New Mexico residential electricity rates

Analyst note

The New Mexico residential price sat above the U.S. average in 0 of 10 years; the gap was -0.18 ¢ in 2015 and -2.28 ¢ in 2024. In the 2024 ranking New Mexico sits between South Carolina (14.23 ¢) one place above and Kansas (14.15 ¢) one place below; the top of the list is 28.66 ¢ away and the bottom 2.69 ¢. New Mexico was 22nd in 2015 with 12.47 ¢ and is 31st now; a fall in the table. New Mexico residential prices rose in 6 of 9 years. The largest rise was +7.1% in 2017, and the largest fall -3.5% in 2016. The New Mexico price peaked at 14.20 ¢ in 2024 and bottomed at 12.03 ¢ in 2016; 2024 is the peak and +18.0% from the low. Compounded, that is +1.45% a year in New Mexico, -1.53 points against the U.S. New Mexico buys 0.50% of all U.S. residential electricity with 0.65% of the accounts, so the average New Mexico account uses 0.76 times the national average.

New Mexico residential customers paid 14.20 ¢ in 2024, which puts the state 31st of 51, a middle position, 2.28 ¢ under the U.S. Nine years moved the New Mexico residential price +13.9% (+1.5% a year), behind the U.S. by 16.4 points. The sharpest year was 2017 at +7.1%; the peak came in 2024.

The latest New Mexico year moved +2.5%, so prices are still climbing. The New Mexico commercial price of 10.54 ¢ sits 3.66 ¢ below. A New Mexico residential account uses 654 kWh a month; priced at 14.20 ¢ that is about $93, and the sector buys 24.3% of New Mexico's power.

Counting revenue instead of kWh, New Mexico residential accounts bring in 37.5% of New Mexico sector revenue on 24.3% of the kWh, a premium of 13.3 points that comes from the price level: 14.20 ¢ here against 10.54 ¢ for commercial and 5.43 ¢ for industrial accounts. The average New Mexico residential account uses 654 kWh a month, 39 of 51 among states on that measure; a commercial account uses 8.25 times as much and a industrial account 183.83 times. Residential accounts are 85.61% of the 1,093,458 accounts in New Mexico.