New Mexico offers great incentives for electric vehicle ownership. But between costs, available infrastructure, and practical considerations – there‘s a lot to weigh when deciding if an EV makes sense for your lifestyle.
As an experienced auto analyst who follows latest developments in renewable technologies, let me provide some key insights to help inform your decision around going electric.
Overview of EV Ownership Costs in New Mexico
Prospective owners always want to understand the overall costs. While EVs carry higher upfront sticker prices, lower operating expenses in the long run – especially in a state like New Mexico with affordable electricity rates – make them economical purchases.
Let‘s break down the key figures:
Electricity Rates
Charging an EV at home requires kilowatt hours (kWh) of electricity usage. Rates per kWh in New Mexico average around $0.14 to $0.16 across the state‘s private/public utilities:
| Utility Provider | Average Residential Rate per kWh |
|---|---|
| PNM | $0.145 |
| El Paso Electric | $0.161 |
| NM Electric Coops (average) | $0.136 |
For EV owners able to charge overnight during off-peak hours, costs can dip even lower through special time-of-use pricing plans from most providers.
So clearly, electricity remains very affordable in New Mexico compared to other states – especially western neighbors like Arizona and Colorado. That makes operating an EV here noticeably cheaper.
Charging Cost Estimates
Based on the state‘s average electricity rate of $0.146 per kWh, we can estimate home charging costs for today‘s most popular electric vehicle models sold in New Mexico:
| EV Make & Model | Battery Size | Max Range | Est. Cost to Charge Fully | Cost per Mile (Charged) |
|---|---|---|---|---|
| Long Range models | ||||
| Tesla Model Y Long Range | 82 kWh | 331 mi | $11.97 | $0.036 |
| Ford Mustang Mach E Extended Range | 98 kWh | 314 mi | $14.31 | $0.046 |
| Standard Range models | ||||
| Nissan Leaf | 40 kWh | 149 mi | $5.84 | $0.039 |
| Chevrolet Bolt EV | 65 kWh | 259 mi | $9.49 | $0.037 |
| Volkswagen ID.4 | 77 kWh | 260 mi | $11.24 | $0.043 |
Battery sizes, range ratings and specs per manufacturer websites as of March 2023
The table above shows estimates for both longer range and more affordable standard range EV models now available. As you see, estimated charging costs correlate very closely with battery size and miles per charge.
The Ford Mustang Mach E with its 98 kWh battery has the highest capacity of the group, so costs the most to fill from empty. But the modest 149 mile Nissan Leaf requires far less electricity usage overall.
However, when looking at cost efficiency in terms of price per mile charged, the differences balance out more. Overall, expect to spend an average of around $0.03 to $0.05 per mile traveled when charging at home with New Mexico‘s very reasonable electricity rates.
Compare that to a conventional internal combustion engine car that averages around $0.11 per mile for gas fuel costs alone. You save big with an EV!
Total Cost of Ownership Estimates
Now let‘s compare estimated 5 year total cost of ownership figures between two popular electric SUV models and similar gas-powered rivals:
| Vehicle | Base MSRP | Est. Electricity/Gas Costs | Est. Maintenance | Total 5 Year Cost |
|---|---|---|---|---|
| 2022 Tesla Model Y Long Range AWD | $65,990 | $7,182 | $2,800 | $76,782 |
| 2022 Toyota RAV4 Hybrid XLE AWD | $30,970 | $14,069 | $3,750 | $49,539 |
| 2022 Ford Mustang Mach E Extended Range AWD | $54,975 | $8,586 | $3,000 | $67,311 |
| 2022 Ford Escape SEL Hybrid AWD | $32,940 | $12,345 | $3,500 | $49,565 |
Estimated gas costs based on $3.50/gallon over 15k mi/year. Maintenance total includes tires, brakes, filters/fluids, etc
The examples show that over a 5 year period, the total cost of owning one of today‘s long range capable EVs actually compares very closely to owning a gas-powered hybrid crossover SUV.
Thanks to New Mexico‘s affordable electricity, you recoup much of the higher initial purchase price through far lower operational costs by going electric. And with federal tax credits of $7,500 still available plus state incentives, that upfront price difference narrows even further.
Charging Infrastructure Across New Mexico
EV drivers rely on being able to conveniently recharge while out and about. So having ample access to public charging stations gives confidence to hit the road without worries.
Here‘s an overview of New Mexico‘s current EV charging landscape:
Number of Charging Stations Statewide
As of January 2023, New Mexico has over 320 public charging locations featuring more than 750 charging ports/outlets according to data from the U.S. Dept. of Energy.
This existing infrastructure network supports roughly 8,500 registered electric vehicles across the state and continues expanding. The New Mexico Environment Dept. offers grant funding aimed specifically at improving EV charging availability and access.
Charging Station Locations
Public charging ports can be found in nearly all of New Mexico‘s population centers including Albuquerque, Santa Fe, Las Cruces, Roswell, and others.
Many stations are located conveniently downtown, in shopping/dining districts, or co-located at grocery stores, hotels, etc that drivers already frequent. An emerging number also exist at state parks and along major highway corridors like Interstates 25 and 40 to facilitate travel.
