Residential rates by utility (EIA-861, average all-in ¢/kWh)
| Utility | 2023 ¢/kWh | 2024 ¢/kWh | Customers (2024) | Ownership | vs state avg, $/yr |
|---|---|---|---|---|---|
| Central Valley Elec Coop, Inc | 9.32 | 8.91 | 6,150 | Co-op | -$561 |
| Lea County Electric Coop, Inc | 10.19 | 10.07 | 7,217 | Co-op | -$435 |
| El Paso Electric Co | 9.61 | 10.16 | 94,760 | Investor-owned | -$425 |
| Southwestern Public Service Co | 11.77 | 11.98 | 100,540 | Investor-owned | -$229 |
| City of Farmington | 12.42 | 12.69 | 35,990 | Municipal | -$152 |
| Farmers Electric Coop, Inc | 12.52 | 12.87 | 10,258 | Co-op | -$133 |
| Los Alamos County | 12.27 | 14.15 | 7,742 | Municipal | +$5 |
| Jemez Mountains Elec Coop, Inc | 15.14 | 15.36 | 28,093 | Co-op | +$136 |
| Public Service Co of NM | 15.21 | 15.57 | 492,945 | Investor-owned | +$159 |
| Continental Divide El Coop Inc | 15.72 | 16.02 | 20,415 | Co-op | +$207 |
| Navajo Tribal Utility Authority | 18.54 | 16.53 | 9,834 | State-owned | +$263 |
| Central New Mexico El Coop, Inc | 16.61 | 17.16 | 19,126 | Co-op | +$331 |
| Otero County Electric Coop Inc | 19.15 | 17.65 | 16,448 | Co-op | +$384 |
| Kit Carson Electric Coop, Inc | 15.67 | 18.18 | 26,097 | Co-op | +$441 |
Average price = residential revenue ÷ residential sales from each utility's federal EIA-861 filing (bundled service — supply + delivery + riders, not a quoted tariff rate). State average = 14.10¢/kWh, volume-weighted across these utilities (2024). Your distribution utility is fixed by address; these gaps measure what households in different territories actually paid. A further 4 competitive suppliers / solar lessors report energy-only or behind-the-meter sales in New Mexico; their prices cover only part of the bill and are not comparable to the all-in figures above.
Can you choose your electric company in New Mexico?
Electric supply choice: no · Gas supply choice: no
Fully regulated.
Official rate information: nm-prc.org.
Heating: which fuel is cheapest per million BTU in New Mexico?
| Fuel | Native price | As of | $ per MMBTU |
|---|---|---|---|
| Utility natural gas | $0.905 /therm | Feb 2026 | 9.05 |
| Electricity (resistance) | 15.07 ¢/kWh | Feb 2026 | 44.17 |
Utility natural gas is the cheapest residential energy per BTU in New Mexico at $9.05/MMBTU. Conversions: 1 kWh = 3,412 BTU; 1 therm = 100,000 BTU; heating oil 138,500 BTU/gal; propane 91,452 BTU/gal. Site-energy prices — appliance efficiency changes delivered-heat cost: a 95% AFUE gas furnace delivers heat near the gas figure, while a heat pump at seasonal COP 2.5–3 cuts the effective electric figure by 60–70%. (No EIA weekly heating-oil survey price for New Mexico.)
Electricity price trend, last 12 months
New Mexico's average residential price went from 14.53¢/kWh in Feb '25 to 15.07¢/kWh in Feb '26 — up 4% year-over-year. The 12-month peak was 16.52¢ in Sep '25.
| Month | Feb '25 | Mar '25 | Apr '25 | May '25 | Jun '25 | Jul '25 | Aug '25 | Sep '25 | Oct '25 | Nov '25 | Dec '25 | Jan '26 | Feb '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ¢/kWh | 14.53 | 14.78 | 14.35 | 14.50 | 14.68 | 15.80 | 16.19 | 16.52 | 14.95 | 15.61 | 14.66 | 14.70 | 15.07 |
Head-to-head utility comparisons in New Mexico
- Public Service Co of NM vs Southwestern Public Service Co — who's cheaper?
- Public Service Co of NM vs El Paso Electric Co — who's cheaper?
Questions people ask
- Who has the cheapest electricity in New Mexico?
- El Paso Electric Co, at an average 10.2 cents per kWh for 2024 among New Mexico utilities with at least 50,000 customers (EIA-861). The most expensive, Public Service Co of NM, averaged 15.6 cents — a difference of about $584 per year at 10,800 kWh.
- Can I choose my electric company in New Mexico?
- No. New Mexico is a regulated retail market: your utility is set by address and there is no residential supplier shopping. Rates are set in state utility-commission proceedings (nm-prc.org).
- Is gas or electric heat cheaper in New Mexico?
- Per million BTU of site energy, utility natural gas was $9.05 (Feb 2026) versus $44.17 for electric resistance heat. A heat pump delivering 2.5-3 units of heat per unit of electricity brings electric heating to roughly $15-18 per MMBTU.
- What is the average electric bill in New Mexico?
- At New Mexico's February 2026 average price of 15.07 cents/kWh and typical usage of 900 kWh per month, a household pays about $136 per month ($1628 per year) for electricity. Actual bills vary with usage, utility territory, and tariff.