Helping More New Mexicans Drive Electric
The EV Purchase Rebate is designed to make it easier and more affordable for PNM customers to switch to an electric vehicle. By lowering upfront costs and simplifying the buying process through participating dealerships, this program helps remove common barriers to EV ownership.
Start Your Electric Journey Here
We're offering income-qualified customers $4,000 off the price of new, used or leased electric vehicles. Working with one of our participating dealerships makes it easier to get the right EV, and to unlock available rebates without extra steps. Explore EV models, learn about potential savings, and take your first test drive toward a cleaner, smarter way to drive.
Follow the steps below to learn how to take advantage of the rebate and start your electric journey with confidence.
STEP 1: Find the right EV for you
Start by searching for a qualifying electric vehicle that fits your budget and meets your everyday driving needs. As you explore your options, you can use PlugStar as a helpful tool to compare vehicles, learn about features, and find EVs that match your lifestyle and budget. Taking the time to research will help ensure you choose the right EV while meeting program requirements.
STEP 2: Purchase your EV at a Participating Dealership
Once you¿ve found the right EV, purchase or lease your vehicle through a participating dealership. These dealerships are able to process the PNM EV rebate directly at the point of sale, making it easier for you to receive your incentive without additional steps after your purchase. To help you get started, a vetted list of participating dealerships is provided below for easy reference, so you can choose a dealer that supports the program.
STEP 3: Provide required documentation at the dealership
At the time of purchase or lease, you will need to provide documentation to confirm your eligibility for the PNM EV rebate. Review the income-eligibility requirements for the rebate. Providing this information at the dealership allows the rebate to be processed smoothly at the point of sale.
STEP 4: Drive off in your new EV
Once everything is complete, you¿re ready to hit the road in your new electric vehicle. Enjoy the benefits of driving electric, including lower fuel costs, reduced emissions, and a smoother, quieter ride.
Participating Dealerships
Chevrolet of Santa Fe
PNM Customer Eligibility Requirements
Eligible customers are limited to one (1) rebate per service address. To qualify for the rebate, customers must meet the following criteria:
- Be a PNM residential customer
- Able to show photo ID and proof of PNM service address at point-of-sale
- Purchase the qualifying EV through a participating dealership
- When claiming the income-qualified rebate, applicants must self-certify as income-qualified
2026 Federal Poverty Guidelines
To be income-qualified, your household income must be at or below 200% of the Federal Poverty Guidelines based on the number of people in your home. The income limits are updated each year. If your household income falls within these limits, you may qualify for enhanced rebates through PNM's Transportation Electrification Program.
The following table reflects 48 Contiguous States (all states except Alaska and Hawaii). Click here for more information about the poverty guidelines.
| Household/Family Size | 200% of Poverty Guideline |
|---|---|
| 1 | $31,920.00 |
| 2 | $43,280.00 |
| 3 | $54,640.00 |
| 4 | $66,000.00 |
| 5 | $77,360.00 |
EV Eligibility Requirements
To qualify for the PNM EV rebate, the vehicle:
- Must be a fully battery electric vehicle (BEV) or a plug-in hybrid electric vehicle (PHEV)
- Must be priced at $55,000 or less
- Can include new, used, or leased EVs
Go Electric on Two Wheels
For commutes, errands, or pure fun, eBikes offer freedom and savings. Get up to $250 off a new model through the retailers listed below. Discover the models you love, take a test ride, and bring home your next great way to get around.
Whole Home EV Pilot Rate (WHEV)
The WHEV rate makes charging your EV even more affordable by providing a lower rate between 10:00 PM and 5:00 AM.
Smart Home Charging Program
Optimize your EV's charging and manage fueling costs with our managed charging program.
Already Driving Electric? Let¿s Stay Connected.
Join the PNM EV Community to get the latest on rebates, upcoming programs, and exclusive savings for EV owners.