utility serves a home; PNM's own service-area map does, by address.

Counties where PNM reports customers in New Mexico
Counties where PNM reports customers in New MexicoBernalillo County: PNM reports service, with 2 other utilitiesCatron County: PNM reports service, with 3 other utilitiesChaves County: not served by PNMCibola County: PNM reports service, with 2 other utilitiesColfax County: not served by PNMCurry County: PNM reports service, with 3 other utilitiesDe Baca County: not served by PNMDoña Ana County: PNM reports service, with 2 other utilitiesEddy County: not served by PNMGrant County: PNM reports service, with 2 other utilitiesGuadalupe County: not served by PNMHarding County: not served by PNMHidalgo County: PNM reports service, with 2 other utilitiesLea County: not served by PNMLincoln County: PNM reports service, with 3 other utilitiesLos Alamos County: not served by PNMLuna County: PNM reports service, with 3 other utilitiesMcKinley County: PNM reports service, with 4 other utilitiesMora County: not served by PNMOtero County: PNM reports service, with 4 other utilitiesQuay County: not served by PNMRio Arriba County: not served by PNMRoosevelt County: not served by PNMSandoval County: PNM reports service, with 3 other utilitiesSan Juan County: PNM reports service, with 5 other utilitiesSan Miguel County: PNM reports service, with 4 other utilitiesSanta Fe County: PNM reports service, with 3 other utilitiesSierra County: not served by PNMSocorro County: PNM reports service, with 4 other utilitiesTaos County: not served by PNMTorrance County: PNM reports service, with 2 other utilitiesUnion County: PNM reports service, with 3 other utilitiesValencia County: PNM reports service, with 3 other utilities

Source: EIA-861 2025, service territory; Census Bureau, Cartographic boundary file, counties. EIA-861 2025 service territory: 19 counties. Counts whole counties even where the utility serves only part of one; check the utility's own service-area map for an address.

Show the numbers
CountyOther utilities reporting service
Bernalillo CountyContinental Divide El Cooperative, Central New Mexico El Cooperative
Catron CountySocorro Electric Cooperative, Sierra Electric Cooperative, Navopache Electric Cooperative
Cibola CountyContinental Divide El Cooperative, Socorro Electric Cooperative
Curry CountyXcel Energy, Farmers Electric Cooperative, Roosevelt County Electric Cooperative
Doña Ana CountyEl Paso Electric Co, Columbus Electric Cooperative
Grant CountyColumbus Electric Cooperative, Duncan Valley Electric Cooperative
Hidalgo CountyColumbus Electric Cooperative, Duncan Valley Electric Cooperative
Lincoln CountyCentral New Mexico El Cooperative, Otero County Electric Cooperative, Socorro Electric Cooperative
Luna CountyEl Paso Electric Co, Columbus Electric Cooperative, Sierra Electric Cooperative
McKinley CountyJemez Mountains Electric Cooperative, Continental Divide El Cooperative, City of Gallup, Navajo Tribal Utility Authority
Otero CountyEl Paso Electric Co, Otero County Electric Cooperative, Central Valley Electric Cooperative, Rio Grande Electric Cooperative
San Juan CountyCity of Farmington, Jemez Mountains Electric Cooperative, Navajo Tribal Utility Authority, City of Aztec, WAPA-- Western Area Power Administration
San Miguel CountyCentral New Mexico El Cooperative, Mora-San Miguel Electric Cooperative, Farmers Electric Cooperative, Springer Electric Cooperative
Sandoval CountyJemez Mountains Electric Cooperative, Continental Divide El Cooperative, Central New Mexico El Cooperative
Santa Fe CountyJemez Mountains Electric Cooperative, Central New Mexico El Cooperative, Mora-San Miguel Electric Cooperative
Socorro CountyCentral New Mexico El Cooperative, Otero County Electric Cooperative, Socorro Electric Cooperative, Sierra Electric Cooperative
Torrance CountyCentral New Mexico El Cooperative, Socorro Electric Cooperative
Union CountySpringer Electric Cooperative, Southwestern Electric Cooperative, Tri-County Electric Cooperative
Valencia CountyContinental Divide El Cooperative, Central New Mexico El Cooperative, Socorro Electric Cooperative

PNM's commercial customers paid 12.46¢ per kWh on average in 2025 and its 180 industrial accounts 5.93¢ per kWh; across all its customers the average was 11.87¢ per kWh1.

