New Mexico 2023 EV Tax Credits Guide [+ Calculate Your Savings]
Steve Birkett is an electric vehicle advocate based in Greater Boston, Massachusetts. He is a content creator and marketing professional who contributes written and recorded pieces to a wide range of media outlets. His analysis has been featured in Find The Best Car Price, WWLP TV, and Torque News, among others. He has also had video content featured on Inside EVs. Birkett was an EV Guide for Plug in America events in Massachusetts (Drive Electric Cambridge and Drive Electric Lowell) and Ohio (Earth Day 2019 at Cleveland Zoo). He participates in quarterly advisory panel meetings for EVolve New York (a state-level charging initiative) and has contributed to focus groups for prominent U.S. charging networks.
Birkett is a father-of-two who loves nothing more than packing up the family and hitting the road in their latest electric car, which is currently a 2022 Hyundai IONIQ 5. With multiple Chevy Bolts in his past, as well as a Chevy Volt and Tesla Model 3 LR in the extended family, plus various EV rentals when he ventures back home to his native United Kingdom, Birkett has more than 100,000 all-electric miles under his belt and is always ready to try out a new electric vehicle.
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There’s no denying that electric vehicles (EVs) can be expensive upfront. Thankfully, there are federal and state incentives like rebates and tax credits to make EVs more financially appealing.
But what state EV incentive programs are in place in New Mexico?
Let’s see what current incentives are available in your area and whether or not you qualify for them.
Last Updated: August 2023
Table of Contents
New Mexico EV Savings Calculator
What EV Incentives Are Available in New Mexico?
New Mexico has no direct incentives for electric vehicles at this time, but there are post-purchase incentives available from utilities and consumer organizations to offset the initial cost of transitioning to EVs. We also update this post regularly, so check back to see if new incentives are added.
Incentives for Purchasing an EV in New Mexico
New Mexico does not offer incentives for the purchase of a new electric vehicle. However, federal incentives are available for many all-electric models both new and used.
Other EV Incentives Offered in New Mexico
There are various post-purchase EV incentives available in New Mexico. These include:
- El Paso Electric (EPE) gives a $300 rebate for home charging hardware to its residential customers. Low-income households may qualify for up to $2,300 in assistance for purchasing and installing level 2 charging equipment, with various requirements for chargers to qualify.
- Powering New Mexico (PNM) offers residential customers a $300 rebate for buying a level 2 home charger.
- Xcel Energy's EV adoption program has a variety of incentives for EV drivers, from purchase rebates or rental rates for home charging equipment to preferential rates for charging and extra assistance for low-income customers.
Visit our EV community on Facebook to connect with other electric vehicle owners in your area and find out if specific offers are available.
Now that you know what electric vehicle incentives are available in New Mexico, what else do you need to know about making the switch to all-electric transportation?
Read our guidance on how to prepare for an EV to make sure the models you’re considering will meet your real-world driving needs!
