EV Tax Credit - pnmprod
Federal EV Tax Credit Ending
September 30, 2025
Left to save up to $7,500
on your purchase or lease of a new or used electric vehicle
Don't Let It Get Away!
Here's What's Happening
The federal tax credit that saves you thousands on an electric vehicle purchase or lease expires September 30, 2025. After that date, this money-saving incentive will go away.
Why We're Telling You This
We always like to let you know about energy programs that can save you money. Since this big incentive is ending soon, we want to make sure you don't miss out on getting an EV at the best possible price. Plus, more EVs means less pollution. One of our core missions is a healthier environment, and EVs help achieve that.
How Much Can You Save Right Now?
up to
$7,500 Tax Credit
NEW EVs and plug-in hybrids
up to
$4,500 Tax Credit
USED EVs and plug-in hybrids
What This Means For You
If you've been thinking about going electric, now is the time to do it! Once September 30th passes, these federal savings disappear. The good news? You still have time to research, shop for, and buy an EV that works for your budget and lifestyle.
What to do now
- Step One: Find your perfect EV!
- Step Two: Check the list of eligible vehicles at irs.gov.
- Step Three: Get even more cost-saving rebates and rates from PNM (these are in addition to your tax credit!)
- Step Four: Find a Program Authorized Electrical Contractor to install your home charger
- Step Five: Sign up for PNM's EV Community to get the latest in EV info, support and savings
More resources to help you
- Is the EV I want more affordable to run than a gas car? Compare models
- Looking for a participating dealer? Participating dealerships
- Map of New Mexico EV charging stations. Find a place to charge
- Want to learn more about EVs? Find tons of information here
Want to Know More About...
- The Federal EV Tax Rebate?
- Where to buy an EV?
- What EV to buy?
- Other EV-related questions?
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