Public Service Company of New Mexico

PNM's Whole-Home EV (WHEV) pilot rate is the primary tool for EV owners who want to cut charging costs. It is an overlay on the standard Residential Rate 1A: enrolled customers pay roughly 5.75 cents per kWh for their entire home from 10:00 pm to 5:00 am, and the standard Rate 1A block rate applies the rest of the day. There is no fixed evening peak price; the design simply rewards overnight charging. It suits drivers who can shift most home charging, plus laundry or other large loads, into the overnight window. Customers cannot be on both the WHEV rate and PNM's Time-of-Day rate.

The WHEV rate and the residential charger rebate are linked: customers who receive a PNM residential charger rebate are required to take service under the WHEV pilot rate. Market-rate residential customers can get up to $500 toward a qualified Level 2 charger plus up to $1,500 toward installation; income-qualified customers can get up to $750 for the charger plus up to $3,500 toward installation. The commercial and multifamily programs are make-ready rebates rather than home-charger rebates, with higher caps for income-qualified communities, so the residential and non-residential tracks work quite differently.

PNM is an investor-owned utility regulated by the New Mexico Public Regulation Commission, and its EV programs flow from a Transportation Electrification Program the commission approved for 2024 through 2026 rather than a competitive retail market. The pilot rate has an enrollment cap of up to 10,000 EV drivers on Rate Schedule 1A, so availability is finite: charger-rebate recipients and a limited number of customers enrolling with proof of EV registration can take the WHEV rate. PNM has told the commission it runs a residential managed-charging pilot, but its EV pages offer no public enrollment, so none is listed here. New Mexico statewide and federal incentives are separate from PNM's utility programs and are not reflected in these rebate amounts.