For help with bills, New Mexico's federal LIHEAP allocation is $20.1 million11 for fiscal 2026. The commission's notice on the 2026 rate step also records that PNM must contribute its own funds to the Good Neighbor Fund, which helps customers who struggle to pay. For the statewide picture, including the cooperatives, see electricity in New Mexico.

PNM rates and bills: common questions

How much does PNM charge per kWh?

PNM's residential customers paid an average of 16.35¢ per kWh1 in 2025 and 17.02¢ per kWh2 over the last 12 months (September 2025 to August 2026). These are averages of everything billed, including the monthly customer charge and fuel and rider charges, divided by kWh used. PNM's tariff sets the actual charges.

Did PNM rates go up in 2026?

Yes. The second phase of a rate change approved by the New Mexico Public Regulation Commission in May 2025 took effect on April 1, 2026. In EIA's preliminary monthly data, PNM's residential average in August 20263 was 18.83¢ per kWh, +4.0%2 against the same month a year earlier.

What is the average PNM electric bill?

$90.82 a month in 2025 for 555 kWh1 of use, and $95.02 over the last 12 months (September 2025 to August 2026). In August 2026 the average reached $158.80; in April 2026 it was $63.762.

Can I buy electricity from someone other than PNM?

No. New Mexico has no residential retail choice: in 2025, EIA counted 01 New Mexico homes buying power from a competitive supplier. The utility whose territory covers an address serves it.

Related pages

Sources

  1. EIA-861 annual electric power industry report, 2025 final; table Sales_Ult_Cust_2025; 2025, final; released October 7, 2026. www.eia.gov
  2. EIA-861M monthly sales and revenue by utility; table sales_ult_cust_2025 and _2026; released October 23, 2026. www.eia.gov
  3. EIA, Electric Power Monthly / EIA-861M sales and revenue by state; table sales_revenue.xlsx (EPM Table 5.6.A); January 2001 to 2026-08; months since January 2026 preliminary; released October 23, 2026. www.eia.gov
  4. EIA, Historical state data, annual sales, revenue and customers; table HS861 2010-.xlsx; 2010-2025, final; released October 7, 2026. www.eia.gov
  5. EIA-861 annual electric power industry report, 2024 final; table Sales_Ult_Cust_2024; 2024, final (file updated December 3, 2025); released December 3, 2025. www.eia.gov
  6. EIA-861 2025, average monthly bill by state; table Average_Bill_2025; 2025, final; released October 7, 2026. www.eia.gov
  7. EIA-861 2025, advanced meters, dynamic pricing and net metering; table Advanced_Meters, Dynamic_Pricing, Net_Metering 2025; 2025, final; released October 7, 2026. www.eia.gov
  8. EIA-861 2025, reliability; table Reliability_2025; 2025, final; released October 7, 2026. www.eia.gov
  9. EIA-861 2025, service territory; table Service_Territory_2025; 2025, final; released October 7, 2026. www.eia.gov
  10. Census Bureau, Cartographic boundary file, counties; table cb_2025_us_county_5m; cb_2021_us_county_5m; 2025 (2021 for Connecticut). www.census.gov
  11. HHS, LIHEAP funding releases to states; table FY2027 first release; FY2026 final; FY2027 first release (October 9, 2026); FY2026 total; released October 9, 2026. acf.gov

How every figure is built: methodology. Found an error? Write to [email protected]; corrections are listed on the updates page.