Solar Guide for PNM (Public Service of New Mexico) Customers

If you're a PNM (Public Service of New Mexico) customer considering solar energy, you're making a smart financial decision. With residential electricity rates averaging 15.1 cents per kWh, solar panels can dramatically reduce or even eliminate your monthly electric bill. The typical PNM (Public Service of New Mexico) customer spends approximately $121 per month on electricity — money that could be working for you instead of going to the utility.

Albuquerque and Central New Mexico

PNM (Public Service of New Mexico) has a full retail rate net metering policy. This is one of the best net metering structures available — you receive full retail rate credits of 15.1¢/kWh for every excess kilowatt-hour your solar system sends to the grid. This means your solar panels generate maximum value, as surplus energy produced during sunny afternoons offsets your evening and nighttime consumption at the same rate.

An 8kW solar system for a PNM (Public Service of New Mexico) customer costs approximately $21,760 before the 30% federal Investment Tax Credit. After the ITC, your net cost drops to about $15,232. This system produces enough clean energy to save you approximately $2,286 per year, resulting in a payback period of roughly 5.7 years.

After your system pays for itself, you'll enjoy 17+ years of dramatically reduced electricity costs. Over a 25-year period, total savings for PNM (Public Service of New Mexico) customers are estimated at $57,150 — and that's without accounting for the likely 2-3% annual increase in electricity rates that would make your savings even greater.