NEW MEXICO (Oct. 1, 2025) — Xcel Energy is proud to announce a range of new electric vehicle (EV) programs now available to New Mexico customers, following the approval of the state’s Transportation Electrification Plan (TEP) earlier this year. These programs are designed to make EV ownership and infrastructure development more accessible, cost-effective, and impactful for residents and businesses alike.

For residential customers, Xcel Energy is offering increased rebates to help cover the cost of installing home EV chargers and necessary electrical upgrades. Customers can receive up to $800 through the standard rebate, or up to $2,500 if they are income-qualified or underserved. Additionally, the Charging Perks program rewards customers for charging their EVs when renewable energy is most abundant on the grid. Participants receive a sign-on bill credit of $50 and an annual bill credit of $70, while helping reduce grid stress and support clean energy goals.

Commercial customers can now take advantage of the newly launched New Mexico Commercial EV Infrastructure Program, which supports the rollout of EV infrastructure in key areas like workplaces, multifamily housing, and public fast-charging locations. Businesses can choose between two flexible options:

  • Electric Vehicle Supply Infrastructure (EVSI): Xcel Energy covers the cost of infrastructure up to the charger, offering a turnkey solution with no upfront capital required.

  • Level 2 or Direct Current Fast Charger (DCFC) Rebates: Customers manage their own projects and receive rebates after completion. Customers opting in to the rebate program can receive up to $12,000 per port for Level 2 charging infrastructure and up to $105,000 per port for public DC Fast Chargers, depending on project type and charger output.

To further support commercial electrification, Xcel Energy offers a Fleet Electrification Advisory Program (FEAP) to help businesses develop customized roadmaps and strategies for transitioning their fleets to electric vehicles.

“These programs are designed with our customers in mind,” said Craig Miller, Senior Director of Clean Transportation, Operations and Infrastructure at Xcel Energy. “Whether you're a homeowner looking to save on charging costs or a business planning to electrify your fleet, we’re here to make the transition easier and more affordable.”

To learn more or enroll in the program, visit our website, contact our EV advisors at electricvehicles@xcelenergy.com or call 800-895-4999.  

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About Xcel Energy

Xcel Energy (NASDAQ: XEL) is a leading energy provider, dedicated to serving millions of customers with excellence. We make energy work better for customers, helping them thrive every day. That means always raising the bar — delivering better service and providing more reliable, resilient and sustainable energy.

We are committed to leading the clean energy transition, meeting our customers’ need for more, cleaner power, while keeping bills as low as possible. Because the people we serve depend on us to power their lives.

Headquartered in Minneapolis, we work every day to generate and distribute electricity and gas to customers across eight states: Minnesota, Colorado, Wisconsin, Michigan, North Dakota, South Dakota, New Mexico and Texas. For more information, visit xcelenergy.com or follow us on X and Facebook.