Don't Miss Up To $7,500 in EV IncentivesThey End September 30th

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Let's Start with the Good News

If you've been even slightly curious about switching to an electric vehicle, the timing so far has been pretty great.

Thanks to the federal EV tax credit, those who bought or leased have been able to knock up to $7,500 off the cost of a new electric vehicle or plug-in hybrid (PHEV). And for those who prefer the value of a used model? There's a separate credit worth up to $4,000 just for you.

These incentives were designed to make clean vehicles more accessibleand they've helped thousands of drivers take advantage of EVs.

But Here's the Catch

Because of a new tax reform law passed in July 2025, this federal tax credit is coming to an end.

The credit will no longer be available for any vehicle purchased or leased after September 30, 2025.

There's no slow phase-out. No transition period. And as of now, no plan to extend it. Once the deadline passes, the credit is gone.

Why This Matters (Even If You're Only Kinda Thinking About an EV)

Without that $7,500 cushion, the price of a new EV could feel a lot steeper. And as the deadline gets closer, dealers may have fewer qualifying vehicles in stockespecially the affordable ones.

Even if you're just starting to explore your options, waiting too long could mean missing out entirely.

What You Can Do Right Now

There's still timeand that matters.

You don't need to make a rushed decision. But you should start exploring. Take a test drive. Compare models. Ask questions.

Most dealerships will apply the federal tax credit right at the time of purchase. If they don't, make sure to ask them for the Time-of-Sale report and IRS confirmation. With these forms, you'll still be able to claim the credit when you file your 2025 federal taxes.

Either way, the savings are realand they're still available.

A Few Extra Ways to Save (That You Might Not Know About)

The federal credit is powerfulbut it's not the only incentive available in New Mexico.

On top of the $7,500 federal credit, the state offers its own Clean Car Tax Credit: up to $3,000 off a new EV (or $2,500 for a new PHEV), and $2,500 for a used EV or $2,000 for a used PHEVif the vehicle meets price, age, and dealership guidelines. Payments are refundable, so even customers without state income liability may benefit.

There's also help for home charging. PNM offers rebates up to $500 if you install a Level 2 chargereven if you don't owe state income tax that year, and you can stack that with a state tax creditup to $400for installing an EV charger at your home.

PLUS, PNM helps with an installation rebate up to $1,500 for getting that charger installed and keeping fuel costs low. Our special EV rate reduces your per-kilowatt-hour cost to keep your fueling costs low.

Put it all togetherfederal, state, and utility incentivesand the total savings could be substantial.

The Bottom Line

The EV tax credit has made a real difference. It has made it an easy decision for drivers ready to go electric.

But with the credit expiring soon, this benefit will come to an end...

Now is the time to look at your options, do the math, and decide whether this is your moment to make the switch.

How PNM Can Help

When a major incentive like this is about to end, it's easy to feel overwhelmed. But you don't have to go it alone.

At PNM, we're here to help you understand your optionsfrom how the tax credit works to how our EV rate plan can lower your monthly costs.

We don't sell cars. We're here to support your decisions with clear information, helpful tools, and answers to your questions.

If you're considering an EV, we encourage you to start now. Not because time is running outbut because it's worth exploring what you could gain.

Contact us today at EV@pnm.com to learn more about EV incentives and how to get started. Or visit pnmdriveelectric.com

If you want to learn more about the tax credit directly from the federal government here are a couple of helpful links: