ROSWELL, New Mexico (Sept. 30, 2021) – Xcel Energy has gained approval from the New Mexico Public Regulation Commission to begin offering a suite of EV charging programs starting next year that will make electric vehicle charging easy, fast, and more affordable for New Mexico customers.
In addition to the company’s planned residential offerings, new EV programs supporting community
charging and business fleet conversion will be available to empower and assist customers in their EV
journey and help them drive electric to save money and reduce carbon emissions.
These programs and offerings make up the company’s New Mexico Transportation Electrification Plan
and support Xcel Energy’s EV vision to power 1.5 million EVs on the road in the states the company
serves by 2030. As Xcel Energy increases the amount of renewable and carbon-free energy on its
system, customers are increasingly charging with cleaner, reliable, and more affordable energy, allowing people to charge EVs for less than the equivalent of $1 per gallon of gas.
“Xcel Energy is committed to enhancing the value of the renewable energy resources that have been
developed in New Mexico while helping our customers get the most from their energy dollar,” said David Hudson, president, Xcel Energy – New Mexico. “EVs have developed to the point where they can take on New Mexico’s long distances and reduce transportation costs considerably. Our communities need our support as they begin the transition to a cleaner, less expensive form of transportation and we’re ready to do our part.”
The plan dovetails with Xcel Energy’s vision to reduce carbon emissions 80% by 2030 from 2005 levels,
and to supply 100% carbon-free electricity by 2050. The electricity that will power the additional EVs
hitting the road is increasingly provided by wind and solar, which has helped keep fuel costs low on
customer bills and already has reduced carbon dioxide emissions in Texas and New Mexico by 55%
since 2005. In 2020, 34% of the electricity provided by Xcel Energy to area customers was generated
from carbon-free resources.
From 2022 through 2024, Xcel Energy will invest more than $3.1 million into six broad areas with specific EV incentives, choices and savings:
Home Wiring Rebates are for customers who install a 240-volt electrical circuit that’s necessary to
support faster in-home Level 2 charging. Customers can receive a rebate of up to $500 to cover the costs of permitting, materials, installation, and electrical work needed to install the circuit. Costs for purchasing an eligible Level 2 charger can also be included. Income-qualified customers are eligible for an enhanced rebate of $1,300 to offset costs.
Home Charging Service gives customers faster Level 2 chargers, installed and maintained by Xcel
Energy, ensuring customers can charge their EVs more swiftly than using a simple charger that plugs into a typical household outlet. Customers pay a low monthly fee for the charger rental, installation by a vetted electrician and charger maintenance for as long as they are in the program.
Residential Charging Optimization rewards EV drivers for charging vehicles during off-peak periods
with a credit on their bill every year to offset charging costs. It also encourages charging when renewable energy is abundant, often overnight, to reduce the amount of EV charging that occurs during Xcel Energy’s electric system peak.
Residential Advisory Services improve awareness of EV benefits and provide customers with
information to help them make informed decisions. Xcel Energy provides digital tools to help customers find the right EV model for their lifestyle and explore EV charging programs.
Public Fast Charging Program will help expand fast charging options for EV drivers away from home.
Businesses, municipalities, and community-focused organizations can receive no- to low-cost design and construction of infrastructure – typically, from the customer’s meter to charging equipment – and
comprehensive advisory services. Xcel Energy will also build, own, and operate a limited number of
public fast charging stations where gaps are identified.
Fleet and Community Advisory Services will help eligible fleet customers with a free suitability
assessment, data analysis and advisory services using their own fleet operation data and business goals. In addition, Xcel Energy will advise fleets and communities on how charging infrastructure can be best sited and managed, saving customers significant amounts of time and money.
More information about electric vehicles is available at ev.xcelenergy.com. Additional detail on New
Mexico programs will be added when these programs are launched in 2022.
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About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
