New Mexico EV charging vs. gas costs
New Mexico's average residential electricity rate is 15.15¢/kWh,below the national average by 20%. Gasoline averages $3.79/gallon, above the national average by 0%. That ranks New Mexico #17 of 51 for cheapest electricity and #29 for cheapest gas.
Cost per mile in New Mexico
Charging an EV at 3.5 mi/kWh on New Mexico's 15.15¢/kWh residential rate works out to about 4.3¢ per mile. A gas car at 28 MPG paying $3.79/gallon pays about 13.5¢ per mile — roughly 3.1× as much per mile driven.
Example: 12,000 miles a year in New Mexico
A gas car at 28 MPG driving 12,000 miles a year in New Mexico spends about $1,624 on gasoline. An EV at 3.5 mi/kWh charging at home over the same distance spends about $519 on electricity — a difference of $1,105 a year, or about $5,524 over five years.
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Frequently asked questions
Is it cheaper to drive an EV or a gas car in New Mexico?
In New Mexico, an EV charging at home costs about 4.3¢ per mile, versus about 13.5¢ per mile for a 28 MPG gas car at the state's $3.79/gallon average. The EV is cheaper to fuel per mile.
How much can an EV save per year in New Mexico?
Driving 12,000 miles a year, an EV owner in New Mexico spends about $519 on home charging versus $1,624 on gasoline — a saving of roughly $1,105 per year, or $5,524 over five years.