New Mexico Net Metering Rates 2026
New Mexico solar exports are credited under full retail-rate net metering, worth roughly ~100% of retailof the retail electricity rate. Here's exactly how it works, which utilities offer it, and what it means for your payback.
How Net Metering Works in New Mexico
When your panels produce more electricity than your home is using, the surplus flows back onto the grid and your meter records the export. New Mexico utilities credit those exported kilowatt-hours at the full retail price you pay for grid electricity. You draw that credit back down at night or on cloudy days, so you only pay for your net consumption across the billing cycle.
Because New Mexico mandates net metering, a correctly sized system can push net annual electricity costs close to zero for many NM homeowners.
What It's Worth: ~100% of retail of Retail
The single biggest driver of solar payback is how much your utility pays for exported energy. New Mexico's full retail-rate crediting is the most valuable structure available — every exported kWh offsets a kWh you'd otherwise buy at full price.
The average NM homeowner reaches payback in 7.8 years and nets $36,800 over 25 years with these rules in effect.
New Mexico Utilities Offering Net Metering
The major utilities operating in New Mexico are PNM, El Paso Electric, Xcel NM. Net metering terms — true-up dates, monthly fees, and credit carryover — vary by provider, so confirm the current tariff with your specific utility before signing an installation contract.
New Mexico Net Metering FAQ
What will net metering save you in New Mexico?
Our calculator factors New Mexico's full retail-rate net metering into your payback and 25-year savings — using your actual electric bill.