The NMED provides an excellent public charging locator map searchable by region. I definitely recommend EV owners bookmark this tool.
Charging Levels/Types Available
As adoption increases, New Mexico offers all common electric vehicle charging levels:
- Level 1 – Low power charging via basic 120V household outlet. Full charge takes 10-20 hours. Mainly for overnight home charging.
- Level 2 – Faster 240V chargers, typically found at workplaces/public lots. Will fully charge an EV in 4-8 hours.
- DC Fast Charge – High powered 480V fast charging stations. Will charge an EV battery to 80% capacity within 30-90 minutes. Enables convenient charging while shopping, eating a meal, etc.
DC fast chargers remain less common than Level 2 stations, but are rapidly being added along major highway routes and busy destinations as well.
Incentives for EV Drivers in New Mexico
Between state and federal programs, purchasing or installing EV charging equipment comes with some nice perks for New Mexico drivers:
- Federal EV Tax Credit – Up to $7,500 credit for qualifying new EV purchases through 2023. Set to phase down in 2024. Check requirements via IRS Form 8936.
- Charging Equipment Rebates – State approved electric utilities including PNM, El Paso Electric and NM Electric Coops offer rebates of up to $3,500 for installing Level 2 chargers.
- Home Charger Tax Credit – 30% of the costs (up to $75) to install a Level 2 home charger. Via NM Climate Strategy.
- Public Charging Grants – NMED provides grant funding for businesses, tourism entities, cities/counties and tribal entities to install new public EV charging stations.
Between purchase incentives plus rebates for installing a home charger, going electric in New Mexico carries some nice perks!
Long Distance Driving Considerations
New Mexico‘s wide open desert landscapes mean occasional long distance journeys are commonplace. For drivers transitioning from gas vehicles, EV range limitations still require extra planning.
While regular commuting and urban usage pose no problems given 200+ mile ranges of newer EVs, hitting remote corners of the state does take more forethought.
The good news is New Mexico continues improving highway fast charging options. Stations located in Gallup, Grants, Socorro, Truth or Consequences, Raton and elsewhere allow stopping to replenish your battery sufficient to reach the next station.
I recommend using tools like ABRP or PlugShare to map driving routes with charging stops. Consider range needs, charging times and locations during your trip planning.
Carrying a NEMA 14-50 or J1772 charging adapter to take advantage of RV parks and campsites with 240V hookups also provides backup options in remote areas. With smart planning, EVs can handle New Mexico road trips!
Availability of Electric Vehicle Models
As EV popularity grows globally, most major automakers now offer electric models alongside traditional gas lineups. In New Mexico, all key EV models remain available:
- Long range EV leaders like Tesla‘s Model 3, Model Y and Model X retain decent dealership inventory in Albuquerque and Santa Fe.
- Top selling EVs including the Chevrolet Bolt, Nissan Leaf Plus, Hyundai Ioniq 5, Kia EV6 and Volkswagen ID.4 can be found at various dealers.
- New Mexico also has decent Ford Mustang Mach-E availability being located near production plants in Mexico. Plus the highly anticipated F-150 Lightning should hit dealers in 2023.
- Luxury brands Audi, BMW, Polestar and others also offer EV models at select dealerships around the state.
I suggest visiting manufacturer websites to check inventory listings at nearby showrooms. While you may need to preorder vehicles coming off production lines, most EV models eventually make their way to New Mexico lots.
Public Perception Trends
Among New Mexico policymakers and much of the public, sentiments toward electric vehicle adoption remain very positive. This contrasts perceptions in certain other oil/gas reliant states.
As concerns grow over climate change impacts and air quality, government-led initiatives encourage the transition to EVs through incentives, awareness campaigns and legislation like adoption of California Clean Air standards.
At the grassroots level, the state now hosts 3 chapters of the Electric Auto Association which plans EV education/outreach events and group test drives.NM also holds annual National Drive Electric Week ride and drives popular with curious drivers.
Surveys show the appeal of lower maintenance vehicles not reliant on unstable gas prices resonates with consumers. With support through the crucial early stages of infrastructure development, I expect public opinion and EV interest here to only grow.
Recent Electric Vehicle News in New Mexico
- As of December 2022, registered EVs in New Mexico exceeded 8,500 according to state motor vehicle records.
- The cities of Santa Fe and Las Cruces passed new requirements for all public parking garages to feature Level 2 EV charging capability.
- PNM utility company proposes a new residential time-of-use rate plan offering cheaper overnight EV charging rates by 2024.
- NMED grants fund installation of 20 new DC Fast Charging ports along US-285 from Carlsbad to Artesia set to open in 2023.
- Reports indicate the state may expand existing EV tax credits and rebates as part of next year‘s legislative session in Santa Fe.
Expect lots more EV progress in the near future!
Final Thoughts on Owning an Electric Vehicle in NM
I hope this outline gives a realistic idea of costs, considerations and developments around switching to an electric car or SUV here in New Mexico.
It remains an exciting time in the EV revolution. With attractive incentives in place, ever-improving vehicle ranges and charging infrastructure – the switch makes increasing sense for residents.
Let me know if any other EV ownership questions come up! I‘m always happy to chat more about the transition to sustainable transportation.
