The PNM Transportation Electrification Program (TEP) was recently approved. The TEP is designed to help PNM customers adopt Electric Vehicles (EVs) by providing incentives for charging infrastructure, offering EV-specific electricity rates, customer outreach on the benefits of EVs, and create jobs to help administer the program.
The program is expected to begin in Spring 2022 and will continue through the end of 2023. Over 25% of the program’s total budget will be targeted at low- and moderate-income customers.
“This is an extremely exciting time,” said Alaric Babej, Manager of Customer Program Marketing and Development for PNM. “Not only for PNM but for New Mexico as a whole. This program will allow customers to become more knowledgeable, and therefore more comfortable adopting EVs. This in turn will help the environment overall.”
Here are some important key features of the program:
Charging Infrastructure Incentives
- $500 incentive for a networked Level II residential charger for up to 3,900 customers. Low- to moderate-income customers will be eligible to receive additional funding to cover installation costs up to $2,000.
- Incentives of up to $25,000 per station for the installation of approximately 70 public DC Fast Chargers.
- Incentives for the installation of 180 public, 180 workplace/fleet, and 80 multifamily housing Level 2 charging ports. The incentive amounts are up to $2,500 per port for most stations, and up to $5,000 per port for low- to moderate-income multifamily housing.
- Incentives for installing mass transit charging infrastructure to serve low- and moderate- income customers and communities.
EV Specific Rates – Whole-Home EV Rate
A pilot Whole-Home EV Rate for up to 3,900 customers who receive the residential charger rebates as well as up to 1,000 customers who qualify without taking the charger incentive. Enrolled Rate 1A residential customers will receive a super low electricity rate for their entire home between 10:00 PM – 5:00 AM. During this period, electricity will cost approximately $0.03 per kWh
A pilot non-residential rate will also be available specifically for charging stations. This non-residential rate will not have demand charges and will be based solely on energy sales. This is a Time of Use rate that has on-peak and off-peak periods to incentivize charging during off-peak periods.
Customer Education, Marketing, and Outreach
PNM will begin a comprehensive education and outreach program to inform more New Mexicans about the benefits of EVs, ways to participate in the EV program offerings, and partner with stakeholders to engage interested customers.
EV Program Administration
PNM will hire two new employees dedicated to assist in the administration of the program. These positions will include a Program Manager as well as a Program Specialist.
PNM will also work with third parties to assist in the administration and reporting on program metrics.
By June 2023, PNM will file a subsequent Transportation Electrification Program to continue these efforts for 2024 and beyond.
PNM encourages all customers that want to learn more go to pnm.com/ev and sign up for the PNM EV Community while they’re at it.